<SEC-DOCUMENT>0001193125-25-080177.txt : 20250414
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<ACCEPTANCE-DATETIME>20250414161149
ACCESSION NUMBER:		0001193125-25-080177
CONFORMED SUBMISSION TYPE:	N-2ASR
PUBLIC DOCUMENT COUNT:		30
FILED AS OF DATE:		20250414
DATE AS OF CHANGE:		20250414
EFFECTIVENESS DATE:		20250414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO HIGH INCOME FUND
		CENTRAL INDEX KEY:			0001219360
		ORGANIZATION NAME:           	
		EIN:				383676799
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-2ASR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21311
		FILM NUMBER:		25836153

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO HIGH INCOME FUND
		CENTRAL INDEX KEY:			0001219360
		ORGANIZATION NAME:           	
		EIN:				383676799
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-2ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286525
		FILM NUMBER:		25836152

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	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
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<TYPE>N-2ASR
<SEQUENCE>1
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<body style="line-height:normal;background-color:white;"><div style="display: none"><ix:header><ix:hidden><ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="P04_14_2025To04_14_2025" id="ixv-36805">0001219360</ix:nonNumeric><ix:nonNumeric name="dei:AmendmentFlag" contextRef="P04_14_2025To04_14_2025" id="ixv-36806">false</ix:nonNumeric><ix:nonFraction name="cef:SalesLoadPercent" id="Fact_137970526" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="INF">0.00</ix:nonFraction><ix:nonNumeric name="dei:EntityFileNumber" id="hidden137970632" contextRef="P04_14_2025To04_14_2025">333-000000</ix:nonNumeric><ix:nonNumeric name="dei:DocumentType" id="hidden137970631" contextRef="P04_14_2025To04_14_2025">N-2ASR</ix:nonNumeric><ix:nonFraction name="cef:OtherTransactionExpensesPercent" id="Fact_137970527" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="INF">0.00</ix:nonFraction><ix:nonNumeric name="dei:InvestmentCompanyRegistrationAmendmentNumber" id="hidden137970636" contextRef="P04_14_2025To04_14_2025">9</ix:nonNumeric><ix:footnote id="FN_539538" xml:lang="en-US">In the event that the Common Shares to which this prospectus relates are sold to or through underwriters or dealer managers, a corresponding prospectus supplement will disclose the applicable sales load and/or commission.</ix:footnote><ix:footnote id="FN_539539" xml:lang="en-US">The related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by the Fund and indirectly by all of its Common Shareholders as a percentage of the offering price.</ix:footnote><ix:footnote id="FN_539540" xml:lang="en-US">You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund&#8217;s Dividend Reinvestment Plan. See &#8220;Dividend Reinvestment Plan.&#8221;</ix:footnote><ix:footnote id="FN_539541" xml:lang="en-US">Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the &#8220;unified management fee&#8221;). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.76% of the Fund&#8217;s average daily net assets (including daily net assets attributable to any preferred shares of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see &#8220;Management of the Fund&#8211;Investment Management Agreement&#8221; for an explanation of the unified management fee and definition of &#8220;net assets.&#8221; </ix:footnote><ix:footnote id="FN_539542" xml:lang="en-US">Reflects the Fund&#8217;s preferred shares averaged over the fiscal year ended June 30, 2024, which represented 0.21% of the Fund&#8217;s total average managed assets (including the liquidation preference of outstanding Preferred Shares and assets attributable to reverse repurchase agreements) as of that date, at an annual dividend cost to the Fund of 4.26%. The Fund purchased the bulk of its preferred shares in a tender offer completed in April 2024 and redeemed its remaining preferred shares between November 4, 2024 and November 8, 2024. The Fund has no preferred shares outstanding as of the date of this prospectus.</ix:footnote><ix:footnote id="FN_539543" xml:lang="en-US">Reflects the Fund&#8217;s use of leverage in the form of reverse repurchase agreements averaged over the fiscal year ended June 30, 2024, which represented 14.59% of the Fund&#8217;s average total managed assets, (including assets attributable to reverse repurchase agreements), at an annual interest rate cost to the Fund of 5.80%, which is the weighted average interest rate cost during the fiscal year ended June 30, 2024. See &#8220;Use of Leverage&#8212;Effects of Leverage.&#8221; The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of reverse repurchase agreements, dollar rolls and/or borrowings and variations in market interest rates. Borrowing expense is required to be treated as an expense of the Fund for accounting purposes. Any associated income or gains (or losses) realized from leverage obtained through such instruments is not reflected in the Annual Expenses table above, but would be reflected in the Fund&#8217;s performance results</ix:footnote><ix:footnote id="FN_539544" xml:lang="en-US">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending June 30, 2025.</ix:footnote><ix:footnote id="FN_539545" xml:lang="en-US">&#8220;Dividend Cost on Preferred Shares&#8221;, including distributions on Preferred Shares, and &#8220;Interest Payments on Borrowed Funds&#8221; are borne by the Fund separately from management fees paid to PIMCO. Excluding these expenses, Total Annual Fund Operating Expenses are 0.85%. Excluding only distributions on Preferred Shares of 0.01%, Total Annual Fund Operating Expenses are 2.91%.</ix:footnote><ix:footnote id="FN_539546" xml:lang="en-US">The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated Interest Payments on Borrowed Funds, Dividend Cost on Preferred Shares and Other Expenses set forth in the Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#8217;s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. The example does not include commissions or estimated offering expenses, which would cause the expenses shown in the example to increase. In connection with an offering of Common Shares, the prospectus supplement will set forth an example including sales load and estimated offering costs.</ix:footnote><ix:footnote id="FN_539547" xml:lang="en-US">Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.</ix:footnote></ix:hidden><ix:references><link:schemaRef xlink:type="simple" xlink:href="cik0001219360-20250414.xsd"/></ix:references><ix:resources><xbrli:context id="P04_14_2025To04_14_2025"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001219360</xbrli:identifier> </xbrli:entity> <xbrli:period> <xbrli:startDate>2025-04-14</xbrli:startDate> <xbrli:endDate>2025-04-14</xbrli:endDate> </xbrli:period> </xbrli:context><xbrli:context id="P10_01_2023To12_31_2023"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001219360</xbrli:identifier> </xbrli:entity> <xbrli:period> <xbrli:startDate>2023-10-01</xbrli:startDate> 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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:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 14pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Washington, D.C. 20549</div></div> <hr style="background-color:#000000;height:1.5pt;margin-bottom:2pt;margin-top:11.0pt;width:255pt"/> </div></div><div 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style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 14pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">REGISTRATION STATEMENT</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">UNDER</div></div> <br/><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">THE SECURITIES ACT OF 1933</div></div><div style="text-align:right;margin-top:-12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 470pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:DocumentRegistrationStatement" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37516">&#9746;</ix:nonNumeric></div></div></div><br/><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Pre-Effective Amendment No.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="text-align:right;margin-top:-12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:PreEffectiveAmendment" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37517">&#9744;</ix:nonNumeric></div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Post-Effective Amendment No.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="text-align:right;margin-top:-12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:PostEffectiveAmendment" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37518">&#9744;</ix:nonNumeric></div></div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">And</div></div></div></div><div style="line-height:16.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 14pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">REGISTRATION STATEMENT</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">UNDER</div></div> <br/><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">THE INVESTMENT COMPANY ACT OF 1940</div></div><div style="text-align:right;margin-top:-12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 470pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:InvestmentCompanyActRegistration" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37519">&#9746;</ix:nonNumeric></div></div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="-sec-ix-hidden:hidden137970636;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Amendment No. 9</div></div><div style="text-align:right;margin-top:-12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 470pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:InvestmentCompanyRegistrationAmendment" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37520">&#9746;</ix:nonNumeric></div></div></div></div><hr style="background-color:#000000;height:1.5pt;margin-bottom:2pt;margin-top:11.0pt;width:255pt"/> </div></div><div style="line-height:18.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:EntityRegistrantName" contextRef="P04_14_2025To04_14_2025" id="ixv-37521">PIMCO High Income Fund</ix:nonNumeric></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 16pt; line-height: 18pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(Exact Name of Registrant as Specified in Charter)</div></div> <hr style="background-color:#000000;height:1.5pt;margin-bottom:2pt;margin-top:11.0pt;width:255pt"/> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" contextRef="P04_14_2025To04_14_2025" id="ixv-37522">1633 Broadway</ix:nonNumeric></div></div></div> <br/><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityAddressCityOrTown" contextRef="P04_14_2025To04_14_2025" id="ixv-37523">New York</ix:nonNumeric></div>, <div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityAddressStateOrProvince" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:stateprovnameen" id="ixv-37524">New York</ix:nonNumeric></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityAddressPostalZipCode" contextRef="P04_14_2025To04_14_2025" id="ixv-37525">10019</ix:nonNumeric></div></div></div></div></div><div style="line-height:10.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(Address of Principal Executive Offices)</div></div> <br/><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(Number, Street, City, State, Zip Code)</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(<div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:CityAreaCode" contextRef="P04_14_2025To04_14_2025" id="ixv-37526">888</ix:nonNumeric></div>) <div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:LocalPhoneNumber" contextRef="P04_14_2025To04_14_2025" id="ixv-37527">877-4626</ix:nonNumeric></div></div></div></div></div><div style="line-height:10.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(Registrant&#8217;s Telephone Number, including Area Code)</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:ContactPersonnelName" contextRef="P04_14_2025To04_14_2025_BusinessContactMemberdeiEntityAddressesAddressTypeAxis" id="ixv-37528">Ryan G. Leshaw</ix:nonNumeric></div></div></div> <br/><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">c/o Pacific Investment Management Company LLC</div></div> <br/><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" contextRef="P04_14_2025To04_14_2025_BusinessContactMemberdeiEntityAddressesAddressTypeAxis" id="ixv-37529">650 Newport Center Drive</ix:nonNumeric></div></div></div> <br/><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityAddressCityOrTown" contextRef="P04_14_2025To04_14_2025_BusinessContactMemberdeiEntityAddressesAddressTypeAxis" id="ixv-37530">Newport Beach</ix:nonNumeric></div>, <div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityAddressStateOrProvince" contextRef="P04_14_2025To04_14_2025_BusinessContactMemberdeiEntityAddressesAddressTypeAxis" format="ixt-sec:stateprovnameen" id="ixv-37531">California</ix:nonNumeric></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityAddressPostalZipCode" contextRef="P04_14_2025To04_14_2025_BusinessContactMemberdeiEntityAddressesAddressTypeAxis" id="ixv-37532">92660</ix:nonNumeric></div></div></div></div></div><div style="line-height:10.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(Name and Address (Number, Street, City, State, Zip Code) of Agent for Service)</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Copies of Communications to:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8195;</div></div></div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;margin-left:30pt;width:420pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">David C. Sullivan, Esq.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Adam M. Schlichtmann, Esq.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Ropes &amp; Gray LLP</div></div></div><div style="margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Prudential Tower, 800 Boylston Street</div></div></div><div style="margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Boston, Massachusetts 02199</div></div></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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Douglas P. Dick, Esq.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Adam T. Teufel, Esq.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Dechert LLP</div></div></div><div style="margin-left:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">1900 K Street, N.W.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Washington, D.C. 20006</div></div></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;margin-top:6pt;text-align:center"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Approximate Date of Proposed Public Offering:</div></div> <br/><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:ApproximateDateOfCommencementOfProposedSaleToThePublic" contextRef="P04_14_2025To04_14_2025" id="ixv-37533">From time to time after the effective date of this Registration Statement.</ix:nonNumeric></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8195;</div></div></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 id="xx_ad22b521-cf03-4de4-92dc-c2315bf4118c_2"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:700pt"><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:480pt">
<tr style="height:64pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:DividendOrInterestReinvestmentPlanOnly" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37534">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:227pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Check box if the only securities being registered on </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">this Form are being offered pursuant to dividend or </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">interest reinvestment plans.</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:16pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EffectiveUponFiling462e" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37535">&#9746;</ix:nonNumeric></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:224pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Check box if this Form is a registration statement </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">pursuant to General Instruction B or a post-effective </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">amendment thereto that will become effective upon </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">filing with the Commission pursuant to Rule 462(e) </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">under the Securities Act.</div></div></div></td></tr>
<tr style="height:61pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:DelayedOrContinuousOffering" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37536">&#9746;</ix:nonNumeric></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:227pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Check box if any securities being registered on this </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Form will be offered on a delayed or continuous basis </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">in reliance on Rule 415 under the Securities Act of </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1933 (&#8220;Securities Act&#8221;), other than securities offered </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">in connection with a dividend reinvestment plan.</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:16pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:AdditionalSecuritiesEffective413b" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37537">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:224pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Check box if this Form is a post-effective amendment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">to a registration statement filed pursuant to General </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Instruction B to register additional securities or </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">additional classes of securities pursuant to </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 413(b) under the Securities Act.</div></div></div></td></tr>
<tr style="height:36pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="cef:PrimaryShelfFlag" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37538">&#9746;</ix:nonNumeric></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:227pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Check box if this Form is a registration statement </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">pursuant to General Instruction A.2 or a post-effective </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">amendment thereto.</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:16pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">&#160;</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:224pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">&#160;</div></div></div></td></tr></table></div><div style="line-height: 5pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 1pt; line-height: 5pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:480pt">
<tr style="height:16pt">
<td colspan="2" style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:480pt"><div style="line-height:12pt;text-align:left"><div style="text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">It is proposed that this filing will become effective (check appropriate box):</div></div></div></td></tr>
<tr style="height:12pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EffectiveWhenDeclaredSection8c" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37539">&#9744;</ix:nonNumeric></div></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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">when declared effective pursuant to Section 8(c), or as follows:</div></div></div></td></tr></table></div><div style="line-height: 5pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 1pt; line-height: 5pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:480pt">
<tr style="height:16pt">
<td colspan="4" style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:480pt"><div style="line-height:12pt;text-align:left"><div style="text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">If appropriate, check the following box:</div></div></div></td></tr>
<tr style="height:61pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:NewEffectiveDateForPreviousFiling" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37540">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:227pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">This post-effective amendment designates a new </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">effective date for a previously filed post-effective </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">amendment.</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:16pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:AdditionalSecurities462b" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37541">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:224pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">This Form is a post-effective amendment filed </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">pursuant to Rule 462(c) under the Securities Act, and </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">the Securities Act registration statement number of </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">the earlier effective registration statement for the </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">same offering is:</div></div></div></td></tr>
<tr style="height:60pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:NoSubstantiveChanges462c" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37542">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:227pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">This Form is filed to register additional securities for </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">an offering pursuant to Rule 462(b) under the </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Securities Act, and the Securities Act registration </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">statement number of the earlier effective registration </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">statement for the same offering is:</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:16pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:ExhibitsOnly462d" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37543">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:224pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">This Form is a post-effective amendment filed </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">pursuant to Rule 462(d) under the Securities Act, and </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">the Securities Act registration statement number of </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">the earlier effective registration statement for the </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">same offering is: 333-272394</div></div></div></td></tr></table></div><div style="line-height: 5pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 1pt; line-height: 5pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:480pt">
<tr style="height:16pt">
<td colspan="4" style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:480pt"><div style="line-height:12pt;text-align:left"><div style="text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Check each box that appropriately characterizes the Registrant:</div></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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="cef:RegisteredClosedEndFundFlag" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37544">&#9746;</ix:nonNumeric></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:227pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Registered Closed-End Fund (closed-end company </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">that is registered under the Investment Company Act </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">of 1940 (&#8220;Investment Company Act&#8221;)).</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:16pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityWellKnownSeasonedIssuer" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:yesnoballotbox" id="ixv-37545">&#9746;</ix:nonNumeric></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:224pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Well-Known Seasoned Issuer (as defined by Rule 405 </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">under the Securities Act).</div></div></div></td></tr>
<tr style="height:49pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="cef:BusinessDevelopmentCompanyFlag" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37546">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:227pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Business Development Company (closed-end </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">company that intends or has elected to be regulated as </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">a business development company under the </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Company Act).</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:16pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37547">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:224pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Emerging Growth Company (as defined by </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 12b-2 under the Securities Exchange Act of </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1934 (&#8220;Exchange Act&#8221;).</div></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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="cef:IntervalFundFlag" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37548">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:227pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interval Fund (Registered Closed-End Fund or a </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Business Development Company that makes periodic </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase offers under Rule 23c-3 under the </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Company Act).</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:16pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">&#9744;</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:224pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">If an Emerging Growth Company, indicate by check </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">mark if the registrant has elected not to use the </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">extended transition period for complying with any </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">new or revised financial accounting standards </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">provided pursuant to Section 7(a)(2)(B) of Securities </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Act.</div></div></div></td></tr>
<tr style="height:36pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="cef:PrimaryShelfQualifiedFlag" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37549">&#9746;</ix:nonNumeric></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:227pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">A.2 Qualified (qualified to register securities pursuant </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">to General Instruction A.2 of this Form).</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:16pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="cef:NewCefOrBdcRegistrantFlag" contextRef="P04_14_2025To04_14_2025" format="ixt-sec:boolballotbox" id="ixv-37550">&#9744;</ix:nonNumeric></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:224pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">New Registrant (registered or regulated under the </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Company Act for less than 12 calendar </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">months preceding this filing).</div></div></div></td></tr></table></div></div></div></div></div></div></div></div> <div><div style="margin-top:0.0pt;width:625pt;"><div><div><div style="page-break-after:always;position:relative"></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 style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%;clear:both"/><div><div><a id="xx_1b6d1860-5c46-433a-9c92-236646f8f085_1"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:44pt;margin-top:42pt;width:175pt;z-index:-1;min-height:510pt"><div style="margin-top: 0pt; text-align: left; background: none; font-size: 13.03pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 13.03pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">
<img alt="" src="g902387g2img974c0a941.gif" style="width: 219px; height: 673px;"/>&#8201;</div></div></div><div style="float:left;margin-left:3pt;margin-top:42pt;width:340pt;z-index:-1;min-height:40pt"><div style="margin-top: 0pt; text-align: right; background: none;">
<img alt="" src="g902387g2img9d4ddc942.gif" style="width: 160px; height: 19px;"/><br/><div style="color: rgb(0, 0, 0); float: left; font-family: &quot;Arial Narrow&quot;; font-size: 13.03pt; line-height: 1pt; margin-left: -220pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:430pt;margin-top:-467pt;width:132pt;z-index:-1;min-height:660pt"><div style="margin-top: 550pt; text-align: right; background: none;">
<img alt=" " src="g902387g2grey_dots.gif" style="height:110pt;width:128pt"/><div style="color: rgb(0, 0, 0); float: left; font-family: &quot;Arial Narrow&quot;; font-size: 13.03pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:222pt;margin-top:-655pt;width:340pt;min-height:655pt"><div style="line-height:18.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: Arial; font-size: 16pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div><div style="line-height:47.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Times New Roman&quot;; font-size: 45pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="line-height:16.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: Arial; font-size: 14pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025</div></div></div><div style="line-height:14.0pt;margin-top:24pt;text-align:left"><div style="margin-top:24pt"><div style="color: rgb(0, 104, 125); font-family: Arial; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div></div><div style="line-height:0.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"> </div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:340pt">
<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:0.5pt;text-align:left"><div style="margin-right: 3pt; text-align: left; white-space: nowrap; font-size: 8.5pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Common Shares</div></div></div></div></td></tr>
<tr style="height:14pt">
<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"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></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"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; letter-spacing: 0px; top: 0px;display:inline;">PHK</div></div></div></td></tr></table></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Neither the U.S. Securities and Exchange Commission nor the U.S. Commodity </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Futures Trading Commission has approved or disapproved of these securities or </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">determined that this prospectus is truthful or complete. Any representation to </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">the contrary is a criminal offense.</div></div></div></div><div style="line-height:12.0pt;margin-top:24pt;text-align:left"><div style="margin-top:24pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">The Fund.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment company that commenced operations on April 30, 2003, following the initial public </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offering of its common shares.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Investment Objectives.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund seeks high current income as a primary objective and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital appreciation as a secondary objective.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Investment Strategy.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund seeks to achieve its investment objectives by utilizing a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dynamic asset allocation strategy among multiple fixed income sectors in the global credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, which may include corporate debt (including, among other things, fixed-, variable- </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and floating-rate bonds, loans (including, but not limited to, bank and/or other syndicated loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and non-syndicated (private direct) loans), convertible securities and stressed debt securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued by U.S. or foreign (non-U.S.) corporations or other business entities, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market issuers), mortgage-related and other asset-backed securities, government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and sovereign debt, taxable municipal bonds, and other fixed-, variable- and floating-rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing securities of U.S. and foreign issuers, including emerging market issuers. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Aiming to identify securities that provide high current income and/or capital appreciation, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund focuses on duration management, credit quality analysis, risk management techniques </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and broad diversification among issuers, industries and sectors as well as other risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management techniques designed to manage default risk. The Fund may invest in investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">grade debt securities and below investment grade debt securities (commonly referred to as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;), including securities of stressed, distressed or defaulted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers. The Fund cannot assure you that it will achieve its investment objectives or that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's investment program will be successful, and you could lose all of your investment in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund.</div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s common shares of beneficial interest, par value $0.00001 per share (the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Common Shares&#8221;) are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PHK. The last reported sale price of the Common Shares, as reported by the NYSE on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">March 31, 2025 was $4.89 per Common Share. The net asset value (&#8220;NAV&#8221;) of the Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares at the close of business on March 31, 2025 was $4.65 per Common Share.</div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment in the Fund&#8217;s Common Shares involves substantial risks arising from, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies, the Fund&#8217;s ability to invest in debt instruments that are, at the time of purchase, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rated below investment grade (below Baa3 by Moody&#8217;s Investors Service, Inc. or below BBB- </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by either S&amp;P Global Ratings or Fitch Ratings, Inc.) or that are unrated but determined by </div></div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:44pt;margin-top:-24pt;width:175pt;z-index:-1;min-height:24pt"><div style="margin-top: 0.33pt; text-align: left; background: none; font-size: 13.03pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 13.03pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">
<img alt="" src="g902387g2imgbd3401d73.gif" style="width: 105px; height: 13px;"/>&#8201;</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 id="xx_1b6d1860-5c46-433a-9c92-236646f8f085_2"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:36pt;margin-top:36pt;width:522pt;min-height:684pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Pacific Investment Management Company LLC (&#8220;PIMCO&#8221; or the &#8220;Investment Manager&#8221;) to be of comparable quality to securities so rated, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s exposure to foreign (including emerging markets) securities and currencies and to mortgage-related and other asset-backed securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the Fund&#8217;s use of leverage. Debt securities of below investment grade quality are regarded as having predominantly speculative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics with respect to capacity to pay interest and to repay principal, and are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds.&#8221; The Fund&#8217;s exposure to foreign securities and currencies, and particularly to emerging markets securities and currencies, involves </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">special risks, including foreign currency risk and the risk that the securities may decline in response to unfavorable political and legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments, unreliable or untimely information or economic and financial instability. Mortgage-related and other asset-backed securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to extension and prepayment risk and often have complicated structures that make them difficult to value. Because of the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with investing in high yield securities, foreign (including emerging market) securities (and related exposure to foreign currencies) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed securities, and using leverage, an investment in the Fund should be considered speculative. Before </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing in the Common Shares, you should read the discussion of the principal risks of investing in the Fund in &#8220;Principal Risks of the Fund.&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain of these risks are summarized in &#8220;Prospectus Summary&#8212;Principal Risks of the Fund.&#8221;</div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under normal circumstances, the Fund will have a short to intermediate average portfolio duration (i.e., within a zero to eight (0 to 8) year range), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as calculated by PIMCO, although it may be shorter or longer at any time depending on market conditions and other factors.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Contents.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under normal market conditions, the Fund seeks to achieve its investment objectives by investing in, among other things, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">combination of corporate debt obligations of varying maturities, other corporate income-producing securities, and income-producing securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-corporate issuers, such as U.S. Government securities, municipal securities and mortgage-backed and other asset-backed securities issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on a public or private basis. Corporate-income producing securities may include fixed-, variable- and floating-rate bonds, debentures, notes and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other similar types of corporate debt instruments, such as preferred shares, convertible securities, loans (including, but not limited to, bank and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other syndicated loans and non-syndicated (private direct) loans) and loan participations and assignments, payment-in-kind securities, step-ups, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon bonds, bank certificates of deposit, fixed time deposits and bankers&#8217; acceptances, stressed debt securities, structured notes and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other hybrid instruments. Certain corporate income-producing securities, such as convertible bonds, also may include the right to participate in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity appreciation, and PIMCO will generally evaluate those instruments based primarily on their debt characteristics. The Fund normally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests at least 50% of its total assets in corporate debt obligations and other corporate securities, including fixed-, variable- and floating-rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, debentures, notes and other similar types of corporate debt instruments, such as preferred shares, convertible securities, bank loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan participations and assignments, payment-in-kind securities, step-ups, zero-coupon bonds, bank capital securities, bank certificates of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deposit, fixed time deposits and bankers&#8217; acceptances, stressed debt securities, structured notes and other hybrid instruments, common stocks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other equity securities. The Fund may invest in mortgage-related securities, including mortgage pass-through securities, collateralized </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage obligations (&#8220;CMOs&#8221;), commercial or residential mortgage-backed securities, mortgage dollar rolls/buybacks, CMO residuals, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adjustable rate mortgage-backed securities, stripped mortgage-backed securities and other securities that directly or indirectly represent a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participation in, or are secured by and payable from, mortgage loans on real property, debt instruments, including, without limitation, bonds, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debentures, notes, and other debt securities of U.S. and foreign (non-U.S.) corporate and other issuers, including commercial paper; obligations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of foreign governments or their sub-divisions, agencies and government sponsored enterprises and obligations of international agencies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supranational entities; municipal securities and other debt securities issued by states or local governments and their agencies, authorities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other government-sponsored enterprises, including taxable municipal securities; inflation-indexed bonds issued by both governments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporations; structured notes, including hybrid or indexed securities; insurance-linked instruments, catastrophe bonds and other event-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds; credit-linked notes; credit-linked trust certificates; structured credit products; loans (including, among others, and without limitation as to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan&#8217;s level of seniority within a capital structure, senior loans, subordinated loans, mezzanine loans, delayed draw and delayed funding loans, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">covenant-lite obligations, credit facilities and loan participations and assignments); preferred securities and convertible debt securities (i.e., debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that may be converted at either a stated price or stated rate into underlying shares of common stock), including synthetic convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities (i.e., instruments created through a combination of separate securities that possess the two principal characteristics of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">traditional convertible security, such as an income-producing security and the right to acquire an equity security) and contingent convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. The Fund may invest in debt securities of stressed, distressed and defaulted issuers. For tax or other structuring reasons, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may purchase loan or debt investment structured as an equity interest (e.g., a joint venture interest). Subject to the investment limitations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described above, at any given time and from time to time, substantially all of the Fund&#8217;s portfolio may consist of below investment grade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. The Fund may invest in various levels of the capital structure of an issuer of mortgage-backed or asset-backed securities (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized bond obligations, collateralized loan obligations (&#8220;CLOs&#8221;) and other collateralized debt obligations), including the equity or &#8220;first </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loss&#8221; tranche. The Fund may invest in unsecured loans and subordinated or mezzanine obligations, including second and lower lien loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the mezzanine and equity (or &#8220;first loss&#8221;) tranches of CLO issues. For the avoidance of doubt, equity or &#8220;first loss&#8221; tranches of mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or asset-backed securities do not constitute equity interests for purposes of the Fund&#8217;s 20% limit on investments in equity interests described </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below. The Fund may also invest, as a third party purchaser, in risk retention tranches of CMBS or other eligible securitizations, which are eligible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residual interests typically held by the sponsors of such securitizations pursuant to the final rules implementing the credit risk retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements of Section 941 of the Dodd-Frank Act. The rate of interest on an income-producing security may be fixed, floating or variable, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may move in the opposite direction to interest rates generally or the interest rate on another security or index (i.e., inverse floaters).</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="clear: both; max-height: 0px;"> </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"/><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">ii</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 id="xx_1b6d1860-5c46-433a-9c92-236646f8f085_3"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:36pt;margin-top:36pt;width:522pt;min-height:684pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest without limit in non-U.S. dollar denominated securities (of both developed and &#8220;emerging market&#8221; countries), including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of non-U.S. governments and their respective sub-divisions, agencies and government-sponsored enterprises. The Fund may invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">up to 40% of its total assets in securities and instruments that are economically tied to emerging market countries, except the Fund may invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without limit in investment grade sovereign debt issued by emerging markets issuers that is denominated in the relevant country&#8217;s local currency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with less than 1 year remaining to maturity. The Fund may also invest directly in foreign currencies, including local emerging market currencies.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may, but is not required to, utilize various derivative strategies (both long and short positions) involving the purchase or sale of futures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and forward contracts (including foreign currency exchange contracts), call and put options, credit default swaps, total return swaps, basis swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other swap agreements and other derivative instruments for investment purposes, leveraging purposes or in an attempt to hedge against </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market, credit, interest rate, currency and other risks in the portfolio. The Fund may purchase and sell securities on a when-issued, delayed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delivery or forward commitment basis and may engage in short sales.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest up to 20% of its total assets in common stocks and other equity securities from time to time, including those it has received </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through the conversion of a convertible security held by the Fund or in connection with the restructuring of a debt security. Common stocks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include common shares and other common equity interest issued by public or private issuers. The Fund may invest up to 20% of its total assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in bank loans.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities that have not been registered for public sale in the U.S. or relevant non-U.S. jurisdictions, including without limit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities eligible for purchase and sale pursuant to Rule 144A under the Securities Act of 1933 (the &#8220;Securities Act&#8221;), or relevant provisions of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable non-U.S. law, and other securities issued in private placements. The Fund may also invest in securities of other open- or closed-end </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies (including those advised by PIMCO), including, without limit, exchange-traded funds (&#8220;ETFs&#8221;), to the extent that such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments are consistent with the Fund&#8217;s investment objectives, strategies and policies and permissible under the 1940 Act. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in other investment companies to gain broad market or sector exposure or for cash management purposes, including during periods when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it has large amounts of uninvested cash or when PIMCO believes share prices of other investment companies offer attractive values. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may invest in certain money market funds and/or short-term bond funds (&#8220;Central Funds&#8221;), to the extent permitted by the 1940 Act, the rules </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use by certain registered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies advised by PIMCO in connection with their cash management activities. The Fund treats its investments in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies that invest primarily in types of securities in which the Fund may invest directly as investments in such types of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for purposes of the Fund&#8217;s investment policies (e.g., the Fund&#8217;s investment in an investment company that invests primarily in debt securities will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be treated by the Fund as an investment in a debt security). As a shareholder in an investment company, the Fund would bear its ratable share of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that investment company&#8217;s expenses and would remain subject to payment of the Fund&#8217;s management fees and other expenses with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets so invested. Common Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies. The securities of other investment companies may be leveraged, in which case the NAV and/or market value of the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company&#8217;s shares will be more volatile than unleveraged investments. The Fund may invest in real estate investment trusts (&#8220;REITs&#8221;). The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may invest in securities of companies with any market capitalization, including small and medium capitalizations.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into repurchase agreements, in which the Fund purchases a security from a bank or broker-dealer and the bank or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broker-dealer agrees to repurchase the security at the Fund&#8217;s cost plus interest within a specified time.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may lend its portfolio securities to brokers, dealers or other financial institutions provided a number of conditions are satisfied, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the loan is fully collateralized.</div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund is known as &#8220;portfolio turnover.&#8221; The Fund may engage in frequent and active trading of portfolio securities to achieve its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objectives, particularly during periods of volatile market movements.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest without limitation in illiquid investments (i.e., investments that the Fund reasonably expects cannot be sold or disposed of in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment).</div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has received exemptive relief from the SEC that, to the extent the Fund relies on such relief, permits it to (among other things) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">co-invest with certain other persons, including certain affiliates of the Investment Manager and certain public or private funds managed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager and its affiliates, subject to certain terms and conditions. The exemptive relief from the SEC with respect to co-investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imposes extensive conditions on any co-investments made in reliance on such relief.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Leverage. </div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund currently utilizes leverage principally through reverse repurchase agreements, and may also obtain additional leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through dollar rolls/buybacks or borrowings, such as through bank loans or commercial paper and/or credit facilities.</div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also enter into transactions other than those noted above that may give rise to a form of leverage including, among others, futures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and forward contracts (including foreign currency exchange contracts), total return swaps and other derivative transactions, loans of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, short sales, when-issued, delayed delivery and forward commitment transactions and selling credit default swaps. Leveraging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions pursued by the Fund may increase its duration and sensitivity to interest rate movements. The Fund may also determine to issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred shares or other types of senior securities to add leverage to its portfolio. The Fund's Board may authorize the issuance of preferred </div></div></div></div><div style="clear: both; max-height: 0px;"> </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"/><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">iii</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 id="xx_1b6d1860-5c46-433a-9c92-236646f8f085_4"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:36pt;margin-top:36pt;width:522pt;min-height:684pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares without the approval of Common Shareholders. Leveraging is a speculative technique and there are special risks and costs involved. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that a leveraging strategy will be used or that it will be successful during any period in which it is employed.</div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund utilizes certain kinds of leverage, such as reverse repurchase agreements and selling credit default swaps, opportunistically and may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">choose to increase or decrease, or eliminate entirely, its use of such leverage over time and from time to time based on PIMCO&#8217;s assessment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions, including the yield curve environment and interest rate trends, available investment opportunities and cost of leverage, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors. The Fund also may borrow money for temporary purposes, to add leverage to the portfolio or for the settlement of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions which otherwise might require untimely dispositions of portfolio securities held by the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Additional Information.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This prospectus is part of a registration statement that the Fund has filed with the U.S. Securities and Exchange </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Commission (the &#8220;SEC&#8221;), as a &#8220;well-known seasoned issuer&#8221; as defined in Rule 405 under the Securities Act of 1933, using the &#8220;shelf&#8221; registration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">process. Under the shelf registration process, the Fund may offer, from time to time, in one or more offerings, Common Shares on terms to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined at the time of the offering. This prospectus provides you with a general description of the Common Shares that the Fund may offer. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Each time the Fund uses this prospectus to offer Common Shares, the Fund will provide a prospectus supplement that will contain specific </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospectus. You should read this prospectus and the applicable prospectus supplement, which contain important information about the Fund, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">carefully before you invest in the Common Shares. Common Shares may be offered directly to one or more purchasers, through agents </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">designated from time to time by the Fund, or to or through underwriters or dealers. The prospectus supplement relating to an offering will identify </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any agents, underwriters or dealers involved in the sale of Common Shares, and will set forth any applicable purchase price, fee, commission or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discount arrangement between the Fund and its agents or underwriters, or among the Fund&#8217;s underwriters, or the basis upon which such amount </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be calculated. See &#8220;Plan of Distribution.&#8221; The Fund may not sell any Common Shares through agents, underwriters or dealers without </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delivery or deemed delivery of a prospectus supplement describing the method and terms of the particular offering of the Common Shares. You </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should retain this prospectus and any prospectus supplement for future reference. A Statement of Additional Information, dated April 14, 2025, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">containing additional information about the Fund has been filed with the SEC and is incorporated by reference in its entirety into this prospectus. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You may request a free copy of the Statement of Additional Information, request the Fund&#8217;s most recent annual and semiannual reports, request </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information about the Fund and make shareholder inquiries by calling toll-free (844)-337-4626 or by writing to the Fund at c/o Pacific Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Management Company LLC, 1633 Broadway, New York, New York 10019. The Fund&#8217;s Statement of Additional Information and most recent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">annual and semiannual reports are available, free of charge, on the Fund&#8217;s website (https://www.pimco.com/prospectuses). You can obtain the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">same information, free of charge, from the SEC&#8217;s website (http://www.sec.gov).</div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agency.</div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You should rely only on the information contained or incorporated by reference in this prospectus and any related prospectus supplement. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund has not authorized anyone to provide you with information other than that contained or incorporated by reference in this prospectus or any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable prospectus supplement, and any free writing prospectus that the Fund distributes. The Fund does not take any responsibility for, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">does not provide any assurances as to the reliability of, any other information that others may give you. The Fund is not making an offer of these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities in any jurisdiction where the offer is not permitted. You should not assume that the information contained in this prospectus or any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable prospectus supplement is accurate as of any date other than the date on the front hereof or thereof. The Fund&#8217;s business, financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condition, results of operations and prospects may have changed since that date.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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"/><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">iv</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 id="xx_09ca9e49-0f1d-4e6e-8303-5a4fb18cc5e9_TOC_1"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:648pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Table of Contents</div> <br/><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div><div style="line-height:0.0pt;margin-top:30pt;text-align:left"> </div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;margin-left:196pt;width:342pt">
<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"><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-size: 8pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:22.01pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:2.75pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Page</div></div></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:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_834e1292-31cc-4523-8161-4886024f01a3_1">Prospectus Summary</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_834e1292-31cc-4523-8161-4886024f01a3_2">Portfolio Management Strategies</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_f5ac116a-edda-4bd9-aa33-06c4e46638cb_1">Summary of Fund Expenses</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">33</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_52f82a77-2456-4ad0-91b7-96e9c60e743a_2">Financial Highlights</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">35</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_1">Use of Proceeds</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_1">The Fund</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_1">Investment Objectives and Policies</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_1">Portfolio Management Strategies</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_2">Portfolio Contents</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">39</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_4">Additional Information</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">41</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_25">Use of Leverage</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">62</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_27">Principal Risks of the Fund</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">64</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_57">How the Fund Manages Risk</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">94</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_1">Management of the Fund</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">97</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_3">Net Asset Value</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_4">Distributions</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_6">Dividend Reinvestment Plan</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">102</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_6">Description of Capital Structure</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">102</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_6">Plan of Distribution</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">102</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_7">Information Regarding State Escheatment Laws</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">103</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_7">Market and Net Asset Value Information</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">103</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_8">Anti-Takeover and Other Provisions in the Agreement and Declaration of Trust and Bylaws</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">104</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_10">Repurchase of Common Shares; Conversion to Open-End Fund</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">106</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_10">Tax Matters</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">106</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_13">Custodian and Transfer Agent</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">109</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_13">Independent Registered Public Accounting Firm</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">109</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_13">Legal Matters</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">109</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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: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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_a6886085-1c89-487e-8f4d-92ab79826acb_13">Incorporation by Reference</a></div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">109</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_1">Appendix</a></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_1"> A - Description of Securities Ratings</a></div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3pt;padding-top:3.5pt;vertical-align:Top;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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">A</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">-</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">1</div></div></div></td></tr></table></div><div style="line-height:8.0pt;text-align:left"> </div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:66pt;width:538pt;min-height:2pt"><div style="line-height:14.21pt;text-align:left"><hr style="background-color:#333333;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></div></div> <div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_834e1292-31cc-4523-8161-4886024f01a3_1"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="background-color:#00687D;float:left;margin-left:190pt;margin-top:3pt;width:379pt;min-height:72.6pt"><div style="line-height:14.21pt;text-align:left"> </div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-51.6pt;width:538pt;z-index:-1;min-height:40pt"><div style="margin-top: 0pt; text-align: left; background: none;">
<img alt="" src="g902387g2img9d4ddc942.gif" style="width: 160px; height: 19px;"/><br/></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:32pt;margin-top:-51.6pt;width:538pt;min-height:63pt"><div style="line-height:21.0pt;margin-left:184pt;text-align:left;margin-top:-10pt"><div style="color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;; font-size: 21pt; line-height: 21pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42pt;position:relative;text-align:left;top:6.73pt;width:538pt"/></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:2.2pt;width:264pt;min-height:642pt"><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Prospectus Summary</div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">This is only a summary. This summary may not contain all of the </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">information that you should consider before investing in common </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">shares of beneficial interest, par value $0.00001 per share of PIMCO </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">High Income Fund (such fund, the &#8220;Fund&#8221;, and such shares, the </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">&#8220;Common Shares&#8221;). You should review the more detailed information </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">contained in this prospectus and in any related prospectus supplement </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">and in the Statement of Additional Information, especially the </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">information set forth under the heading &#8220;Principal Risks of the Fund.&#8221;</div></div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">The Fund</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund is a diversified, closed-end management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment company. The Fund commenced operations on April 30, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2003, following the initial public offering of its Common Shares.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Common Shares are listed on the New York Stock Exchange </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;NYSE&#8221;) under the symbol &#8220;PHK.&#8221; As of March 31 2025, the net assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund attributable to Common Shares were $795 million and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund had outstanding 171,030,439 Common Shares. The last reported </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sale price of the Common Shares, as reported by the NYSE on March 31, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2025 was $4.89 per Common Share. The net asset value (&#8220;NAV&#8221;) of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares at the close of business on March 31, 2025 was $4.65 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">per Common Share. See &#8220;Description of Capital Structure.&#8221;</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">The Offering</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may offer, from time to time, in one or more offerings,up to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$350,000,000&#160;of Common Shares on terms to be determined at the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time of the offering. The Common Shares may be offered at prices and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on terms to be set forth in one or more prospectus supplements. You </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should read this prospectus and the applicable prospectus supplement </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">carefully before you invest in the Common Shares. Common Shares may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be offered directly to one or more purchasers, through agents </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">designated from time to time by the Fund, or to or through underwriters </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or dealers. The prospectus supplement relating to an offering will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">identify any agents, underwriters or dealers involved in the sale of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, and will set forth any applicable purchase price, fee, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commission or discount arrangement between the Fund and its agents </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or underwriters, or among the Fund&#8217;s underwriters, or the basis upon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which such amount may be calculated. See &#8220;Plan of Distribution.&#8221; The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may not sell any Common Shares through agents, underwriters or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealers without delivery or deemed delivery of a prospectus supplement </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">describing the method and terms of the particular offering of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Use of Proceeds</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The net proceeds of an offering will be invested in accordance with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investment objectives and policies as set forth below. It is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currently anticipated that the Fund will be able to invest substantially all </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the net proceeds of an offering in accordance with its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objectives and policies within approximately 30 days of receipt by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, depending on the amount and timing of proceeds available to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund as well as the availability of investments consistent with the </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:2.2pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investment objectives and policies, and except to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds are held in cash to pay dividends or expenses, or for temporary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defensive purposes. See &#8220;Use of Proceeds.&#8221;</div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Objectives and Policies</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When used in this prospectus, the term &#8220;invest&#8221; includes both </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">direct&#160;investing and indirect investing and the term &#8220;investments&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">includes&#160;both direct investments and indirect investments. For example, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#160;may invest indirectly by investing in derivatives or through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its&#160;wholly-owned subsidiaries (each, a &#8220;Subsidiary&#8221; and collectively, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the&#160;&#8220;Subsidiaries&#8221;). References herein to the Fund include, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appropriate,&#160;Subsidiaries through which the Fund may gain exposure to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.&#160;The Fund may be exposed to the different types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments&#160;described below through its investments in its Subsidiaries. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The&#160;allocation of the Fund&#8217;s assets to a Subsidiary will vary over time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and&#160;will likely not include all of the different types of investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described&#160;herein at any given time. </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund seeks high current income as a primary objective and capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appreciation as a secondary objective. The Fund's investment objectives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are considered non-fundamental and may be changed by the Board </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without shareholder approval. The Fund seeks to achieve its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objectives by utilizing a dynamic asset allocation strategy among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multiple fixed income sectors in the global credit markets, which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include corporate debt (including, among other things, fixed-, variable- </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and floating-rate bonds, loans (including, but not limited to, bank </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or other syndicated loans and non-syndicated (private direct) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans), convertible securities and stressed debt securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. or foreign (non-U.S.) corporations or other business entities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including emerging market issuers), mortgage-related and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed securities, government and sovereign debt, taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal bonds and other fixed-, variable- and floating-rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing securities of U.S. and foreign issuers, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market issuers. Aiming to identify securities that provide high </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current income and/or capital appreciation, the Fund focuses on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration management, credit quality analysis, risk management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">techniques and broad diversification among issuers, industries and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sectors as well as other risk management techniques designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manage default risk. The Fund may invest in investment grade debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and below investment grade debt securities (commonly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;), including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of stressed, distressed or defaulted issuers. The types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and instruments in which the Fund may invest are described </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under &#8220;Portfolio Contents&#8212;Principal Investments&#8221; below. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cannot assure you that it will achieve its investment objectives or that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investment program will be successful, and you could lose all </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of your investment in the Fund. </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: Arial; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Other Strategy Information</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. Portfolio securities may be sold at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any time. By way of example, sales may occur when Pacific Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Management Company LLC (&#8220;PIMCO&#8221; or the &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager&#8221;)&#160;determines to take advantage of what it considers to be a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">better investment opportunity, when the portfolio managers believe the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio securities no longer represent relatively attractive investment </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">1&#8194;&#8194;</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div></div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:538pt;z-index:-1;min-height:12pt"><div style="margin-top: 0pt; text-align: right; background: none;">
<img alt="" src="g902387g2imgbd3401d73.gif" style="width: 105px; height: 13px;"/><br/><div style="color: rgb(0, 0, 0); float: left; font-family: &quot;Arial Narrow&quot;; font-size: 13.03pt; line-height: 1pt; margin-left: -459pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_2"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities, when the portfolio managers perceive deterioration in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit fundamentals of an issuer, or when an individual security has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reached the portfolio managers&#8217; sell target. PIMCO may engage in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">active and frequent trading of the Fund&#8217;s portfolio investments. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that it does so, the Fund may incur greater transaction costs and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may make greater distributions of income and gains, which will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable to shareholders who do not hold their shares through a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax-advantaged or tax-deferred account.</div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Management Strategies</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Dynamic Allocation Strategy.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In managing the Fund, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment manager, PIMCO, employs an active approach to allocation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among multiple fixed income sectors based on, among other things, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions, valuation assessments, economic outlook, credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market trends and other economic factors. With PIMCO&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">macroeconomic analysis as the basis for top-down investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decisions, including geographic and credit sector emphasis, PIMCO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manages the Fund with a focus on seeking income generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment ideas across multiple fixed income sectors, with an emphasis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on seeking opportunities in developed and emerging global credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets. PIMCO may choose to focus on particular countries/regions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset classes, industries and sectors to the exclusion of others at any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time and from time to time based on market conditions and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors. The relative value assessment within fixed income sectors draws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on PIMCO&#8217;s regional and sector specialist insights. The Fund will observe </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">various investment guidelines as summarized below.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Investment Selection Strategies.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Once the Fund&#8217;s top-down, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio positioning decisions have been made as described above, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO selects particular investments for the Fund by employing a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bottom-up, disciplined credit approach which is driven by fundamental, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">independent research within each sector/asset class represented in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, with a focus on seeking to identify securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments with solid and/or improving fundamentals.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO utilizes strategies that focus on credit quality analysis, duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management and other risk management techniques. PIMCO attempts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to identify, through fundamental research driven by independent credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analysis and proprietary analytical tools, debt obligations and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing securities that provide current income and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities for capital appreciation based on its analysis of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s credit characteristics and the position of the security in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s capital structure.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consideration of yield is only one component of the portfolio managers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approach in managing the Fund. PIMCO also attempts to identify </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments that may appreciate in value based on PIMCO&#8217;s assessment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the issuer&#8217;s credit characteristics, forecast for interest rates and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outlook for particular countries/regions, currencies, industries, sectors </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the global economy and bond markets generally.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Credit Quality.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in debt instruments that are, at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the time of purchase, rated below investment grade (below Baa3 by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or below BBB- by either S&amp;P </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Global Ratings (&#8220;S&amp;P&#8221;) or Fitch Ratings, Inc. (&#8220;Fitch&#8221;)), or that are </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unrated but determined by PIMCO to be of comparable quality to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities so rated. The Fund will not normally invest more than 20% of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its total assets in debt instruments, other than mortgage-related and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other asset-backed securities, that are, at the time of purchase, rated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CCC+ or lower by S&amp;P and Fitch and Caa1 or lower by Moody&#8217;s, or that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are unrated but determined by PIMCO to be of comparable quality to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities so rated. The Fund may invest without limit in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed securities regardless of rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i.e., of any credit quality). Subject to this 20% restriction, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest&#160;any portion of its assets (or none) in issuers of any credit quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including bonds in the lowest ratings categories) if PIMCO determines </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the particular obligation is undervalued and/or offers an attractive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield relative to its risk profile. For purposes of applying the foregoing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">policies, in the case of securities with split ratings (i.e., a security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receiving two different ratings from two different rating agencies), the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will apply the higher of the applicable ratings. Subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">aforementioned investment restrictions, the Fund may invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of stressed, distressed or defaulted issuers, which include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities in default or at risk of being in default as to the repayment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and/or interest at the time of acquisition by the Fund or that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are rated in the lower rating categories by one or more nationally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recognized statistical rating organizations&#160;(&#8220;NRSROs&#8221;) (for example, Ca </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or lower by Moody&#8217;s or CC or lower by S&amp;P or Fitch) or, if unrated, are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined by PIMCO to be of comparable quality to securities so rated. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Debt instruments of below investment grade quality are regarded as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">having predominantly speculative characteristics with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity to pay interest and to repay principal, and are commonly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; Debt instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the lowest investment grade category also may be considered to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possess some speculative characteristics. The Fund may, for hedging, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment or leveraging purposes, make use of credit default swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(which includes buying and/or selling credit default swaps), which are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts whereby one party makes periodic payments to a counterparty </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in exchange for the right to receive from the counterparty a payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equal to the par (or other agreed-upon) value of a referenced debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation in the event of a default or other credit event by the issuer of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the debt obligation.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Independent Credit Analysis.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO relies primarily on its own </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analysis of the credit quality and risks associated with individual debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments considered for the Fund, rather than relying exclusively on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating agencies or third-party research. The Fund&#8217;s portfolio managers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">utilize this information in an attempt to manage credit risk and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">identify issuers, industries and/or sectors that are undervalued and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that offer attractive yields relative to PIMCO&#8217;s assessment of their credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics. This aspect of PIMCO&#8217;s capabilities will be particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">important to the extent that the Fund invests in high yield securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in securities of emerging market issuers.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Duration Management.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">It is expected that the Fund normally will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a short to intermediate average portfolio duration&#160;(i.e., within a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">zero to eight (0 to 8) year range), as calculated by PIMCO, although it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be shorter or longer at any time depending on market conditions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other factors. While the Fund seeks to maintain a short to </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">2</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_3"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediate average portfolio duration, there is no limit on the maturity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or duration of any individual security in which the Fund may invest. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Duration is a measure used to determine the sensitivity of a security&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price to changes in interest rates. For example, if the Fund has an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average portfolio duration of eight years, a 1% increase in interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would tend to correspond to an 8% decrease in the value of the Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio. The Fund's duration strategy may entail maintaining a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative average portfolio duration from time to time, meaning the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio would tend to increase in value in response to an increase in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. For example, if the Fund has a negative average portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration, a 1% increase in interest rates would tend to correspond to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1% increase in the value of the Fund's portfolio for every year of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative duration. A negative average portfolio duration would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially benefit the portfolio in an environment of rising market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, but would generally adversely impact the portfolio in an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environment of falling or neutral market interest rates. See &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund&#8212;Interest Rate Risk.&#8221; The Fund may use various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives strategies to manage (increase or decrease) the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dollar-weighted average effective duration of the Fund's portfolio.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may also utilize certain strategies, including without limitation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in structured notes or interest rate futures contracts or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap, cap, floor or collar transactions, for the purpose of reducing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate sensitivity of the Fund&#8217;s portfolio, although there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that it will do so or that such strategies will be successful. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foregoing is a description of interest rate duration management only. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The credit spread duration of the Fund's portfolio may vary, in some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cases significantly, from its interest rate duration.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Contents</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under normal market conditions, the Fund seeks to achieve its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives by investing in, among other things, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">combination of corporate debt obligations of varying maturities, other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate income-producing securities, and income-producing securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of non-corporate issuers, such as U.S. Government securities, municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and mortgage-backed and other asset-backed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued on a public or private basis. Corporate-income producing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may include fixed-, variable- and floating-rate bonds, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debentures, notes and other similar types of corporate debt instruments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as preferred shares, convertible securities, loans (including, but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to, bank and/or other syndicated loans and non-syndicated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(private direct) loans) and loan participations and assignments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment-in-kind securities, step-ups, zero-coupon bonds, bank </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certificates of deposit, fixed time deposits and bankers&#8217; acceptances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stressed debt securities, structured notes and other hybrid instruments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain corporate income-producing securities, such as convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, also may include the right to participate in equity appreciation, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and PIMCO will generally evaluate those instruments based primarily on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their debt characteristics. The Fund normally invests at least 50% of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total assets in corporate debt obligations and other corporate securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including fixed-, variable- and floating-rate bonds, debentures, notes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other similar types of corporate debt instruments, such as preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares, convertible securities, bank loans and loan participations and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assignments, payment-in-kind securities, step-ups, zero-coupon bonds, </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank capital securities, bank certificates of deposit, fixed time deposits </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and bankers&#8217; acceptances, stressed debt securities, structured notes and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other hybrid instruments, common stocks and other equity securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in mortgage-related securities, including mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pass-through securities, collateralized mortgage obligations (&#8220;CMOs&#8221;), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial or residential mortgage-backed securities, mortgage dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolls/buybacks, CMO residuals, adjustable rate mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, stripped mortgage-backed securities and other securities that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly or indirectly represent a participation in, or are secured by and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payable from, mortgage loans on real property, debt instruments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, without limitation, bonds, debentures, notes, and other debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of U.S. and foreign (non-U.S.) corporate and other issuers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including commercial paper; obligations of foreign governments or their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sub-divisions, agencies and government sponsored enterprises and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of international agencies and supranational entities; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal securities and other debt securities issued by states or local </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments and their agencies, authorities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government-sponsored enterprises, including taxable municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities; inflation-indexed bonds issued by both governments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporations; structured notes, including hybrid or indexed securities; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked instruments, catastrophe bonds and other event-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds; credit-linked notes; credit-linked trust certificates; structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit products; loans (including, among others, and without limitation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as to a loan&#8217;s level of seniority within a capital structure, senior loans, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated loans, mezzanine loans, delayed draw and delayed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">funding loans, covenant-lite obligations, credit facilities and loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations and assignments); preferred securities and convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities (i.e., debt securities that may be converted at either a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stated price or stated rate into underlying shares of common stock), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including synthetic convertible debt securities (i.e., instruments created </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through a combination of separate securities that possess the two </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal characteristics of a traditional convertible security, such as an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing security and the right to acquire an equity security) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and contingent convertible securities. The Fund may invest in debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of stressed, distressed or defaulted issuers. For tax or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structuring reasons, the Fund may purchase loan or debt investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured as an equity interest (e.g., a joint venture interest). Subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the investment limitations described above, at any given time and from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time to time, substantially all of the Fund&#8217;s portfolio may consist of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below investment grade securities. The Fund may invest in various levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the capital structure of an issuer of mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities (including collateralized bond obligations, collateralized loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations (&#8220;CLOs&#8221;) and other collateralized debt obligations), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including the equity or &#8220;first loss&#8221; tranche. The Fund may invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unsecured loans and subordinated or mezzanine obligations, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">second and lower lien loans and the mezzanine and equity (or &#8220;first </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loss&#8221;) tranches of CLO issues. For the avoidance of doubt, equity or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;first loss&#8221; tranches of mortgage-backed or asset-backed securities do </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not constitute equity interests for purposes of the Fund&#8217;s 20% limit on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in equity interests described below. The Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest, as a third party purchaser, in risk retention tranches of CMBS or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other eligible securitizations, which are eligible residual interests </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically held by the sponsors of such securitizations pursuant to the </div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">3&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_4"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">final rules implementing the credit risk retention requirements of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 941 of the Dodd-Frank Act. The rate of interest on an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing security may be fixed, floating or variable, and may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">move in the opposite direction to interest rates generally or the interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate on another security or index (i.e., inverse floaters).</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest without limit in non-U.S. dollar denominated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities (of both developed and &#8220;emerging market&#8221; countries), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including obligations of non-U.S. governments and their respective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sub-divisions, agencies and government-sponsored enterprises. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may invest up to 40% of its total assets in securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are economically tied to emerging market countries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">except the Fund may invest without limit in investment grade sovereign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt issued by emerging markets issuers that is denominated in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relevant country&#8217;s local currency with less than 1 year remaining to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity. The Fund may also invest directly in foreign currencies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including local emerging market currencies.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may, but is not required to, utilize various derivative strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(both long and short positions) involving the purchase or sale of futures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and forward contracts (including foreign currency exchange contracts), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">call and put options, credit default swaps, total return swaps, basis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps and other swap agreements and other derivative instruments for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment purposes, leveraging purposes or in an attempt to hedge </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against market, credit, interest rate, currency and other risks in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio. The Fund may purchase and sell securities on a when-issued, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed delivery or forward commitment basis and may engage in short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sales.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest up to 20% of its total assets in common stocks and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other equity securities from time to time, including those it has received </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through the conversion of a convertible security held by the Fund or in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">connection with the restructuring of a debt security. Common stocks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include common shares and other common equity interest issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">public or private issuers. The Fund may invest up to 20% of its total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets in bank loans.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities that have not been registered for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">public sale in the U.S. or relevant non-U.S. jurisdictions, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without limit securities eligible for purchase and sale pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 144A under the Securities Act of 1933 (the &#8220;Securities Act&#8221;), or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relevant provisions of applicable non-U.S. law, and other securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued in private placements. The Fund may also invest in securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other open- or closed-end investment companies (including those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advised by PIMCO), including, without limit, exchange-traded funds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;ETFs&#8221;) to the extent that such investments are consistent with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investment objectives, strategies and policies and permissible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the 1940 Act. The Fund may invest in other investment companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to gain broad market or sector exposure or for cash management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purposes, including during periods when it has large amounts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uninvested cash or when PIMCO believes share prices of other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies offer attractive values. The Fund may invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain money market funds and/or short-term bond funds (&#8220;Central </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Funds&#8221;), to the extent permitted by the 1940 Act, the rules thereunder </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or exemptive relief therefrom. The Central Funds are registered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies created for use by certain registered investment </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies advised by PIMCO in connection with their cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management activities. The Fund treats its investments in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies that invest primarily in types of securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund may invest directly as investments in such types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities for purposes of the Fund&#8217;s investment policies (e.g., the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in an investment company that invests primarily in debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities will be treated by the Fund as an investment in a debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security). As a shareholder in an investment company, the Fund would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bear its ratable share of that investment company&#8217;s expenses and would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">remain subject to payment of the Fund&#8217;s management fees and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses with respect to assets so invested. Common Shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would therefore be subject to duplicative expenses to the extent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund invests in other investment companies. The securities of other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies may be leveraged, in which case the NAV and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market value of the investment company&#8217;s shares will be more volatile </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than unleveraged investments. The Fund may invest in real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment trusts. The Fund may invest in securities of companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any market capitalization, including small and medium capitalizations.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into repurchase agreements, in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases a security from a bank or broker-dealer and the bank or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broker-dealer agrees to repurchase the security at the Fund&#8217;s cost plus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest within a specified time.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may lend its portfolio securities to brokers, dealers or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial institutions provided a number of conditions are satisfied, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including that the loan is fully collateralized.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The length of time the Fund has held a particular security is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally a consideration in investment decisions. A change in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund is known as &#8220;portfolio turnover.&#8221; The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may engage in frequent and active trading of portfolio securities to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve its investment objectives, particularly during periods of volatile </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market movements.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest without limitation in illiquid investments (i.e., </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments that the Fund reasonably expects cannot be sold or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disposed of in current market conditions in seven calendar days or less </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without the sale or disposition significantly changing the market value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the investment).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has received exemptive relief from the SEC that, to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund relies on such relief, permits it to (among other things) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">co-invest with certain other persons, including certain affiliates of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager and certain public or private funds managed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager and its affiliates, subject to certain terms and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions. The exemptive relief from the SEC with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">co-investments imposes extensive conditions on any co-investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">made in reliance on such relief.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Temporary Defensive Instruments.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may make short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments when attempting to respond to adverse market, economic, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political, or other conditions, as determined by PIMCO. Upon PIMCO's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommendation, for temporary defensive purposes and in order to keep </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund's cash fully invested, the Fund may deviate from its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objectives and policies and invest some or all of its net assets in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments of non-corporate issuers, including high quality, short-term </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">4</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_5"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities. The Fund may not achieve its investment objectives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when it does so.</div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Use of Leverage</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund currently utilizes leverage principally through reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements, and may also obtain additional leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through dollar rolls/buybacks or borrowings, such as through bank loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or commercial paper and/or credit facilities. The Fund may also enter </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into transactions other than those noted above that may give rise to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form of leverage including, among others, futures and forward contracts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including foreign currency exchange contracts), total return swaps and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other derivative transactions, loans of portfolio securities, short sales, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when-issued, delayed delivery and forward commitment transactions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and selling credit default swaps. The Fund may also determine to issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred shares or other types of senior securities to add leverage to its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio. The Fund&#8217;s Board may authorize the issuance of preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares without the approval of Common Shareholders. If the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issues preferred shares in the future, all costs and expenses relating to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuance and ongoing maintenance of the preferred shares will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borne by the Common Shareholders, and these costs and expenses may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be significant. Leveraging transactions pursued by the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase its duration and sensitivity to interest rate movements.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Depending upon market conditions and other factors, the Fund may or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not determine to add leverage following an offering to maintain or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the total amount of leverage (as a percentage of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total assets) that the Fund currently maintains, taking into account the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional assets raised through the issuance of Common Shares in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offering. The Fund may utilize leverage opportunistically and may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">choose to increase or decrease, or eliminate entirely, its use of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage over time and from time to time based on PIMCO&#8217;s assessment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the yield curve environment, interest rate trends, market conditions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other factors. If the Fund determines to add leverage following an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offering, it is not possible to predict with accuracy the precise amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage that would be added, in part because it is not possible to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict the number of Common Shares that ultimately will be sold in an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offering or series of offerings. To the extent that the Fund does not add </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional leverage following an offering, the Fund&#8217;s total amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage as a percentage of its total assets will decrease, which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in a reduction of investment income available for distribution to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to the 1940 Act requirement that an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company satisfy an asset coverage requirement of 300% of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness measured at the time the investment company incurs the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness. This means that at any given time the value of the Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total indebtedness may not exceed one-third the value of its total assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including assets attributable to such leverage). The interests of persons </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with whom the Fund enters into leverage arrangements will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">necessarily be aligned with the interests of the Fund's shareholders and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such persons will have claims on the Fund&#8217;s assets that are senior to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those of the Fund&#8217;s shareholders.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under the 1940 Act, the Fund is currently not permitted to issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred shares unless immediately after such issuance the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s total net assets is at least 200% of the liquidation value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s preferred shares plus the aggregate amount of any senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of the Fund representing indebtedness (i.e., such liquidation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value plus the aggregate amount of senior securities representing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness may not exceed 50% of the Fund&#8217;s total net assets). In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, for so long as the Fund has preferred shares outstanding, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will not be permitted to declare any cash dividend or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution on its Common Shares unless, at the time of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declaration, the value of the Fund&#8217;s total net assets, after giving effect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such cash dividend or other distribution, satisfies the above-referenced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">200% coverage requirement.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into derivatives or other transactions that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide leverage (other than through the issuance of preferred shares or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank borrowing). Rule 18f-4 under the 1940 Act (the &#8220;Derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rule&#8221;) regulates a registered investment company's use of derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and certain other transactions that create future payment and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delivery obligations by the Fund. This rule became operative in August </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2022. The Derivatives Rule prescribes specific value-at-risk (&#8220;VaR&#8221;) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage limits that apply to the Fund (although the Fund in the future </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could qualify as a limited derivatives user (as defined in the Derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rule) and would therefore not be subject to all of the requirements of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Derivatives Rule). VaR is an estimate of potential losses on an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument or portfolio over a specified time horizon and at a given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">confidence level. The Fund may apply a relative VaR test or an absolute </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">VaR test (if the Fund's derivatives risk manager determines that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">designated reference portfolio would not provide an appropriate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference portfolio for purposes of the relative VaR test). The limit under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the relative VaR test when a fund has no outstanding preferred shares is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">200% (or 250% when a fund has preferred shares outstanding) of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">VaR of a designated reference portfolio, which, very generally, may be a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">designated unleveraged index or the Fund's securities portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">excluding derivatives. If applicable, the limit under the absolute VaR test </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when a fund has no outstanding preferred shares is 20% (or 25% when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a fund has preferred shares outstanding) of the value of a fund's net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets. The Derivatives Rule also generally requires the Fund to appoint </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a derivatives risk manager, maintain a derivatives risk management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">program (&#8220;DRMP&#8221;) designed to identify, assess, and reasonably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manage the risks associated with transactions covered by the rule, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abide by certain board and other reporting obligations and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recordkeeping requirements. With respect to reverse repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements or other similar financing transactions in particular, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives Rule permits a fund to enter into such transactions if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fund either (i) complies with the asset coverage requirements of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 18 of the 1940 Act, and combines the aggregate amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness associated with all reverse repurchase agreements and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar financing with the aggregate amount of any other senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities representing indebtedness when calculating the relevant asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coverage ratio, or (ii) treats all reverse repurchase agreements and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar financing transactions as derivatives transactions for all purposes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Derivatives Rule. The Fund has adopted procedures for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing in derivatives and other transactions in compliance with the </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">5&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_6"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives Rule. Compliance with the Derivatives Rule could adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the value or performance of the Fund. Limits or restrictions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to the counterparties or issuers, as applicable, with which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may engage in derivative transactions could also limit or prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund from using certain instruments.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Leveraging is a speculative technique and there are special risks and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs involved. There is no assurance that the Fund will utilize reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements, credit default swaps, dollar rolls/buybacks or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowings, issue preferred shares or utilize any other forms of leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(such as the use of derivatives strategies). If used, there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the Fund&#8217;s leveraging strategies will result in a higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield on your Common Shares. When leverage is used, the NAV and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of the Common Shares and the yield to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders will be more volatile. See &#8220;Principal Risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8212;Leverage Risk.&#8221; In addition, dividend, interest and other costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses borne by the Fund with respect to its use of reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements, credit default swaps, total return swaps, dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolls/buybacks, borrowings, preferred shares or any other forms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage are borne by the Common Shareholders and result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction of the NAV of the Common Shares. In addition, because the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees received by the Investment Manager are based on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average daily &#8220;total managed assets&#8221; (including any assets attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to any reverse repurchase agreements, dollar rolls/buybacks, borrowings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and preferred shares that may be outstanding) minus accrued liabilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(other than liabilities representing reverse repurchase agreements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dollar rolls/buybacks and borrowings), the Investment Manager has a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial incentive for the Fund to use certain forms of leverage (e.g., </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements, dollar rolls/buybacks, borrowings and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred shares), which may create a conflict of interest between the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager, on the one hand, and the Common Shareholders, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the other hand. Leverage transactions pursued by the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase its duration and sensitivity of the value of the Fund&#8217;s portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to interest rate movements.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund also may borrow money for temporary purposes, to add </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage to the portfolio or for the settlement of securities transactions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which otherwise might require untimely dispositions of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Please see &#8220;Use of Leverage&#8221; and &#8220;Principal Risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8212;Leverage Risk&#8221; in the body of this prospectus for additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information regarding leverage and related risks.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Manager</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO (as defined above) serves as the investment manager of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Subject to the supervision of the Board of Trustees of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(the &#8220;Board&#8221;), PIMCO is responsible for managing the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities of the Fund and the Fund&#8217;s business affairs and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">administrative matters. Alfred T. Murata, Giang Bui and Mohit Mittal are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">jointly and primarily responsible for the day-to-day management of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Manager receives an annual fee from the Fund, payable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monthly, in an amount equal to 0.76% of the Fund&#8217;s average daily net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset value including daily net assets attributable to any preferred </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares that may be outstanding. Average daily net assets means an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average of all the determinations of the Fund&#8217;s net assets (including net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets attributable to preferred shares) during a given month at the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">close of business on each business day during such month.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">92660. Organized in 1971, PIMCO provides investment management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and advisory services to private accounts of institutional and individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clients and to registered investment companies. PIMCO is a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">majority-owned indirect subsidiary of Allianz SE, a publicly traded </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">European insurance and financial services company. As of December 31, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2024, PIMCO had approximately $1.95 trillion in assets under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management and $1.57 trillion in third party assets under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Dividends and Distributions</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund makes regular monthly cash distributions to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders at a rate based on a variety of factors which may include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">one or more of the following: past and projected net income of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, fluctuations in market interest rates, Fund performance, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors. Subject to applicable law, the Fund may fund a portion of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions with gains from the sale of portfolio securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sources, including return of capital. The Fund&#8217;s dividend policy, as well as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the dividend rate that the Fund pays on its Common Shares, may vary as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio and market conditions change, and will depend on a number </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of factors. There can be no assurance that a change in market conditions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other factors will not result in a change in the Fund distribution rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or that the rate will be sustainable in the future.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund generally distributes each year all of its net investment income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and net short-term capital gains. In addition, at least annually, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally distributes net realized long-term capital gains not previously </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributed, if any. The Fund may distribute less than the entire amount </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of net investment income earned in a particular period. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undistributed net investment income would be available to supplement </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future distributions. As a result, the distributions paid by the Fund for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any particular monthly period may be more or less than the amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">net investment income actually earned by the Fund during the period. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The tax treatment and characterization of the Fund&#8217;s distributions may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vary significantly from time to time because of the varied nature of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent required by the 1940 Act and other applicable laws, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">absent an exemption, a notice will accompany each monthly distribution </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to the estimated source (as between net investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income, gains or other capital source) of the distribution made. If the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund estimates that a portion of one of its dividend distributions may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">comprised of amounts from sources other than net investment income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in accordance with its internal policies, accounting records and related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accounting practices, the Fund will notify shareholders of record of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">estimated composition of such distribution through a notice required by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 19 of the 1940 Act (a &#8220;Section 19 Notice&#8221;). For these purposes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund estimates the source or sources from which a distribution is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">paid, to the close of the period as of which it is paid, in reference to its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">internal accounting records and related accounting practices. If, based </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">6</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_834e1292-31cc-4523-8161-4886024f01a3_7"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on such accounting records and practices, it is estimated that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular distribution does not include capital gains or paid-in surplus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other capital sources, a Section 19 Notice generally would not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued. It is important to note that differences exist between the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">daily internal accounting records and practices, the Fund&#8217;s financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">statements presented in accordance with U.S. Generally Accepted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accounting Principles (&#8220;U.S. GAAP&#8221;), and recordkeeping practices under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income tax regulations. For instance, the Fund&#8217;s internal accounting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">records and practices may take into account, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors,tax-related characteristics of certain sources of distributions that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differ from treatment under U.S. GAAP. Examples of such differences </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may include, among others, the treatment of paydowns on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities purchased at a discount and periodic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments under interest rate swap contracts. Accordingly, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences, it is possible that the Fund may not issue a Section 19 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Notice in situations where the Fund&#8217;s financial statements prepared </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">later and in accordance with U.S. GAAP and/or the final tax character of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those distributions might later report that the sources of those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions included capital gains and/or a return of capital.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The tax characterization of the Fund&#8217;s distributions made in a taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">year cannot finally be determined until at or after the end of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable year. As a result, there is a possibility that the Fund may make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total distributions during a taxable year in an amount that exceeds the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s net investment income and net realized capital gains (as reduced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by any capital loss carry-forwards) for the relevant year. For example, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may distribute amounts early in the year that are derived from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short-term capital gains, but incur net short-term capital losses later in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the year, thereby offsetting short-term capital gains out of which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund has already made distributions. In such a situation, the amount by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund&#8217;s total distributions exceed net investment income and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">net realized capital gains would generally be treated as a tax-free return </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of capital up to the amount of a shareholder&#8217;s tax basis in his or her </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, with any amounts exceeding such basis treated as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gain from the sale of Common Shares. In general terms, a return of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital would occur where the Fund distribution (or portion thereof) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">represents a return of a portion of your investment, rather than net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income or capital gains generated from your investment during a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular period. Although return of capital distributions are not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable, such distributions would reduce the basis of a shareholder&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares and therefore may increase a shareholder&#8217;s capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gains, or decrease a shareholder&#8217;s capital loss, upon a sale of Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares, thereby potentially increasing a shareholder&#8217;s tax liability. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will prepare and make available to shareholders detailed tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information with respect to the Fund&#8217;s distributions annually. See &#8220;Tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Matters.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The 1940 Act currently limits the number of times the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribute long-term capital gains in any tax year, which may increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the variability of the Fund&#8217;s distributions and result in certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions being comprised more or less heavily than others of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">long-term capital gains currently eligible for favorable income tax rates.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unless a Common Shareholder elects to receive distributions in cash, all </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions of Common Shareholders whose shares are registered with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the plan agent under the Fund's Dividend Reinvestment Plan (the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Dividend Reinvestment Plan&#8221; or the &#8220;Plan&#8221;) will be automatically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reinvested in additional Common Shares under the Plan. For more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information on the Fund&#8217;s dividends and distributions, see </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Distributions&#8221; and &#8220;Dividend Reinvestment Plan.&#8221;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Board may change the Fund&#8217;s distribution policy and the amount or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">timing of distributions, based on a number of factors, including the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of the Fund&#8217;s undistributed net investment income and net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short and long-term capital gains and historical and projected net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment income and net short- and long-term capital gains, among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Custodian and Transfer Agent</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">State Street Bank and Trust Company serves as custodian of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets and also provides certain fund accounting and sub-administrative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">services to the Investment Manager on behalf of the Fund. Equiniti Trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Company, LLC serves as the Fund&#8217;s transfer agent and dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disbursement agent.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Listing</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s outstanding Common Shares are listed on the NYSE under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the trading or &#8220;ticker&#8221; symbol &#8220;PHK&#8221; as will be the Common Shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offered in this prospectus, subject to notice of issuance.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Price of Shares</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares of closed-end investment companies frequently trade at prices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lower than NAV. Shares of closed-end investment companies have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during some periods traded at prices higher than NAV and during other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periods traded at prices lower than NAV. The Fund cannot assure you </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that Common Shares will trade at a price equal to or higher than NAV in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the future.&#160;Proceeds from the sale of Common Shares of an offering will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be reduced by any sales load and/or commissions and the amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offering expenses paid or reimbursed by the Fund.&#160;The Fund (and not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO) bears all offering expenses. See &#8220;Use of Proceeds.&#8221; In addition </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to NAV, market price may be affected by factors relating to the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as dividend levels and stability (which will in turn be affected by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund expenses, including the costs of any leverage used by the Fund, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">levels of interest payments by the Fund&#8217;s portfolio holdings, levels of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appreciation/depreciation of the Fund&#8217;s portfolio holdings, regulation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affecting the timing and character of Fund distributions and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors), portfolio credit quality, liquidity, call protection, market supply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and demand and similar factors relating to the Fund&#8217;s portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holdings. See &#8220;Use of Leverage,&#8221; &#8220;Principal Risks of the Fund,&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Description of Capital Structure&#8221; and &#8220;Repurchase of Common Shares; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Conversion to Open-End Fund&#8221; in this prospectus, and see &#8220;Repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of Common Shares; Conversion to Open-End Fund&#8221; in the Statement of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additional Information. The Common Shares are designed for long-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors and should not be treated as trading vehicles.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">7&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_8"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Principal Risks of the Fund</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a summary of the principal risks associated with an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in Common Shares of the Fund. Investors should also refer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to &#8220;Principal Risks of the Fund&#8221; in this prospectus and &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Objectives and Policies&#8221; in the Statement of Additional Information for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more detailed explanation of these and other risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing in the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Discount Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The price of the Fund&#8217;s Common Shares will fluctuate with market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions and other factors. If you sell your Common Shares, the price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received may be more or less than your original investment. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares are designed for long-term investors and should not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treated as trading vehicles. Shares of closed-end management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies frequently trade at a discount from their NAV. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares may trade at a price that is less than the offering price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for Common Shares issued pursuant to an offering. This risk may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater for investors who sell their Common Shares relatively shortly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">after completion of an offering. The sale of Common Shares by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(or the perception that such sales may occur), particularly if sold at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discount to the then current market price of the Common Shares, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have an adverse effect on the market price of the Common Shares.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market price of securities owned by the Fund may go up or down, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sometimes rapidly or unpredictably. Securities may decline in value due </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to factors affecting securities markets generally or particular industries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or companies represented in the securities markets. The value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security may decline due to general market conditions that are not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specifically related to a particular company, such as real or perceived </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse economic conditions, changes in the general outlook for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate earnings, changes in inflation, interest or currency rates, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial system instability, adverse changes to credit markets or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse investor sentiment generally. The value of a security may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline due to factors that affect a particular industry or industries, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as labor shortages or increased production costs and competitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions within an industry. During a general downturn in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities markets, multiple asset classes may decline in value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">simultaneously even if the performance of those asset classes is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise historically correlated. Investments may also be negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by market disruptions and by attempts by other market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants to manipulate the prices of particular investments. Equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities generally have greater price volatility than fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Credit ratings downgrades may also negatively affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund. Even when markets perform well, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the investments held by the Fund will increase in value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">along with the broader market.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, market risk includes the risk that geopolitical and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events will disrupt the economy on a national or global level. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instance, war, terrorism, social unrest, recessions, supply chain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, market manipulation, government defaults, government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shutdowns, political changes, diplomatic developments or the </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imposition of sanctions and other similar measures, public health </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emergencies (such as the spread of infectious diseases, pandemics and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">epidemics), natural/environmental disasters, climate change and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">climate-related events can all negatively impact the securities markets, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could cause the Fund to lose value. These events could reduce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consumer demand or economic output, result in market closures, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in interest rates, inflation/deflation, travel restrictions or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quarantines, and significantly adversely impact the economy.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As computing technology and data analytics continually advance, there </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has been an increasing trend towards machine driven and artificially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intelligent trading systems, particularly providing such systems with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increasing levels of autonomy in trading decisions. Regulators of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial markets have become increasingly focused on the potential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of artificial intelligence on investment activities and may issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulations that are intended to affect the use of artificial technology in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading activities. Any such regulations may not have the intended effect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on financial markets. Moreover, advancements in artificial intelligence </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other technologies may suffer from the introduction of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">errors,defects or security vulnerabilities which can go undetected. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential speed of such trading and technologies may exacerbate the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of any such flaws, particularly where such flaws are exploited by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other artificially intelligent systems and may act to impair or prevent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intervention of a human control.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The current contentious domestic political environment, as well as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political and diplomatic events within the United States (&#8220;U.S.&#8221;) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abroad, such as the U.S. government&#8217;s inability at times to agree on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">long-term budget and deficit reduction plan, has in the past resulted, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may in the future result, in a government shutdown or otherwise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect the U.S. regulatory landscape, the general market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environment and/or investor sentiment, which could have an adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact on the Fund&#8217;s investments and operations. Additional and/ or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prolonged U.S. federal government shutdowns may affect investor and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consumer confidence and may adversely impact financial markets and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the broader economy, perhaps suddenly and to a significant degree. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Governmental and quasi-governmental authorities and regulators </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">throughout the world have previously responded to serious economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions with a variety of significant fiscal and monetary policy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes, including but not limited to, direct capital infusions into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies, new monetary programs and dramatically lower interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates. An unexpected or sudden reversal of these policies, or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ineffectiveness of these policies, could increase volatility in securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, which could adversely affect the Fund&#8217;s investments. Any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market disruptions could also prevent the Fund from executing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advantageous investment decisions in a timely manner. Funds that have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">focused their investments in a region enduring geopolitical market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruption will face higher risks of loss, although the increasing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interconnectivity between global economies and financial markets can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lead to events or conditions in one country, region or financial market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impacting a different country, region or financial market. Thus, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors should closely monitor current market conditions to determine </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">whether the Fund meets their individual financial needs and tolerance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for risk.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">8</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_9"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During inflationary price movements, fixed income securities markets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may experience heightened levels of interest rate, volatility and liquidity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Interest rate increases in the future could cause the value of a fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that invests in fixed income securities to decrease.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest rate increases and other market events have the potential to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact real estate values and real estate-related asset prices, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could, by extension, adversely impact the value of other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, such as loans, securitized debt and other fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Such an impact could materialize in one real estate sector and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not another, or in a different manner in different real estate sectors. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Examples of the current risks faced by real estate-related assets include: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenant vacancy rates; increase in tenant turnover and tenant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concentration; headwinds, delinquencies and difficulties in collecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rents and other payments faced by owners of real estate (which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases the risk of owners being unable to pay or otherwise defaulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on their own borrowings and obligations); decline in property values; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in inflation, upkeep costs and other expenses; lowered rent for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">many properties; and concentrated ownership of certain types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Exchanges and securities markets may close early, close late or issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading halts on specific securities, which may result in, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things, the Fund being unable to buy or sell certain securities or financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments at an advantageous time or accurately price its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Asset Allocation Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investment performance depends upon how its assets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocated and reallocated. A principal risk of investing in the Fund is that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may make less than optimal or poor asset allocation decisions. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO employs an active approach to allocation among multiple fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income sectors within the Fund's investment objectives and strategies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but there is no guarantee that such allocation techniques will produce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the desired results. It is possible that PIMCO will focus on an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that performs poorly or underperforms other investments under various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions, or underperforms as compared to funds with similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and strategies. You could lose money on your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund as a result of these allocation decisions.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to management risk because it is an actively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managed investment portfolio. PIMCO and each individual portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manager will apply investment techniques and risk analysis in making </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment decisions for the Fund but there can be no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these decisions will produce the desired results. Certain securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments in which the Fund seeks to invest may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available in the quantities desired. In addition, regulatory restrictions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual or potential conflicts of interest or other considerations may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause PIMCO to restrict or prohibit participation in certain investments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In such circumstances, PIMCO or the individual portfolio managers may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine to purchase other securities or instruments as substitutes. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such substitute securities or instruments may not perform as intended, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could result in losses to the Fund. The Fund is also subject to the </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that deficiencies in the internal systems or controls of PIMCO or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">another service provider will cause losses for the Fund or hinder Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations. For example, trading delays or errors (both human and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systemic) could prevent the Fund from purchasing a security expected to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appreciate in value. Please refer to &#8221;Portfolio Managers &#8211; Conflicts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest&#8220; in the SAI for further information. To the extent the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employs strategies targeting perceived pricing inefficiencies, arbitrage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies or similar strategies, it is subject to the risk that the pricing or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">valuation of the securities and instruments involved in such strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may change unexpectedly, which may result in reduced returns or losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the Fund. Additionally, actual or perceived conflicts of interest, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">legislative, regulatory, or tax restrictions, policies or developments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the investment techniques available to PIMCO and each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individual portfolio manager in connection with managing the Fund and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also adversely affect the ability of the Fund to achieve its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives. There also can be no assurance that all of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">personnel of PIMCO will continue to be associated with PIMCO for any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">length of time. The loss of the services of one or more key employees of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO could have an adverse impact on the Fund&#8217;s ability to realize its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund may rely on various third-party sources to calculate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its NAV. As a result, the Fund is subject to certain operational risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with reliance on service providers and service providers&#8217; data </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sources. In particular, errors or systems failures and other technological </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issues may adversely impact the Fund&#8217;s calculations of its NAV, and such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">NAV calculation issues may result in inaccurately calculated NAVs, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays in NAV calculation and/or the inability to calculate NAV over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extended periods. The Fund may be unable to recover any losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with such failures.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Issuer Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of a security may decline for a number of reasons that directly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relate to the issuer, major litigation, investigations or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">controversies, changes in the issuer's financial condition or credit rating, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in government regulations affecting the issuer or its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">competitive environment and strategic initiatives such as mergers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquisitions or dispositions and the market response to any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">initiatives, financial leverage, reputation or reduced demand for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s goods or services, as well as the historical and prospective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earnings of the issuer and the value of its assets. A change in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition of a single issuer may affect one or more other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers or securities markets as a whole. These risks can apply to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares issued by the Fund and to the issuers of securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments in which the Fund invests.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest rate risk is the risk that fixed income securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in the Fund&#8217;s portfolio will fluctuate in value because of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in interest rates. For example, as nominal interest rates rise, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of certain fixed income securities held by the Fund is likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decrease. A nominal interest rate can be described as the sum of a real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate and an expected inflation rate. Interest rate changes can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sudden and unpredictable, and the Fund may lose money as a result of </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">9&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_10"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">movements in interest rates. The Fund may not be able to effectively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedge against changes in interest rates or may choose not to do so for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cost or other reasons.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A wide variety of factors can cause interest rates or yields of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury securities (or yields of other types of bonds) to rise, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, but not limited to, central bank monetary policies, changing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation or real growth rates, general economic conditions, increasing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond issuances or reduced market demand for low yielding investments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, changes in monetary policy may exacerbate the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with changing interest rates. Further, in market environments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">where interest rates are higher or rising, issuers may be less willing or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">able to make principal and interest payments on fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments when due. Actions by governments and central banking </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">authorities can result in increases or decreases in interest rates. Periods </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of higher inflation could cause such authorities to raise interest rates, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may adversely affect the Fund and its investments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, fixed income securities with longer durations tend to be more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to changes in interest rates, usually making them more volatile. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Duration is a measure used to determine the sensitivity of a security's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price to changes in interest rates that incorporates a security's yield, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coupon, final maturity and call features, among other characteristics. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Duration is useful primarily as a measure of the sensitivity of a fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income security's market price to interest rate (i.e., yield) movements. All </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other things remaining equal, for each one percentage point increase in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, the value of a portfolio of fixed income investments would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally be expected to decline by one percent for every year of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio's average duration above zero. For example, the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio of fixed income securities with an average duration of eight </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">years would generally be expected to decline by approximately 8% if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rose by one percentage point.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend-paying equity securities, particularly those whose market price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is closely related to their yield, may be more sensitive to changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. During periods of rising interest rates, the values of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline and may result in losses to the Fund. Variable and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating rate securities may decline in value if their interest rates do not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise as much, or as quickly, as interest rates in general. Conversely, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating rate securities will not generally increase in value if interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates decline. Inverse floating rate securities may decrease in value if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates increase. Inverse floating rate securities may also exhibit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater price volatility than a fixed rate obligation with similar credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality. When the Fund holds variable or floating rate securities, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decrease (or, in the case of inverse floating rate securities, an increase) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in market interest rates will adversely affect the income received from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities and the NAV of the Fund's shares.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of very low or negative interest rates, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unable to maintain positive returns. Very low or negative interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may magnify interest rate risk. Changing interest rates, including rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that fall below zero, may have unpredictable effects on markets, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in heightened market volatility and may detract from Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance to the extent the Fund is exposed to such interest rates.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Measures such as average duration may not accurately reflect the true </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate sensitivity of the Fund. This is especially the case if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consists of securities with widely varying durations. Therefore, if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund has an average duration that suggests a certain level of interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate risk, the Fund may in fact be subject to greater interest rate risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than the average would suggest. This risk is greater to the extent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund uses leverage or derivatives in connection with the management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convexity is an additional measure used to understand a security's or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's interest rate sensitivity. Convexity measures the rate of change of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration in response to changes in interest rates. With respect to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security's price, a larger convexity (positive or negative) may imply more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatic price changes in response to changing interest rates. Convexity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be positive or negative. Negative convexity implies that interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate increases result in increased duration and that interest rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decreases result in declining duration (i.e., increased sensitivity in prices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in response to rising and/or declining interest rates). Thus, securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with negative convexity, which may include bonds with traditional call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">features and certain mortgage-backed securities, may experience </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater losses in periods of rising interest rates. Accordingly, if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holds such securities, the Fund may be subject to a greater risk of losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in periods of rising interest rates.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rising interest rates may result in a decline in value of the Fund&#8217;s fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income investments and in periods of volatility. Also, when interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise, issuers are less likely to refinance existing debt securities, causing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the average life of such securities to extend. Further, while U.S. bond </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets have steadily grown over the past three decades, dealer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;market making&#8221; ability has remained relatively stagnant. As a result, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer inventories of certain types of bonds and similar instruments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which provide a core indication of the ability of financial intermediaries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to &#8220;make markets,&#8221; are at or near historic lows in relation to market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">size. Because market makers provide stability to a market through their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediary services, a significant reduction in dealer inventories could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially lead to decreased liquidity and increased volatility in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fixed income markets. Such issues may be exacerbated during periods of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic uncertainty. All of these factors, collectively and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individually, could cause the Fund to lose value.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund could lose money if the issuer or guarantor of a fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security (including a security purchased with securities lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral), the counterparty to a derivatives contract, or the issuer or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantor of collateral, repurchase agreement or a loan of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities is unable or unwilling, or is perceived (whether by market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants, rating agencies, pricing services or otherwise) as unable or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unwilling, to make timely principal and/or interest payments or to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise honor its financial obligations. The risk that such issuer, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantor or counterparty is less willing or able to do so is heightened </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in market environments where interest rates are changing, notably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when rates are rising. The downgrade of the credit rating of a security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the issuer of a security held by the Fund may decrease its value. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Measures such as average credit quality may not accurately reflect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">true credit risk of the Fund. This is especially the case if the Fund </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">10</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_11"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consists of securities with widely varying credit ratings. This risk is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater to the extent the Fund uses leverage or derivatives in connection </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the management of the Fund. Rising or high interest rates may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deteriorate the credit quality of an issuer or counterparty, particularly if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer or counterparty faces challenges rolling or refinancing its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related and Other Asset-Backed Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Generally, rising interest rates tend to extend the duration of fixed rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related assets, making them more sensitive to changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. As a result, in a period of rising interest rates, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may exhibit additional volatility since individual mortgage holders are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">less likely to exercise prepayment options, thereby putting additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downward pressure on the value of these securities and potentially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">causing the Fund to lose money. The Fund&#8217;s investments in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed instruments are subject to risks similar to those associated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with mortgage-related assets, as well as additional risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the nature of the assets and the servicing of those assets. Payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and interest on asset-backed instruments may be largely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent upon the cash flows generated by the assets backing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, and asset-backed instruments may not have the benefit of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any security interest in the related assets.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also invest in the residual or equity tranches of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed instruments, which may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as subordinate mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments and interest-only mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments. The Fund expects that investments in subordinate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed and other asset-backed instruments will be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks arising from delinquencies and foreclosures, thereby exposing its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment portfolio to potential losses. Subordinate securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed and other asset-backed instruments are also subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to greater credit risk than those mortgage-backed or other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are more highly rated.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The mortgage markets in the United States and in various foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries have experienced extreme difficulties in the past that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected the performance and market value of certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related investments. Delinquencies and losses on residential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and commercial mortgage loans (especially subprime and second-lien </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loans) may increase, and a decline in or flattening of housing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other real property values may exacerbate such delinquencies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses. In addition, reduced investor demand for mortgage loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities and increased investor yield requirements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have caused limited liquidity in the secondary market for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, which can adversely affect the market value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of mortgage-related securities. It is possible that such limited liquidity in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such secondary markets could continue or worsen.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related Derivative Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related derivative instruments involve risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed instruments, privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, the mortgage market, the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry, derivatives and credit default swaps. See &#8220;Mortgage-Related </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Default Swaps Risk.&#8221;</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Privately-Issued Mortgage-Related Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There are no direct or indirect government or agency guarantees of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments in pools created by non-governmental issuers. Privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities are also not subject to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underwriting requirements for the underlying mortgages that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to those mortgage-related securities that have a government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or government-sponsored entity guarantee.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Privately-issued mortgage-related securities are not traded on an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange and there may be a limited market for the securities, especially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when there is a perceived weakness in the mortgage and real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market sectors. Without an active trading market, mortgage-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held in the Fund&#8217;s portfolio may be particularly difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value because of the complexities involved in assessing the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying mortgage loans.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High Yield Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests in high yield securities and unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of similar credit quality (commonly known as &#8220;high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of credit risk, call risk and liquidity risk than funds that do not invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities, which could have a negative effect on the NAV and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of the Fund&#8217;s Common Shares or Common Share </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends. These securities are considered predominantly speculative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to an issuer&#8217;s continuing ability to make principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest payments, and may be more volatile than other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. An economic downturn or individual corporate developments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the market for these securities and reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to sell these securities at an advantageous time or price. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could also generally lead to a higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment rate and, a high yield security may lose significant market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value before a default occurs. The Fund may purchase distressed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that are in default or the issuers of which are in bankruptcy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which involve heightened risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">High yield securities structured as zero-coupon bonds or pay-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities tend to be especially volatile as they are particularly sensitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to downward pricing pressures from rising interest rates or widening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads and may require the Fund to make taxable distributions of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imputed income without receiving the actual cash currency. Issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high yield securities may have the right to &#8220;call&#8221; or redeem the issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to maturity, which may result in the Fund having to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other high yield securities or similar instruments that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay lower interest rates. The Fund may also be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of liquidity risk than funds that do not invest in high yield securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, transactions in high yield securities may involve greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs than transactions in more actively traded securities. A lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly-available information, irregular trading activity and wide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bid/ask spreads among other factors, may, in certain circumstances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make high yield debt more difficult to sell at an advantageous time or </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">11&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_12"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price than other types of securities or instruments. These factors may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in the Fund being unable to realize full value for these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or may result in the Fund not receiving the proceeds from a sale of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a high yield security for an extended period after such sale, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could result in losses to the Fund. Because of such risks involved </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in investing in high yield securities, an investment in the Fund should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered speculative.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general, lower rated debt securities carry a greater degree of risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer will lose its ability to make interest and principal payments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could have a negative effect on the NAV and market price of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s Common Shares or Common Share dividends. Securities of below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade quality are regarded as having predominantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics with respect to capacity to pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay principal, and are commonly referred to as &#8220;high yield&#8221; securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or junk bonds. High yield securities involve a greater risk of default and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their prices are generally more volatile and sensitive to actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived negative developments. Debt securities in the lowest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade category also may be considered to possess some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics by certain rating agencies. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase stressed or distressed securities that are in default or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers of which are in bankruptcy, which involve heightened risks.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could severely affect the ability of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly those that are highly leveraged) to service or repay their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligations. Lower-rated securities are generally less liquid than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher-rated securities, which may have an adverse effect on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of them. For example, under adverse market or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions, the secondary market for below investment grade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities could contract further, independent of any specific adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the condition of a particular issuer, and certain securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could find it more difficult to sell these securities or may be able to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell these securities only at prices lower than if such securities were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely traded. To the extent the Fund focuses on below investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and associated risks will be particularly important, and there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that PIMCO will be successful in this regard. Due to such risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in investing in high yield securities, an investment in the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should be considered speculative.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchased, and the Fund is not required to dispose of a security in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event that a rating agency or PIMCO downgrades its assessment of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit characteristics of a particular issue. In determining whether to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retain or sell such a security, PIMCO may consider factors including, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, PIMCO's assessment of the credit quality of the issuer of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such security, the price at which such security could be sold and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating, if any, assigned to such security by other rating agencies. Analysis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of creditworthiness may be more complex for issuers of high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities than that for issuers of higher quality debt securities. See </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Investment Objectives and Policies&#8212;Portfolio Contents&#8212;High Yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities&#8221; for additional information.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distressed and Defaulted Securities Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in the securities of financially distressed issuers involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantial risks, including the risk of default. Distressed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally trade significantly below &#8220;par&#8221; or full value because </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in such securities and debt of distressed issuers or issuers in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default are considered speculative and involve substantial risks in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition to the risks of investing in high-yield bonds. Such investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be in default at the time of investment. In addition, these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may fluctuate more in price, and are typically less liquid. The Fund also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be subject to significant uncertainty as to when, and in what </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner, and for what value obligations evidenced by securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financially distressed issuers will eventually be satisfied. Defaulted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations might be repaid only after lengthy workout or bankruptcy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings, during which the issuer might not make any interest or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other payments. In any such proceeding relating to a defaulted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation, the Fund may lose its entire investment or may be required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to accept cash or securities with a value substantially less than its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">original investment. Moreover, any securities received by the Fund upon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of a workout or bankruptcy proceeding may be less liquid, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative or restricted as to resale. Similarly, if the Fund participates in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations with respect to any exchange offer or plan of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization with respect to the securities of a distressed issuer, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be restricted from disposing of such securities. To the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund becomes involved in such proceedings, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a more active participation in the affairs of the issuer than that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assumed generally by an investor. The Fund may incur additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses to the extent it is required to seek recovery upon a default in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the payment of principal or interest on its portfolio holdings.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Also among the risks inherent in investments in a troubled issuer is that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it frequently may be difficult to obtain information as to the true </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition of such issuer. PIMCO&#8217;s judgments about the credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality of a financially distressed issuer and the relative value of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may prove to be wrong.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inflation-Indexed Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inflation-indexed debt securities are subject to the effects of actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated changes in market interest rates caused by factors other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than inflation (e.g., real interest rates). In general, the value of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed security, including Treasury Inflation-Protected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities (&#8220;TIPS&#8221;), tends to decrease when real interest rates increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and can increase when real interest rates decrease. Thus generally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during periods of rising inflation, the value of inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities will tend to increase and during periods of deflation, their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value will tend to decrease. Interest payments on inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are unpredictable and will fluctuate as the principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest are adjusted for inflation. There can be no assurance that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation index used (i.e., the Consumer Price Index (&#8220;CPI&#8221;)), which is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">calculated and published by a third party, will accurately measure the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real rate of inflation in the prices of goods and services. Increases in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal value of TIPS due to inflation are considered taxable ordinary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income for the amount of the increase in the calendar year. Any increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the principal amount of an inflation-indexed debt security will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered taxable ordinary income, even though the Fund will not </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">12</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_834e1292-31cc-4523-8161-4886024f01a3_13"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive the principal until maturity. Additionally, a CPI swap can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially lose value if the realized rate of inflation over the life of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap is less than the fixed market implied inflation rate (fixed breakeven </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate) that the investor agrees to pay at the initiation of the swap. With </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal inflation-indexed securities, the inflation adjustment is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">integrated into the coupon payment, which is federally tax-exempt (and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be state tax-exempt). For municipal inflation-indexed securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there is no adjustment to the principal value. Because municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed securities are a small component of the municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond market, they may be less liquid than conventional municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Senior Debt Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will be subject to greater levels of credit risk than funds that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">do not invest in below investment grade senior debt. The Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to greater levels of liquidity risk than funds that do not invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in senior debt. Restrictions on transfers in loan agreements, a lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly available information and other factors may, in certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instances, make senior debt more difficult to sell at an advantageous </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time or price than other types of securities or instruments. Additionally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if the issuer of senior debt prepays, the Fund will have to consider </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reinvesting the proceeds in other senior debt or similar instruments that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may pay lower interest rates.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Loans and Other Indebtedness; Loan Acquisitions, </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Participations and Assignments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loan interests may take the form of (i) direct interests acquired during a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">primary distribution or other purchase of a loan or (ii) assignments of, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">novations of or participations in all or a portion of a loan acquired in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary markets. In addition to credit risk and interest rate risk, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s exposure to loan interests may be subject to additional risks. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, purchasers of loans and other forms of direct indebtedness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend primarily upon the creditworthiness of the borrower for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of principal and interest. Loans are subject to the risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled interest or principal payments will not be made in a timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner or at all, either of which may adversely affect the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan. If the Fund does not receive scheduled interest or principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on such indebtedness, the Fund&#8217;s share price and yield could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be adversely affected. Loans that are fully secured may offer the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more protection than an unsecured loan in the event of non-payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled interest or principal if the Fund is able to access and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetize the collateral. However, the collateral underlying a loan, if any, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unavailable or insufficient to satisfy a borrower&#8217;s obligation. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund becomes owner, whole or in part, of any collateral after a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is foreclosed, the Fund may incur costs associated with owning and/ or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetizing its ownership of the collateral.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of deteriorating economic conditions, such as recessions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or periods of rising unemployment, or changing interest rates (notably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases), delinquencies and losses generally increase, sometimes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatically, with respect to obligations under such loans. An economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturn or individual corporate developments could adversely affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market for these instruments and reduce a Fund&#8217;s ability to sell </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these instruments at an advantageous time or price. An economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturn could also generally lead to a higher nonpayment rate and, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan may lose significant market value before a default occurs.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in loans through a purchase of a loan or a direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assignment of a financial institution&#8217;s interests with respect to a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may involve additional risks to the Fund. For example, if a loan is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreclosed, the Fund could become owner, in whole or in part, of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral, which could include, among other assets, real estate or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real or personal property, and would bear the costs and liabilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with owning and holding or disposing of the collateral. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment typically succeeds to all the rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations under the loan agreement with the same rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations as the assigning lender. Assignments may, however, be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arranged through private negotiations between potential assignees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential assignors, and the rights and obligations acquired by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment may differ from, and be more limited than, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those held by the assigning lender.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In connection with purchasing loan participations, the Fund generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have no right to enforce compliance by the borrower with the terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the loan agreement relating to the loan, nor any rights of set-off </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the borrower, and the Fund may not directly benefit from any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral supporting the loan in which it has purchased the loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participation. As a result, the Fund will be subject to the credit risk of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both the borrower and the lender that is selling the participation. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of the insolvency of the lender selling a participation, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be treated as a general creditor of the lender and may not benefit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from any set-off between the lender and the borrower. Certain loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations may be structured in a manner designed to prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasers of participations from being subject to the credit risk of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lender, but even under such a structure, in the event of the lender&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insolvency, the lender&#8217;s servicing of the participation may be delayed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the assignability of the participation impaired.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may have difficulty disposing of loans and loan participations. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because there is no liquid market for many such investments, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipates that such investments could be sold only to a limited number </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of institutional investors. The lack of a liquid secondary market may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an adverse impact on the value of such investments and the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of particular loans and loan participations when that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would be desirable, including in response to a specific economic event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as a deterioration in the creditworthiness of the borrower. The lack </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a liquid secondary market for loans and loan participations also may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make it more difficult for the Fund to assign a value to these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for purposes of valuing the Fund&#8217;s portfolio. Investments in loans may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include participations in bridge loans, which are loans taken out by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers for a short period (typically less than one year) pending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arrangement of more permanent financing through, for example, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuance of bonds, frequently high yield bonds issued for the purpose of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquisitions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in loans may include acquisitions of, or participation in, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed draw and delayed funding loans and revolving credit facilities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These commitments may have the effect of requiring the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase its investment in a borrower at a time when it might not </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">13&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_14"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise decide to do so (including at a time when the company&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition makes it unlikely that such amounts will be repaid). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Delayed draw and delayed funding loans and revolving credit facilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to restrictions on transfer, and only limited opportunities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may exist to resell such instruments. As a result, a Fund may be unable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to sell such investments at an opportune time or may have to resell </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">them at less than fair market value. Further, the Fund may need to hold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquid assets in order to provide funding for these types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments, meaning the Fund may not be able to invest in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attractive investments, or the Fund may need to liquidate existing assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in order to provide such funding.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in loans used to finance the cost of construction, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquisition, development, and/ or rehabilitation of a property including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to, development of single-family for-sale homes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multi-family rentals and/or commercial facilities. Such construction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending may expose the Fund to increased risk of non-payment and loss </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because the loan is not backed by a finished project. Such risk may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend on the nature of the construction and the relevant counterparty </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or counterparties, which may include, but not be limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">homebuilders, private developers and/or entities with limited capital. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Repayment of these types of loans may depend on the borrower&#8217;s ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to secure permanent &#8220;take-out&#8221; financing, which requires the successful </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of the project, or operation of the property with an income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stream sufficient to meet operating and loan expenses. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these types of loans are subject to the risk of errors in estimations of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property&#8217;s value at completion of construction and the estimated cost of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">construction, as well as the risk that the projects may not be completed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and have limited liquidity.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Fund invests in loans, including, but not limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank loans, non-syndicated loans, the residual or equity tranches of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed securities, which may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as subordinate mortgage-backed or asset-backed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and interest-only mortgage-backed or asset-backed securities, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, the Fund may be subject to greater levels of credit risk, call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, settlement risk and liquidity risk. These instruments are considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predominantly speculative with respect to an issuer&#8217;s continuing ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to make principal and interest payments and may be more volatile than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other types of securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also be subject to greater levels of liquidity risk than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">funds that do not invest in loans. In addition, the loans in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund invests may not be listed on any exchange and a secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for such loans may be comparatively illiquid relative to markets for other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more liquid fixed income securities. Consequently, transactions in loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may involve greater costs than transactions in more actively traded </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. In connection with certain loan transactions, transaction costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are borne by the Fund may include the expenses of third parties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are retained to assist with reviewing and conducting diligence, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiating, structuring and servicing a loan transaction, and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">providing other services in connection therewith. Furthermore, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may incur such costs in connection with loan transactions that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursued by the Fund but not ultimately consummated (so-called </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;broken deal costs&#8221;). Restrictions on transfers in loan agreements, a </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lack of publicly-available information, irregular trading activity and wide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bid/ask spreads, among other factors, may, in certain circumstances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make loans more difficult to sell at an advantageous time or price than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other types of securities or instruments. These factors may result in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund being unable to realize full value for the loans and/or may result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund not receiving the proceeds from a sale of a loan for an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extended period after such sale, each of which could result in losses to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. Some loans may have extended trade settlement periods, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including settlement periods of greater than seven days, which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in cash not being immediately available to the Fund. If an issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a loan prepays or redeems the loan prior to maturity, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have to reinvest the proceeds in other loans or similar instruments that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may pay lower interest rates. Because of such risks involved in investing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in loans, an investment in the Fund should be considered speculative.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in subordinated and unsecured loans generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to similar risks as those associated with investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured loans. Subordinated or unsecured loans are lower in priority of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment to secured loans and are subject to the additional risk that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flow of the borrower and property securing the loan or debt, if any, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be insufficient to meet scheduled payments after giving effect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the senior secured obligations of the borrower. This risk is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher for subordinated unsecured loans or debt, which are not backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by a security interest in any specific collateral. Subordinated and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unsecured loans generally have greater price volatility than secured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans and may be less liquid. There is also a possibility that originators </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be able to sell participations in subordinated or unsecured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans, which would create greater credit risk exposure for the holders of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such loans. Subordinate and unsecured loans share the same risks as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other below investment grade securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There may be less readily available information about most loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the underlying borrowers than is the case for many other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Loans may be issued by companies that are not subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">SEC reporting requirements and therefore may not be required to file </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reports with the SEC or may file reports that are not required to comply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with SEC form requirements. In addition, such companies may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to a less stringent liability disclosure regime than companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to SEC reporting requirements. Loans may not be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;securities,&#8221; and purchasers, such as the Fund, therefore may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to rely on the anti-fraud protections of the federal securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws. Because there is limited public information available regarding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan investments, the Fund is particularly dependent on the analytical </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abilities of the Fund&#8217;s portfolio managers.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economic exposure to loan interests through the use of derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may involve greater risks than if the Fund had invested in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the loan interest directly during a primary distribution through direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originations or through assignments of, novations of or participations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loan acquired in secondary markets since, in addition to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described above, certain derivative transactions may be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage risk and greater illiquidity risk, counterparty risk, valuation risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other risks.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">14</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_15"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8220;Covenant-lite&#8221; Obligations Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Covenant-lite obligations contain fewer maintenance covenants than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other obligations, or no maintenance covenants, and may not include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms that allow the lender to monitor the performance of the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and declare a default if certain criteria are breached. Covenant-lite </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans carry a risk that the borrower could transfer or encumber its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, which could reduce the amount of assets that can be used to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfy debts and result in losses for debtholders. Covenant-lite loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may carry more risk than traditional loans as they allow individuals and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporations to engage in activities that would otherwise be difficult or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impossible under a covenant-heavy loan agreement. In the event of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default, covenant-lite loans may exhibit diminished recovery values as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the lender may not have the opportunity to negotiate with the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to default.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Subprime Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loans, and debt instruments collateralized by loans (including shares, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certificates, notes or other securities issued by a special purpose entity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;SPE&#8221;) sponsored by an alternative lending platform (i.e., an online </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending marketplace or lender that is not a traditional banker, such as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank) or its affiliates (the &#8220;Sponsor&#8221;) that represent the right to receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and interest payments due on pools of whole loans or fractions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of whole loans, which may (but may not) be issued by the Sponsor, held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the SPE (&#8220;Alt Lending ABS&#8221;)), acquired by the Fund may be subprime </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in quality, or may become subprime in quality. Although there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specific legal or market definition of &#8220;subprime,&#8221; subprime loans are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally understood to refer to loans made to borrowers that display </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">poor credit histories and other characteristics that correlate with a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher default risk. Accordingly, subprime loans, and debt instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured by such loans (including Alt Lending ABS), have speculative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics and are subject to heightened risks, including the risk of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nonpayment of interest or repayment of principal, and the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with investments in high yield securities. In addition, these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments could be subject to increased regulatory scrutiny. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is not restricted by any particular borrower credit risk criteria and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">qualifications when acquiring loans or debt instruments collateralized </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by loans.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Privacy and Data Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Gramm-Leach-Bliley Act (&#8220;GLBA&#8221;) and other laws limit the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disclosure of certain non-public personal information about a consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to non-affiliated third parties and require financial institutions to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disclose certain privacy policies and practices with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information sharing with both affiliates and non-affiliated third parties. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Many states and a number of non-U.S. jurisdictions have enacted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">privacy and data security laws requiring safeguards on the privacy and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security of consumers&#8217; personally identifiable information. Other laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deal with obligations to safeguard and dispose of private information in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a manner designed to avoid its dissemination. Privacy rules adopted by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the U.S. Federal Trade Commission and SEC implement GLBA and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements and govern the disclosure of consumer financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information by certain financial institutions, ranging from banks to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private investment funds. U.S. platforms following certain models </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally are required to have privacy policies that conform to these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">GLBA and other requirements. In addition, such platforms typically have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">policies and procedures intended to maintain platform participants&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">personal information securely and dispose of it properly.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund generally does not intend to obtain or hold borrowers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-public personal information, and the Fund has implemented </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">procedures reasonably designed to prevent the disclosure of borrowers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-public personal information to the Fund. However, service providers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the Fund, including their custodians and the platforms acting as loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicers for the Fund, may obtain, hold or process such information. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund cannot guarantee the security of non-public personal information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the possession of such a service provider and cannot guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service providers have been and will continue to comply with the GLBA, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other data security and privacy laws and any other related regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements. Violations of GLBA and other laws could subject the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to litigation and/or fines, penalties or other regulatory action, which, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individually or in the aggregate, could have an adverse effect on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. The Fund may also face regulations related to privacy and data </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security in the other jurisdictions in which the Fund invests.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Platform Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Alt Lending ABS in which the Fund may invest are typically not listed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on any securities exchange and not registered under the Securities Act. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund anticipates that these instruments may only be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold to a limited number of investors and may have a limited or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-existent secondary market. Accordingly, the Fund currently expects </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that certain of the investments it may make in Alt Lending ABS will face </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened levels of liquidity risk. Although currently there is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no reliable, active secondary market for certain Alt Lending ABS, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market for these Alt Lending ABS may develop. If the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases Alt Lending ABS on an alternative lending platform, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have the right to receive principal and interest payments due on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans underlying the Alt Lending ABS only if the platform servicing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans receives the borrower&#8217;s payments on such loans and passes such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments through to the Fund. If a borrower is unable or fails to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on a loan for any reason, the Fund may be greatly limited in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its ability to recover any outstanding principal or interest due, as (among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other reasons) the Fund may not have direct recourse against the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower or may otherwise be limited in its ability to directly enforce its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights under the loan, whether through the borrower or the platform </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through which such loan was originated, the loan may be unsecured or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under-collateralized and/or it may be impracticable to commence a legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeding against the defaulting borrower.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may have limited knowledge about the underlying loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is dependent upon the platform for information regarding underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans. Although PIMCO may conduct diligence on the platforms, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund generally does not have the ability to independently verify the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information provided by the platforms, other than payment information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regarding loans underlying the Alt Lending ABS owned by the Fund, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund observes directly as payments are received. With respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to Alt Lending ABS that the Fund purchases in the secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i.e., not directly from an alternative lending platform), the Fund may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform the same level of diligence on such platform or at all. The Fund </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">15&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_16"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not review the particular characteristics of the loans collateralizing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an Alt Lending ABS, but rather negotiate in advance with platforms the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">general criteria of the underlying loans. As a result, the Fund is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent on the platforms&#8217; ability to collect, verify and provide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information to the Fund about each loan and borrower.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund relies on the borrower&#8217;s credit information, which is provided </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the platforms. However, such information may be out of date, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incomplete or inaccurate and may, therefore, not accurately reflect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower&#8217;s actual creditworthiness.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms may not have an obligation to update borrower information, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and, therefore, the Fund may not be aware of any impairment in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower&#8217;s creditworthiness subsequent to the making of a particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan. The platforms&#8217; credit decisions and scoring models may be based </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on algorithms that could potentially contain programming or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">errors or prove to be ineffective or otherwise flawed. This could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect loan pricing data and approval processes and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause loans to be mispriced or misclassified, which could ultimately </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a negative impact on the Fund&#8217;s performance.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the underlying loans, in some cases, may be affected by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">success of the platforms through which they are facilitated. Therefore, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions in the businesses of such platforms may also negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the value of the Fund&#8217;s investments. In addition, disruption in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business of a platform could limit or eliminate the ability of the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in loans originated by that platform, and therefore the Fund could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lose some or all of the benefit of its diligence effort with respect to that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms are for-profit businesses that, as a general matter, generate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">revenue by collecting fees on funded loans from borrowers and by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessing a loan servicing fee on investors, which may be a fixed annual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount or a percentage of the loan or amounts collected. This business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be disrupted in multiple ways; for example, a platform could file </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for bankruptcy or a platform might suffer reputational harm from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative publicity about the platform or alternative lending more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally and the loss of investor confidence in the event that a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facilitated through the platform is not repaid and the investor loses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">money on its investment. Many platforms and/or their affiliates have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurred operating losses since their inception and may continue to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur net losses in the future, particularly as their businesses grow and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">they incur additional operating expenses Platforms may also be forced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defend legal action taken by regulators or governmental bodies. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Alternative lending is a newer industry operating in an evolving legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environment. Platforms may be subject to risk of litigation alleging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">violations of law and/or regulations, including, for example, consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection laws, whether in the U.S. or in foreign jurisdictions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms may be unsuccessful in defending against such lawsuits or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other actions and, in addition to the costs incurred in fighting any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actions, platforms may be required to pay money in connection with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">judgments, settlements or fines or may be forced to modify the terms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its borrower loans, which could cause the platform to realize a loss or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive a lower return on a loan than originally anticipated. Platforms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be parties to litigation or other legal action in an attempt to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protect or enforce their rights or those of affiliates, including intellectual </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property rights, and may incur similar costs in connection with any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">efforts. The Fund&#8217;s investments in Alt Lending ABS may expose the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the credit risk of the issuer. Generally, such instruments are unsecured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of the issuer; an issuer that becomes subject to bankruptcy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings may be unable to make full and timely payments on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations to the Fund, even if the payments on the underlying loan or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans continue to be made timely and in full. In addition, when the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">owns Alt Lending ABS, the Fund and its custodian generally do not have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a contractual relationship with, or personally identifiable information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regarding, individual borrowers, so the Fund will not be able to enforce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying loans directly against borrowers and may not be able to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appoint an alternative servicing agent in the event that a platform or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">third-party servicer, as applicable, ceases to service the underlying loans. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, the Fund is more dependent on the platform for servicing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than if the Fund had owned whole loans through the platform. Where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such interests are secured, the Fund relies on the platform to perfect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s security interest. In addition, there may be a delay between the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time the Fund commits to purchase an instrument issued by a platform, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its affiliate or a special purpose entity sponsored by the platform or its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliate and the issuance of such instrument and, during such delay, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">funds committed to such an investment will not earn interest on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment nor will they be available for investment in other alternative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending-related instruments, which will reduce the effective rate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return on the investment. The Fund&#8217;s investments in Alt Lending ABS </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be illiquid.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Risk Retention Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in risk retention tranches of commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities (&#8220;CMBS&#8221;) or other eligible securitizations, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any (&#8220;risk retention tranches&#8221;), which are eligible residual interests </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically held by the sponsors of such securitizations pursuant to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">final rules implementing the credit risk retention requirements of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 941 of the Dodd-Frank Act (the &#8220;U.S. Risk Retention Rules&#8221;). In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the case of CMBS transactions, for example, the U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules permit all or a portion of the retained credit risk associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain securitizations (i.e., retained risk) to be held by an unaffiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;third party purchaser,&#8221; such as the Fund, if, among other requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the third-party purchaser holds its retained interest, unhedged, for at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">least five years following the closing of the CMBS transaction, after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which it is entitled to transfer its interest in the securitization to another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">person that meets the requirements for a third-party purchaser. Even </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">after the required holding period has expired, due to the generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid nature of such investments, no assurance can be given as to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">what, if any, exit strategies will ultimately be available for any given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position. In addition, there is limited guidance on the application of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">final U.S. Risk Retention Rules to specific securitization structures. There </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can be no assurance that the applicable federal agencies charged with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the implementation of the final U.S. Risk Retention Rules (the Federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Deposit Insurance Corporation, the Comptroller of the Currency, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Reserve Board, the SEC, the Department of Housing and Urban </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Development, and the Federal Housing Finance Agency) could not take </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">16</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_17"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions in the future that differ from the interpretation of such rules </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taken or embodied in such securitizations, or that the final U.S. Risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Retention Rules will not change.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, in situations where the Fund invests in risk retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches of securitizations structured by third parties, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to execute one or more letters or other agreements, the exact </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form and nature of which will vary (each, a &#8220;Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221;) under which it will make certain undertakings designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ensure such securitization complies with the final U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules. Such Risk Retention Agreements may include a variety of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representations, warranties, covenants and other indemnities, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may run to various transaction parties. If the Fund breaches any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undertakings in any Risk Retention Agreement, it will be exposed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims by the other parties thereto, including for any losses incurred as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of such breach, which could be significant and exceed the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income from the Fund&#8217;s portfolio will decline if and when the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests the proceeds from matured, traded or called debt obligations at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market interest rates that are below the portfolio&#8217;s current earnings rate. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For instance, during periods of declining interest rates, an issuer of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations may exercise an option to redeem securities prior to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity, forcing the Fund to invest in lower-yielding securities. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also may choose to sell higher yielding portfolio securities and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase lower yielding securities to achieve greater portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">diversification, because the portfolio managers believe the current </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holdings are overvalued or for other investment-related reasons. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in income received by the Fund from its investments is likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a negative effect on dividend levels and the market price, NAV </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or overall return of the Common Shares.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the purpose of achieving income, the Fund may lend its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities to brokers, dealers, and other financial institutions provided a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of conditions are satisfied, including that the loan is fully </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio Securities&#8221; in the Statement of Additional Information for more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">details. When the Fund lends portfolio securities, its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance will continue to reflect changes in the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities loaned, and the Fund will also receive a fee or interest on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral. Securities lending involves the risk of loss of rights in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral or delay in recovery of the collateral if the borrower fails to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return the security loaned or becomes insolvent. The Fund may pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending fees to a party arranging the loan, which may be an affiliate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. Cash collateral received by the Fund in securities lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may be invested in short-term liquid fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments or in money market or short-term mutual funds, or similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles, including affiliated money market or short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mutual funds. The Fund bears the risk of such investments.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Call Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Call risk refers to the possibility that an issuer may exercise its right to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redeem a fixed income security earlier than expected. Issuers may call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding securities prior to their maturity for a number of reasons </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(e.g., declining interest rates, changes in credit spreads and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">improvements in the issuer's credit quality). If an issuer calls a security in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund has invested, the Fund may not recoup the full amount </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its initial investment or may not realize the full anticipated earnings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the investment and may be forced to reinvest in lower-yielding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, securities with greater credit risks or securities with other, less </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">favorable features.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Foreign (Non-U.S.) Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign (non-U.S.) securities may experience more rapid and extreme </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in value than securities of U.S. issuers or securities that trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exclusively in U.S. markets. The securities markets of many foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries are relatively small, with a limited number of companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing a small number of industries. Additionally, issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) securities are usually not subject to the same degree </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of regulation as U.S. issuers. Reporting, legal, accounting, auditing and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custody standards of foreign countries differ, in some cases significantly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from U.S. standards. Global economies and financial markets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becoming increasingly interconnected, and conditions and events in one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country, region or financial market may adversely impact issuers in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different country, region or financial market. Also, nationalization, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expropriation or confiscatory taxation, currency blockage, political </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes or diplomatic developments could adversely affect the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in a foreign country. In the event of nationalization, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expropriation or other confiscation, the Fund could lose its entire </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in foreign (non-U.S.) securities. To the extent that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests a significant portion of its assets in a specific geographic region, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will generally have more exposure to regional economic risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with foreign (non-U.S.) investments. Foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may also be less liquid and more difficult to value than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of U.S. issuers.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Emerging Markets Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign (non-U.S.) investment risk may be particularly high to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund invests in securities of issuers based in or doing business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in emerging market countries or invests in securities denominated in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies of emerging market countries. Investing in securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers based in or doing business in emerging markets entails all of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks of investing in foreign securities noted above, but to a heightened </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">degree.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in emerging market countries pose a greater degree of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systemic risk (i.e., the risk of a cascading collapse of multiple institutions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">within a country, and even multiple national economies). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inter-relatedness of economic and financial institutions within and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among emerging market economies has deepened over the years, with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effect that institutional failures and/or economic difficulties that are </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">17&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_18"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of initially limited scope may spread throughout a country, a region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all or most emerging market countries. This may undermine any attempt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund to reduce risk through geographic diversification of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is a heightened possibility of imposition of withholding or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxes on interest or dividend income or capital gains generated from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market securities. Governments of emerging market countries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may engage in confiscatory taxation or expropriation of income and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets to raise revenues or to pursue a domestic political agenda. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">past, emerging market countries have nationalized assets, companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and even entire sectors, including the assets of foreign investors (like </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund), with inadequate or no compensation to the prior owners. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that the Fund will not suffer a loss of any or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of its investments, or interest or dividends thereon, due to adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fiscal or other policy changes in emerging market countries.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is also a greater risk that an emerging market government may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take action that impedes or prevents the Fund from taking income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or capital gains earned in the local currency and converting into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. dollars (i.e., &#8220;repatriating&#8221; local currency investments or profits). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain emerging market countries have sought to maintain foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange reserves and/or address the economic volatility and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dislocations caused by the large international capital flows by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">controlling or restricting the conversion of the local currency into other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies. This risk tends to become more acute when economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions otherwise worsen. There can be no assurance that if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earns income or capital gains in an emerging market currency or PIMCO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise seeks to withdraw the Fund&#8217;s investments from a given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market country, capital controls imposed by such country will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not prevent, or cause significant expense or delay in, doing so.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bankruptcy law and creditor reorganization processes may differ </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially from those in the United States, resulting in greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainty as to the rights of creditors, the enforceability of such rights, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization timing and the classification, seniority and treatment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims. In certain emerging market countries, although bankruptcy laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have been enacted, the process for reorganization remains highly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertain. In addition, it may be impossible to seek legal redress against </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer that is a sovereign state.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Emerging market countries typically have less established regulatory, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disclosure, legal, accounting, recordkeeping and financial reporting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systems than those in more developed markets, which may reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scope or quality of financial information available to investors. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Governments in emerging market countries are often less stable and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more likely to take extra-legal action with respect to companies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industries, assets, or foreign ownership than those in more developed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets. Moreover, it can be more difficult for investors to bring </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation or enforce judgments against issuers in emerging markets or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for U.S. regulators to bring enforcement actions, or obtain information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">needed to pursue or enforce such judgments, against such issuers. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, foreign companies with securities listed on U.S. exchanges </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be delisted if they do not meet U.S. accounting standards and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">auditor oversight requirements, which may decrease the liquidity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the securities. The Fund may also be subject to emerging </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets risk if it invests in derivatives or other securities or instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">whose value or return are related to the value or returns of emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets securities.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other heightened risks associated with emerging markets investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include, without limitation: (i) risks due to less social, political and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic stability; (ii) smaller size of the market for such securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a lower volume of trading, resulting in a lack of liquidity and in price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility; (iii) certain national policies which may restrict the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities, including sanctions and restrictions on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing in issuers or industries deemed sensitive to relevant national </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests and requirements that government approval be obtained prior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to investment by foreign persons; (iv) certain national policies that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrict the Fund&#8217;s repatriation of investment income, capital or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds of sales of securities, including temporary restrictions on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign capital remittances; (v) the lack of uniform accounting and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">auditing standards and/or standards that may be significantly different </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the standards required in the United States; (vi) less publicly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available financial and other information regarding issuers; (vii) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential difficulties in enforcing contractual obligations; and (viii) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher rates of inflation, higher interest rates and other economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerns. The Fund may invest to a substantial extent in emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market securities that are denominated in local currencies, subjecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to a greater degree of foreign currency risk. Also, investing in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries may entail purchases of securities of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are insolvent, bankrupt or otherwise of questionable ability to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfy their payment obligations as they become due, subjecting the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to a greater amount of credit risk and/or high yield risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The economy of some emerging markets may be particularly exposed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or affected by a certain industry or sector, and therefore issuers and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of such emerging markets may be more affected by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance of such industries or sectors.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Currency Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Currency risk may be particularly high because the Fund may, at times </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or in general, have substantial exposure to emerging market currencies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and engage in foreign currency transactions that are economically tied </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to emerging market countries. These currency transactions may present </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market, credit, currency, liquidity, legal, political and other risks different </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from, or greater than, the risks of investing in developed foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(non-U.S.) currencies or engaging in foreign currency transactions that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are economically tied to developed foreign countries. Investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denominated in foreign (non-U.S.) currencies or that trade in, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive revenues in, foreign (non-U.S.) currencies, derivatives or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that provide exposure to foreign (non-U.S.) currencies, are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to the risk that those currencies will decline in value relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will decline in value relative to the currency being hedged.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Currency rates in foreign (non-U.S.) countries may fluctuate significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over short periods of time for a number of reasons, including changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, rates of inflation, balance of payments and governmental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">surpluses or deficits, intervention (or the failure to intervene) by U.S. or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) governments, central banks or supranational entities </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">18</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_834e1292-31cc-4523-8161-4886024f01a3_19"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the International Monetary Fund, or by the imposition of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency controls or other political developments in the United States or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abroad. These fluctuations may have a significant adverse impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s portfolio and/or the level of Fund distributions made </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to Common Shareholders. There is no assurance that a hedging strategy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if used, will be successful. Moreover, currency hedging techniques may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be unavailable with respect to emerging market currencies. As a result, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments in or exposure to foreign (non-U.S.) currencies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or foreign (non-U.S.) currency-denominated, and especially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market-currency denominated, securities may reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns of the Fund. The local emerging market currencies in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be invested from time to time may experience substantially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater volatility against the U.S. dollar than the major convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies of developed countries. Some of the local currencies in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may invest are neither freely convertible into one of the major </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies nor internationally traded. The local currencies may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible into other currencies only inside the relevant emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market where the limited availability of such other currencies may tend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to inflate their values relative to the local currency in question. Such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">internal exchange markets can therefore be said to be neither liquid nor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">competitive. In addition, many of the currencies of emerging market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries in which the Fund may invest have experienced steady </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">devaluation relative to freely convertible currencies.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Continuing uncertainty as to the status of the euro and the European </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Monetary Union (&#8220;EMU&#8221;) has created significant volatility in currency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and financial markets generally. Any partial or complete dissolution of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the EMU could have significant adverse effects on currency and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, and on the values of the Fund&#8217;s portfolio investments. If one or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more EMU countries were to stop using the euro as its primary currency, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments in such countries may be redenominated into a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different or newly adopted currency. As a result, the value of those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments could decline significantly and unpredictably. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or other investments that are redenominated may be subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to foreign currency risk, liquidity risk and valuation risk to a greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent than similar investments currently denominated in euros. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent a currency used for redenomination purposes is not specified in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect of certain EMU-related investments, or should the euro cease to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be used entirely, the currency in which such investments are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denominated may be unclear, making such investments particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value or dispose of. The Fund may incur additional expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent it is required to seek judicial or other clarification of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denomination or value of such securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that if the Fund earns income or capital gains </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments from a given country, capital controls imposed by such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country will not prevent, or cause significant expense in, doing so.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">U.S. Government Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain U.S. government securities, such as U.S. Treasury bills, notes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, and mortgage-related securities guaranteed by the Government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">National Mortgage Association (&#8220;GNMA&#8221;), are supported by the full </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">faith and credit of the United States; others, such as those of the Federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Home Loan Banks (&#8220;FHLBs&#8221;) or the Federal Home Loan Mortgage </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Corporation (&#8220;FHLMC&#8221;), are supported by the right of the issuer to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrow from the U.S. Department of the Treasury (the &#8220;U.S. Treasury&#8221;); </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">others, such as those of the Federal National Mortgage Association </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;FNMA&#8221;), are supported by the discretionary authority of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government to purchase the agency&#8217;s obligations; and still others </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are supported only by the credit of the agency, instrumentality or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporation. Although legislation has been enacted to support certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government sponsored entities, including the FHLBs, FHLMC and FNMA, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there is no assurance that the obligations of such entities will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfied in full, or that such obligations will not decrease in value or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default. It is difficult, if not impossible, to predict the future political, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory or economic changes that could impact the government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sponsored entities and the values of their related securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations. In addition, certain governmental entities, including FNMA </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and FHLMC, have been subject to regulatory scrutiny regarding their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accounting policies and practices and other concerns that may result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">legislation, changes in regulatory oversight and/or other consequences </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that could adversely affect the credit quality, availability or investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">character of securities issued by these entities. Yields available from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government debt securities are generally lower than the yields </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available from other debt securities. The values of U.S. government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities change as interest rates fluctuate.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Periodically, uncertainty regarding the status of negotiations in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government to increase the statutory debt ceiling could increase the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the U.S. government may default on payments on certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government securities, cause the credit rating of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government to be downgraded, increase volatility in the stock and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond markets, result in higher interest rates, reduce prices of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury and other securities, and/or increase the costs of various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">kinds of debt. If a government-sponsored entity is negatively impacted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by legislative or regulatory action (or lack thereof), is unable to meet its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, or its creditworthiness declines, the performance of a fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that holds securities of the entity will be adversely impacted.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convertible securities are fixed income securities, preferred securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities that are convertible into or exercisable for common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock of the issuer (or cash or securities of equivalent value) at either a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stated price or a stated rate. Convertible debt securities pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible preferred stocks pay dividends until they mature or are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">converted, exchanged or redeemed. The market values of convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline as interest rates increase and, conversely, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase as interest rates decline. A convertible security&#8217;s market value, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">however, tends to reflect the market price of the common stock of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuing company when that stock price approaches or is greater than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the convertible security&#8217;s &#8220;conversion price.&#8221; The conversion price is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defined as the predetermined price at which the convertible security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be exchanged for the associated stock. Certain types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities may decline in value or lose their value entirely in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the event the issuer's financial condition becomes significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impaired. As the market price of the underlying common stock declines, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the price of the convertible security tends to be influenced more by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield of the convertible security. Thus, it may not decline in price to the </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">19&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_20"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">same extent as the underlying common stock. In the event of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation of the issuing company, holders of convertible securities may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be paid before the company&#8217;s common stockholders but after holders of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any senior debt obligations of the company. Consequently, the issuer&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities generally entail less risk than its common stock </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but more risk than its other debt obligations. Convertible securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often rated below investment grade or not rated.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Synthetic Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Synthetic convertible securities involve the combination of separate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that possess the two principal characteristics of a traditional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible security (i.e., an income-producing component and a right to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquire an equity security). Synthetic convertible securities are often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieved, in part, through investments in warrants or options to buy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common stock (or options on a stock index), and therefore are subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the risks associated with derivatives. The values of synthetic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities will respond differently to market fluctuations than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a traditional convertible security because a synthetic convertible is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">composed of two or more separate securities or instruments, each with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its own market value. Because the convertible component is typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieved by investing in warrants or options to buy common stock at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain exercise price, or options on a stock index, synthetic convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are subject to the risks associated with derivatives. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, if the value of the underlying common stock or the level of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">index involved in the convertible component falls below the exercise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price of the warrant or option, the warrant or option may lose all value.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Contingent Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Contingent convertible securities (&#8221;CoCos&#8220;) have no stated maturity, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have fully discretionary coupons and are typically issued in the form of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated debt instruments. CoCos generally either convert into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity or have their principal written down (including potentially to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">zero) upon the occurrence of certain triggering events linked to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory capital thresholds or regulatory actions relating to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s continued viability. As a result, an investment by the Fund in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos is subject to the risk that coupon (i.e., interest) payments or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entire principal may be cancelled by the issuer or a regulatory authority </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in order to help the issuer absorb losses and the risk of total loss. If such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an event occurs, an investor may not have any rights to repayment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the principal amount of the securities. Additionally, an investor may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be able to collect interest payments or dividends on such securities. An </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment by the Fund in CoCos is also subject to the risk that, in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of the liquidation, dissolution or winding-up of an issuer prior to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trigger event, the Fund&#8217;s rights and claims will generally rank junior to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the claims of holders of the issuer&#8217;s other debt obligations and CoCos </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be treated as junior to an issuer&#8217;s other obligations and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. In addition, if CoCos held by the Fund are converted into the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s underlying equity securities following a trigger event, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holding may be further subordinated due to the conversion from a debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to equity instrument. Further, the value of an investment in CoCos is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unpredictable and could be influenced by many factors and risks, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including interest rate risk, credit risk, market risk and liquidity risk. An </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment by the Fund in CoCos may result in losses to the Fund.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Real Estate Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests in real estate investments, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in equity or debt securities issued by private and public </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs, real estate operating companies (&#8220;REOCs&#8221;), private or public real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">estate-related loans and real estate-linked derivative instruments, it will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to the risks associated with owning real estate and with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real estate industry generally. These investments carry increased risks, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which include, but are not limited to: the burdens of ownership of real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property; general and local economic conditions (such as an oversupply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of space or a reduction in demand for space); the supply and demand </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for properties (including competition based on rental rates); energy and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supply shortages; fluctuations in average occupancy and room rates; the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attractiveness, type and location of the properties and changes in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative popularity of commercial properties as an investment; the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition and resources of tenants, buyers and sellers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties; increased mortgage defaults; the quality of maintenance, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance and management services; changes in the availability of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financing which may render the sale or refinancing of properties difficult </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or impracticable; changes in building, environmental and other laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or regulations (including those governing usage and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">improvements), fiscal policies and zoning laws; changes in real property </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax rates; changes in interest rates and the availability of mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">funds which may render the sale or refinancing of properties difficult or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impracticable; changes in operating costs and expenses; energy and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supply shortages; uninsured losses or delays from casualties or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condemnation; negative developments in the economy that depress </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">travel or leasing activity; environmental liabilities; contingent liabilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on disposition of assets; uninsured or uninsurable casualties; acts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">God, including earthquakes, hurricanes and other natural disasters; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">social unrest and civil disturbances, epidemics, pandemics or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">public crises; terrorist attacks and war; risks and operating problems </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arising out of the presence of certain construction materials, structural </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or property level latent defects, work stoppages, shortages of labor, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strikes, union relations and contracts, fluctuating prices and supply of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">labor and/or other labor-related factors; and other factors which are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">beyond the control of PIMCO and its affiliates.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund&#8217;s investments will be subject to various risks which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could cause fluctuations in occupancy, rental rates, operating income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses or which could render the sale or financing of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties difficult or unattractive. For example, following the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination or expiration of a tenant&#8217;s lease, there may be a period of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time before receiving rental payments under a replacement lease. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During that period, the Fund would continue to bear fixed expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as interest, real estate taxes, maintenance and other operating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses. In addition, declining economic conditions may impair the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to attract replacement tenants and achieve rental rates equal to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or greater than the rents paid under previous leases. Increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">competition for tenants may require capital improvements to properties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which would not have otherwise been planned.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ultimately, to the extent it is not possible to renew leases or re-let space </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as leases expire, decreased cash flow from tenants will result, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely impact the Fund&#8217;s operating results.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">20</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_21"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Real estate values have been historically cyclical. As the general </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy grows, demand for real estate increases and occupancies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rents may increase. As occupancies and rents increase, property values </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase, and new development occurs. As development may occur, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occupancies, rents and property values may decline. Because leases are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">usually entered into for long periods and development activities often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require extended times to complete, the real estate value cycle often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lags the general business cycle. Because of this cycle, real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may incur large swings in their profits and the prices of their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Developments following the onset of COVID-19 have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impacted certain commercial real estate markets, causing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deferral of mortgage payments, renegotiated commercial mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans, commercial real estate vacancies or outright mortgage defaults, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and potential acceleration of macro trends such as work-from-home </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and online shopping which may negatively impact certain industries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as brick-and-mortar retail.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The total returns available from investments in real estate generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend on the amount of income and capital appreciation generated by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the related properties. The performance of real estate, and thereby the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, will be reduced by any related expenses, such as expenses paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly at the property level and other expenses that are capitalized or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise embedded into the cost basis of the real estate.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Separately, certain service providers to the Fund and/or its Subsidiaries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as applicable, with respect to its real estate or real estate-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may be owned by, employed by, or otherwise related to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO, Allianz SE, their affiliates and/or their respective employees, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consultants and other personnel. PIMCO may, in its sole discretion, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine to provide, or engage or recommend an affiliate of PIMCO to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide, certain services to the Fund, instead of engaging or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommending one or more third parties to provide such services. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the governance requirements of a particular fund and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable law, PIMCO or its affiliates, as applicable, will receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compensation in connection with the provision of such services. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, PIMCO faces a conflict of interest when selecting or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommending service providers for the Fund. Fees paid to an affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service provider will be determined in PIMCO's commercially reasonable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discretion. Although PIMCO has adopted various policies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">procedures intended to mitigate or otherwise manage conflicts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest with respect to affiliated service providers, there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantee that such policies and procedures (which may be modified or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terminated at any time in PIMCO's sole discretion) will be successful.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Valuation Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain securities in which the Fund invests may be less liquid and more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value than other types of securities. Investments for which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market quotations are not readily available are valued at fair value as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined in good faith pursuant to Rule 2a-5 under the 1940 Act. Fair </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value pricing may require subjective determinations about the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security or other asset. As a result, there can be no assurance that fair </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value pricing will result in adjustments to the prices of securities or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets or that fair value pricing will reflect actual market value, and it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible that the fair value determined for a security or other asset will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be materially different from quoted or published prices, from the prices </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used by others for the same security or other asset and/or from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value that actually could be or is realized upon the sale of that security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other asset.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Leverage Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s use of leverage (as described under &#8220;Use of Leverage&#8221; in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">body of this prospectus) creates the opportunity for increased Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Share net income, but also creates special risks for Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders (including an increased risk of loss). To the extent used, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there is no assurance that the Fund&#8217;s leveraging strategies will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successful. Leverage is a speculative technique that may expose the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to greater risk and increased costs. The Fund&#8217;s assets attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to leverage, if any, will be invested in accordance with the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and policies. Interest expense payable by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to derivatives and other forms of leverage, and dividends </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payable with respect to preferred shares outstanding, if any, will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally be based on shorter-term interest rates that would be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periodically reset. So long as the Fund&#8217;s portfolio investments provide a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher rate of return (net of applicable Fund expenses) than the interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses and other costs to the Fund of such leverage, the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the proceeds thereof will generate more income than will be needed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to pay the costs of the leverage. If so, and all other things being equal, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the excess may be used to pay higher dividends to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders than if the Fund were not so leveraged. There can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance these circumstances will occur. If, however, shorter-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rise relative to the rate of return on the Fund&#8217;s portfolio, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the interest and other costs to the Fund of leverage could exceed the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate of return on the debt obligations and other investments held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, thereby reducing return to Common Shareholders. Leveraging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions pursued by the Fund may increase its duration and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitivity to interest rate movements. In addition, fees and expenses of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any form of leverage used by the Fund will be borne entirely by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders (and not by preferred shareholders, if any) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will reduce the investment return of the Common Shares. Therefore, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there can be no assurance that the Fund&#8217;s use of leverage will result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher yield on the Common Shares, and it may result in losses. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, any preferred shares issued by the Fund are expected to pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cumulative dividends, which may tend to increase leverage risk. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage creates several major types of risks for Common Shareholders, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including:</div></div></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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of NAV and market price of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, and of the investment return to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders, than a comparable portfolio without leverage;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the possibility either that Common Share dividends will fall if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest and other costs of leverage rise, or that dividends paid on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares will fluctuate because such costs vary over time; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effects of leverage in a declining market or a rising interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate environment, as leverage is likely to cause a greater decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NAV of the Common Shares than if the Fund were not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">21&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_22"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any preferred shareholders of the Fund will have priority of payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over the Fund&#8217;s Common Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reverse repurchase agreements involve the risks that the interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income earned on the investment of the proceeds will be less than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest expense and Fund expenses associated with the repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement, that the market value of the securities sold by the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline below the price at which the Fund is obligated to repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities and that the securities may not be returned to the Fund. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is no assurance that reverse repurchase agreements can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successfully employed. Dollar roll/buyback transactions involve the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the market value of the securities the Fund is required to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may decline below the agreed upon purchase price of those securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Successful use of dollar rolls/buybacks may depend upon the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager&#8217;s ability to correctly predict interest rates and prepayments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is no assurance that dollar rolls/buybacks can be successfully </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employed. In connection with reverse repurchase agreements and dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolls/buybacks, the Fund will also be subject to counterparty risk with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to the purchaser of the securities. If the broker/dealer to whom </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or repurchase securities may be restricted.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in total return swaps, reverse repurchases, loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of portfolio securities, short sales and when-issued, delayed delivery and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward commitment transactions, credit default swaps, basis swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other swap agreements, purchases or sales of futures and forward </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts (including foreign currency exchange contracts), call and put </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">options or other derivatives. The Fund&#8217;s use of such transactions gives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise to associated leverage risks described above, and may adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s income, distributions and total returns to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders. To the extent that any offsetting positions do not behave </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in relation to one another as expected, the Fund may perform as if it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged through use of these derivative strategies.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any total return swaps, reverse repurchases, loans of portfolio securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short sales and when-issued, delayed delivery and forward commitment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, credit default swaps, basis swaps and other swap </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements, purchases or sales of futures and forward contracts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including foreign currency exchange contracts), call and put options or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other derivatives by the Fund or counterparties to the Fund&#8217;s other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraging transactions, if any, would have seniority over the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the fees received by the Investment Manager may increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depending on the types of leverage utilized by the Fund, the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager has a financial incentive for the Fund to use certain forms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage, which may create a conflict of interest between the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager, on the one hand, and the Common Shareholders, on the other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hand.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short Exposure Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s short sales and short positions, if any, are subject to special </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks. A short sale involves the sale by the Fund of a security that it does </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not own with the hope of purchasing the same security at a later date at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a lower price. The Fund may also enter into a short position through a </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward commitment or a short derivative position through a futures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract or swap agreement. If the price of the security or derivative has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased during this time, then the Fund will incur a loss equal to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in price from the time that the short sale was entered into plus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any transaction costs (i.e., premiums and interest) paid to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broker-dealer to borrow securities. Therefore, short sales involve the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that losses may be exaggerated, potentially losing more money than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual cost of the investment. By contrast, a loss on a long position </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arises from decreases in the value of the security and is limited by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fact that a security&#8217;s value cannot decrease below zero. By investing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds received from selling securities short, the Fund could be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deemed to be employing a form of leverage, which creates special risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage may increase the Fund&#8217;s exposure to long security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions and make any change in the Fund&#8217;s NAV greater than it would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be without the use of leverage. This could result in increased volatility of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns. There is no guarantee that any leveraging strategy the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employs will be successful during any period in which it is employed.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In times of unusual or adverse market, economic, regulatory, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environmental or political conditions, the Fund may not be able, fully or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">partially, to implement its short selling strategy. Periods of unusual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse market, economic, regulatory, environmental or political </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions generally may exist for long periods of time. In response to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market events, the SEC and regulatory authorities in other jurisdictions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may adopt (and in certain cases, have adopted) bans on, and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reporting requirements for, short sales of certain securities, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short positions on such securities acquired through swaps. Also, there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that the third party to the short sale or short position will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fulfill its contractual obligations, causing a loss to the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Smaller Company Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The general risks associated with debt instruments or equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are particularly pronounced for securities issued by companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small market capitalizations. Small capitalization companies involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain special risks. They are more likely than larger companies to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited product lines, markets or financial resources, or to depend on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small, inexperienced management group. Securities of smaller </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may trade less frequently and in lesser volume than more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely held securities and their values may fluctuate more sharply than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities. They may also have limited liquidity. These securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may therefore be more vulnerable to adverse developments than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of larger companies, and the Fund may have difficulty </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasing or selling securities positions in smaller companies at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prevailing market prices. Also, there may be less publicly available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information about smaller companies or less market interest in their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities as compared to larger companies. Companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">medium-sized market capitalizations may have risks similar to those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">smaller companies.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Derivatives Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may, but is not required to, utilize a variety of derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments (both long and short positions) for investment or risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management purposes. Derivatives or other similar instruments (referred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to collectively as &#8220;derivatives&#8221;) are financial contracts whose value </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">22</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_23"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depends on, or is derived from, the value of an underlying asset, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference rate or index. For example, the Fund may use derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments for purposes of increasing liquidity, providing efficient </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio management, broadening investment opportunities (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taking short or negative positions), implementing a tax or cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management strategy, gaining exposure to a particular security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">segment of the market, modifying the effective duration of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio investments and/or enhancing total return. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives may take the form of buying and/or writing (selling) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives, and/or the Fund may otherwise become an obligor under a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives transaction. These transactions may produce current income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the form of premiums or other returns for the Fund (which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">support, constitute and/or increase the distributions paid by, or the yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of, the Fund) but create the risk of losses that can significantly exceed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such current income or other returns. For example, the premium received </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for writing a put option may be dwarfed by the losses the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur if the put option is exercised, and derivative transactions where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund is an obligor can produce an up-front benefit, but the potential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for leveraged losses. The distributions, or distribution rate, paid by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund should not be viewed as the total returns or overall performance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund. These strategies may also produce adverse tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences (for example, the Fund&#8217;s income and gain-generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies may generate current income and gains taxable as ordinary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income) and limit the Fund&#8217;s opportunity to profit or otherwise benefit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from certain gains. The Fund may enter into opposing derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, or otherwise take opposing positions. Such transactions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can generate distributable gains (which, as noted elsewhere, may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxed as ordinary income) and create the risk of losses and NAV </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declines.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in investment strategies, including the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives, to, among other things, generate current, distributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income, even if such strategies could potentially result in declines in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s net asset value. The Fund&#8217;s income and gain-generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies, including certain derivatives strategies, may generate current </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and gains taxable as ordinary income sufficient to support </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions, even in situations when the Fund has experienced a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in net assets due to, for example, adverse changes in the broad </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. or non-U.S. securities markets or the Fund&#8217;s portfolio of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, or arising from its use of derivatives. Consequently, Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders may receive distributions subject to tax at ordinary income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates at a time when their investment in the Fund has declined in value, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may be economically similar to a taxable return of capital.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The use of derivatives involves risks different from, and possibly greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than, the risks associated with investing directly in securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">traditional investments. Derivatives may increase market exposure and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to a number of risks, including leverage risk, liquidity risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(which may be heightened for highly-customized derivatives), interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate risk, market risk, counterparty (including credit) risk, operational </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk (such as documentation issues, settlement issues and systems </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failures), legal risk (such as insufficient documentation, insufficient </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity or authority of a counterparty, and issues with the legality or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforceability of a contract), counterparty risk, tax risk and management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, as well as risks arising from changes in applicable requirements, </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks arising from margin requirements and risks arising from mispricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or valuation complexity. They also involve the risk of unfavorable or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ambiguous documentation and the risk of unfavorable or ambiguous </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">documentation and the risk that changes in the value of a derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not correlate perfectly with the underlying asset, rate or index. By </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing in a derivative instrument, the Fund could lose more than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">initial amount invested and derivatives may increase the volatility of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, especially in unusual or extreme market conditions. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be required to hold additional cash or sell other investments in order to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtain cash to close out a position and changes in the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative may also create margin delivery or settlement payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations for the Fund. Also, suitable derivative transactions may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be available in all circumstances and there can be no assurance that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will engage in these transactions to reduce exposure to other risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when that would be beneficial or that, if used, such strategies will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successful.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s use of derivatives may increase or accelerate the amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxes payable by Common Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Non-centrally-cleared over-the-counter (&#8220;OTC&#8221;) derivatives are also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to the risk that a counterparty to the transaction will not fulfill </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its contractual obligations to the other party, as many of the protections </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">afforded to centrally-cleared derivatives might not be available for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-centrally-cleared OTC derivatives transactions. The primary credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk on derivatives that are exchange-traded or traded through a central </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clearing counterparty credit risk resides with the Fund&#8217;s clearing broker </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or the clearinghouse itself.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Participation in the markets for derivative instruments also involves </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment risks and transaction costs to which the Fund may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject absent the use of these strategies. The skills needed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successfully execute derivative strategies may be different from those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">needed for other types of transactions. If the Fund incorrectly forecasts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value and/or credit-worthiness of securities, currencies, interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, counterparties or other economic factors involved in a derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction, the Fund might have been in a better position if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">had not entered into such derivative transaction. In evaluating the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and contractual obligations associated with particular derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, it is important to consider that certain derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may be modified or terminated only by mutual consent of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund and its counterparty.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, it may not be possible for the Fund to modify, terminate, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offset the Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with a derivative transaction prior to its scheduled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination or maturity date, which may create a possibility of increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility and/or decreased liquidity to the Fund. Hedges are sometimes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to imperfect matching between the derivative and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying instrument, and there can be no assurance that the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedging transactions will be effective. Derivatives used for hedging or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk management may not operate as intended and may expose the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to additional risks. In such case, the Fund may lose money.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the markets for certain derivative instruments (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets located in foreign countries) are relatively new and still </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developing, appropriate derivative transactions may not be available in </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">23&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_24"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all circumstances for risk management or other purposes. Upon the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expiration of a particular contract, the Fund may wish to retain the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s position in the derivative instrument by entering into a similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract, but may be unable to do so if the counterparty to the original </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract is unwilling to enter into the new contract and no other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appropriate counterparty can be found. When such markets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unavailable, the Fund will be subject to increased liquidity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment risk.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into opposite sides of interest rate swap and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives for the principal purpose of generating distributable gains on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the one side (characterized as ordinary income for tax purposes) that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not part of the Fund&#8217;s duration or yield curve management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies (&#8220;paired swap transactions&#8221;), and with a substantial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possibility that the Fund will experience a corresponding capital loss </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and decline in NAV with respect to the opposite side transaction (to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent it does not have corresponding offsetting capital gains). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, Common Shareholders may receive distributions and owe </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax on amounts that are effectively a taxable return of the shareholder&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund, at a time when their investment in the Fund has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declined in value, which tax may be at ordinary income rates. The tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treatment of certain derivatives in which the Fund invests may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unclear and thus subject to recharacterization. Any recharacterization of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments made or received by the Fund pursuant to derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially could affect the amount, timing or character of Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions. In addition, the tax treatment of such investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies may be changed by regulation or otherwise.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When a derivative is used as a hedge against a position that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holds, any loss generated by the derivative generally should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially offset by gains on the hedged investment, and vice versa. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although hedging can reduce or eliminate losses, it can also reduce or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">eliminate gains. Hedges are sometimes subject to imperfect matching </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">between the derivative and the underlying instrument, and there can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no assurance that the Fund&#8217;s hedging transactions will be effective. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives used for hedging or risk management may not operate as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intended or may expose the Fund to additional risks. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives used for hedging may partially protect the Fund from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks they were intended to hedge yet not fully mitigate the impact of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such risks. The regulation of the derivatives markets has increased over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the past several years, and additional future regulation of the derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets may make derivatives more costly, may limit the availability or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduce the liquidity of derivatives, or may otherwise adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value or performance of derivatives. Any such adverse future </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments could impair the effectiveness or raise the costs of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s derivative transactions, impede the employment of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives strategies, or adversely affect the Fund&#8217;s performance and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause the Fund to lose value.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Default Swaps Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit default swap agreements may involve greater risks than if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund had invested in the reference obligation directly since, in addition </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to general market risks, credit default swaps are subject to leverage risk, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquidity risk, counterparty risk and credit risk. A buyer generally also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will lose its investment and recover nothing should no credit event occur </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the swap is held to its termination date. If a credit event were to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occur, the value of any deliverable obligation received by the seller (if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any), coupled with the upfront or periodic payments previously received, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less than the full notional value it pays to the buyer, resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loss of value to the seller. When the Fund acts as a seller of a credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swap, it is exposed to many of the same risks of leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described herein. As the seller, the Fund would receive a stream of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments over the term of the swap agreement provided that no event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of default has occurred with respect to the referenced debt obligation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">upon which the swap is based. The Fund would effectively add leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to its portfolio because, if a default occurs, the stream of payments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stop and the Fund may be obligated to pay the buyer the full notional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the reference obligation.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may seek to realize gains by selling credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps that increase in value, to realize gains on selling credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, an active secondary market for such instruments must exist or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund must otherwise be able to close out these transactions at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advantageous times. In addition to the risk of losses described above, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no such secondary market exists or the Fund is otherwise unable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">close out these transactions at advantageous times, selling credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swaps may not be profitable for the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market for credit default swaps has become more volatile as the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of certain counterparties has been questioned and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downgraded. The Fund will be subject to credit risk with respect to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties to the credit default swap contract (whether a clearing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporation or another third party). If a counterparty&#8217;s credit becomes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly impaired, multiple requests for collateral posting in a short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of time could increase the risk that the Fund may not receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adequate collateral. The Fund may exit its obligations under a credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swap only by terminating the contract and paying applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breakage fees, or by entering into an offsetting credit default swap </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position, which may cause the Fund to incur more losses.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Counterparty Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will be subject to credit risk with respect to the counterparties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the derivative contracts and other instruments entered into by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund or held by special purpose or structured vehicles in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests. For example, if a bank at which the Fund or issuer has an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account fails, any cash or other assets in bank or custody accounts, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may be substantial in size, could be temporarily inaccessible or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">permanently lost by the Fund or issuer. In the event that the Fund enters </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into a derivative transaction with a counterparty that subsequently </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becomes insolvent or becomes the subject of a bankruptcy case, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative transaction may be terminated in accordance with its terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the Fund&#8217;s ability to realize its rights under the derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument and its ability to distribute the proceeds could be adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected. If a counterparty becomes bankrupt or otherwise fails to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform its obligations under a derivative contract due to financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulties, the Fund may experience significant delays in obtaining any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recovery (including recovery of any collateral it has provided to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty) in a dissolution, assignment for the benefit of creditors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation, winding-up, bankruptcy or other analogous proceeding. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, in the event of the insolvency of a counterparty to a derivative </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">24</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_834e1292-31cc-4523-8161-4886024f01a3_25"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction, the derivative transaction would typically be terminated at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its fair market value. If the Fund is owed this fair market value in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination of the derivative transaction and its claim is unsecured, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will be treated as a general creditor of such counterparty and will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have any claim with respect to any underlying security or asset. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may obtain only a limited recovery or may obtain no recovery in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such circumstances. Counterparty credit risk also includes the related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of having concentrated exposure to a single counterparty, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may increase potential losses if the counterparty were to become </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insolvent. While the Fund may seek to manage its counterparty risk by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transacting with a number of counterparties, concerns about the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">solvency of, or a default by, one large market participant could lead to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant impairment of liquidity and other adverse consequences for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other counterparties.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities and Related Market Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market price of common stocks and other equity securities may go </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">up or down, sometimes rapidly or unpredictably. Equity securities may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in value due to factors affecting equity securities markets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally, particular industries represented in those markets, or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer itself. The values of equity securities may decline due to real or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived adverse economic conditions, changes in the general outlook </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for corporate earnings, changes in interest or currency rates, adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes to credit markets or adverse investor sentiment generally. They </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also decline due to labor shortages or increased production costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and competitive conditions within an industry. Equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally have greater price volatility than bonds and other debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Preferred Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to equity securities risk, credit risk and possibly high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, investment in preferred securities involves certain other risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain preferred securities contain provisions that allow an issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under certain conditions to skip or defer distributions. If the Fund owns </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a preferred security that is deferring its distribution, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to include the amount of the deferred distribution in its taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income for tax purposes although it does not currently receive such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount in cash. In order to receive the special treatment accorded to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulated investment companies and their shareholders under the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) and to avoid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal income and/or excise taxes at the Fund level, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be required to distribute this income to shareholders in the tax year in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the income is recognized (without a corresponding receipt of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash by the Fund). Therefore, the Fund may be required to pay out as an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income distribution in any such tax year an amount greater than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total amount of cash income the Fund actually received and to sell </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio securities, including at potentially disadvantageous times or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices, to obtain cash needed for these income distributions. Preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities often are subject to legal provisions that allow for redemption </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the event of certain tax or legal changes or at the issuer&#8217;s call. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of redemption, the Fund may not be able to reinvest the proceeds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at comparable rates of return. Preferred securities are subordinated to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds and other debt securities in an issuer&#8217;s capital structure in terms </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of priority for corporate income and liquidation payments, and therefore </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be subject to greater credit risk than those debt securities. Preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may trade less frequently and in a more limited volume and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to more abrupt or erratic price movements than many </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Insurance-Linked and Other Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in insurance-linked instruments and similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments (which may include, for example, exposure to reinsurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts (through sidecars or otherwise), event-linked bonds, such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">catastrophe and resilience bonds, and securities relating to life </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance policies, annuity contracts and premium finance loans). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could lose a portion or all of the principal it has invested in these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of investments, and the right to additional interest and/or dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments with respect to the investments, upon the occurrence of one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more trigger events, as defined within the terms of an investment. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Trigger events may include natural or other perils of a specific size or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">magnitude that occur in a designated geographic region during a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified time period, and/or that involve losses or other metrics that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceed a specific amount. The Fund may also invest in insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are subject to &#8220;indemnity triggers.&#8221; An indemnity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trigger is a mechanism where the payout to the investor is based on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual losses incurred by the insurer and come into play when losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from a specified event exceed a designated level. Insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments subject to indemnity triggers are often regarded as being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to potential moral hazard, since such insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments are triggered by actual losses of the ceding sponsor and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ceding sponsor may have an incentive to take actions and/or risks that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would have an adverse effect on the Fund. There is no way to accurately </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict whether a trigger event will occur and, accordingly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked instruments and similar investments carry significant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. In addition to the specified trigger events, these types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may expose the Fund to other risks, including but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to issuer (credit) default, adverse regulatory or jurisdictional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interpretations and adverse tax consequences. The Fund may also gain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure to reinsurance contracts (through insurance-linked securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sidecars or otherwise). This exposure may include &#8220;excess of loss&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts, wherein liability arises only if and when losses exceed a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified amount, and proportional reinsurance, wherein a pro rata </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portion of the premiums and liabilities of the cedant associated with a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified business or a portfolio of insurance contracts are linked to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment. Investments linked to reinsurance transactions may involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant insurance brokerage fees, fronting fees and other transaction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs. Certain insurance-linked instruments and similar investments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have limited liquidity, or may be illiquid. The Fund has limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transparency into the individual contracts underlying certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked instruments and similar investments, which may make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk assessment of them more difficult. These types of investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be difficult to value.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The aforementioned instruments may include longevity and mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including indirect investment in pools of insurance-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longevity and mortality investments, including life insurance policies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">annuity contracts and premium finance loans. Such investments are </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">25&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_26"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to &#8220;longevity risk&#8221; and/or &#8220;mortality risk.&#8221; Longevity risk is the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that members of a reference population will live longer, on average, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than anticipated. Mortality risk is the risk that members of a reference </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">population will live shorter, on average, than anticipated. Changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these rates can significantly affect the liabilities and cash needs of life </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurers, annuity providers and pension funds. The terms of a longevity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond typically provide that the investor in the bond will receive less than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the bond&#8217;s par amount at maturity if the actual average longevity (life </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">span) of a specified population of people observed over a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of time (typically measured by a longevity index) is higher than a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified level. If longevity is higher than expected, the bond will return </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">less than its par amount at maturity. A mortality bond, in contrast to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longevity bond, typically provides that the investor in the bond will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive less than the bond&#8217;s par amount at maturity if the mortality rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a specified population of people observed over a specified period of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time (typically measured by a mortality index) is higher than a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">level.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During their term, both longevity bonds and mortality bonds typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay a floating rate of interest to investors. Longevity and mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments purchased by the Fund involve the risk of incorrectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predicting the actual level of longevity or mortality, as applicable, for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference population of people. With respect to mortality investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">held by the Fund, there is also the risk that an epidemic or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">catastrophic event could strike the reference population, resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortality rates exceeding expectations. The Fund may also gain this type </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of exposure through event-linked derivative instruments, such as swaps, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are contingent on or formulaically related to longevity or mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Private Placements and Restricted Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A private placement involves the sale of securities that have not been </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registered under the Securities Act or relevant provisions of applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. law to certain institutional and qualified individual purchasers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the Fund. In addition to the general risks to which all securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject, securities received in a private placement generally are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to strict restrictions on resale, and there may be no liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market or ready purchaser for such securities. See &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund - Liquidity Risk.&#8221; Therefore, the Fund may be unable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dispose of such securities when it desires to do so, or at the most </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">favorable time or price. Private placements may also raise valuation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks. Restricted securities are often purchased at a discount from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of unrestricted securities of the same issuer reflecting the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fact that such securities may not be readily marketable without some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time delay. Such securities are often more difficult to value and the sale </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of such securities often requires more time and results in higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokerage charges or dealer discounts and other selling expenses than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">does the sale of liquid securities trading on national securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchanges or in the over-the-counter markets. Until the Fund can sell </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities into the public markets, its holdings may be less liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and any sales will need to be made pursuant to an exemption under the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities Act.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Confidential Information Access Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In managing the Fund (and other PIMCO clients), PIMCO may from time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to time have the opportunity to receive material, non-public information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;Confidential Information&#8221;) about the issuers of certain investments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, without limitation, senior floating rate loans, other loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related investments being considered for acquisition by the Fund or held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund&#8217;s portfolio. For example, an issuer of privately placed loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered by the Fund may offer to provide PIMCO with financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information and related documentation regarding the issuer that is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly available. Pursuant to applicable policies and procedures, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may (but is not required to) seek to avoid receipt of Confidential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Information from the issuer so as to avoid possible restrictions on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to purchase and sell investments on behalf of the Fund and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clients to which such Confidential Information relates. In such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances, the Fund (and other PIMCO clients) may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantaged in comparison to other investors, including with respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the price the Fund pays or receives when it buys or sells an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">desirability of proposed consents, waivers or amendments with respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to certain investments may be compromised if they are not privy to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available Confidential Information. PIMCO may also determine to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive such Confidential Information in certain circumstances under its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable policies and procedures. If PIMCO intentionally or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unintentionally comes into possession of Confidential Information, it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unable, potentially for a substantial period of time, to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sell investments to which such Confidential Information relates.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inflation/Deflation Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inflation risk is the risk that the value of assets or income from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments will be worth less in the future as inflation decreases </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of payments at future dates. As inflation increases, the real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s portfolio could decline. Inflation rates may change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">frequently and significantly as a result of various factors, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected shifts in the domestic or global economy or changes in fiscal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or monetary policies. Deflation risk is the risk that prices throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy decline over time. Deflation may have an adverse effect on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of issuers and may make issuer default more likely, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may result in a decline in the value of the Fund&#8217;s portfolio and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Changes Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Financial entities, such as investment companies and investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advisers, are generally subject to extensive government regulation and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intervention. Government regulation and/or intervention may change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the way the Fund is regulated, affect the expenses incurred directly by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund and the value of its investments, and limit and /or preclude the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to achieve its investment objectives. Government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulation may change frequently and may have significant adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences. The Fund and the Investment Manager have historically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">been eligible for exemptions from certain regulations. However, there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no assurance that the Fund and the Investment Manager will continue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be eligible for such exemptions.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">26</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_27"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moreover, government regulation may have unpredictable and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unintended effects. Legislative or regulatory actions to address </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived liquidity or other issues in fixed income markets generally, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in particular markets such as the municipal securities market, may alter </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or impair the Fund&#8217;s ability to pursue its investment objectives or utilize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain investment strategies and techniques.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While there continues to be uncertainty about the full impact of these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other regulatory changes, it is the case that the Fund will be subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to a more complex regulatory framework, and may incur additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs to comply with new requirements as well as to monitor for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compliance in the future. Actions by governmental entities may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact certain instruments in which the Fund invests and reduce market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity and resiliency.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk &#8211; Commodity Pool Operator</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Commodity Futures Trading Commission (&#8220;CFTC&#8221;) has adopted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulations that subject registered investment companies and their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment advisers to regulation by the CFTC if the registered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment company invests more than a prescribed level of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation value in futures, options on futures or commodities, swaps, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other financial instruments regulated under the Commodity Exchange </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Act (&#8220;CEA&#8221;) and the rules thereunder (&#8220;commodity interests&#8221;), or if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund markets itself as providing investment exposure to such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments. The Investment Manager is registered with the CFTC as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commodity pool operator (&#8220;CPO&#8221;). However, with respect to the Fund, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Investment Manager has claimed an exclusion from registration as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CPO pursuant to CFTC Rule 4.5. For the Investment Manager to remain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">eligible for this exclusion, the Fund must comply with certain limitations, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including limits on its ability to use any commodity interests and limits </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the manner in which the Fund holds out its use of such commodity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests. These limitations may restrict the Fund&#8217;s ability to pursue its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and strategies, increase the costs of implementing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its strategies, result in higher expenses for the Fund, and/or adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s total return. To the extent the Investment Manager </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becomes ineligible for this exclusion from CFTC regulation, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager may consider steps in order to continue to qualify </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for exemption from CFTC regulation, or may determine to operate the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund subject to CFTC regulation.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">REIT Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs are pooled investment vehicles that own, and usually operate, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing real estate. Some REITs also finance real estate. If a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REIT meets certain requirements, including distributing to shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially all of its taxable income (other than net capital gains), then </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it is not typically taxed on the income distributed to shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs are sometimes informally characterized as: equity REITs, mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs and hybrid REITs. Equity REITs invest the majority of their assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly in real property. They derive their income primarily from rents </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received and any profits on the sale of their properties. Equity REITs can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also realize capital gains by selling properties that have appreciated in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value. Mortgage REITs invest the majority of their assets in real estate </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages and derive most of their income from mortgage interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments. As its name suggests, hybrid REITs combine characteristics of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both equity REITs and mortgage REITs.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An investment in a REIT, or in a real estate linked derivative instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">linked to the value of a REIT, is subject to the risks that impact the value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the underlying properties of the REIT. These risks include loss to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">casualty or condemnation, and changes in supply and demand, interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, zoning laws, regulatory limitations on rents, property taxes and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating expenses. Other factors that may adversely affect REITs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include poor performance by management of the REIT, changes to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax laws, or failure by the REIT to qualify for favorable tax treatment. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs are also subject to default by borrowers and self-liquidation and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are heavily dependent on cash flow. Some REITs lack diversification </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because they invest in a limited number of properties, a narrow </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">geographic area, or a single type of property. Mortgage REITs may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by the quality of the credit extended.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Liquidity risk exists when particular investments are difficult to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sell. Illiquid investments are investments that the Fund reasonably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expects cannot be sold or disposed of in current market conditions in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seven calendar days or less without the sale or disposition significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changing the market value of the investment. Illiquid investments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become harder to value, especially in changing markets. The Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in illiquid investments may reduce the returns of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because it may be unable to sell the illiquid investments at an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advantageous time or price or possibly require the Fund to dispose of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investments at unfavorable times or prices in order to satisfy its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, which could prevent the Fund from taking advantage of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investment opportunities. Additionally, the market for certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may become illiquid under adverse market or economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions independent of any specific adverse changes in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions of a particular issuer. To the extent that the Fund invests in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of companies with smaller market capitalizations, foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(non-U.S.) securities, Rule 144A securities, illiquid sectors of fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income securities, derivatives or securities with substantial market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or credit risk, the Fund will tend to have greater exposure to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further fixed income securities with longer durations until maturity face </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened levels of liquidity risk as compared to fixed income securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with shorter durations until maturity. The risks associated with illiquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may be particularly acute in situations in which the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations require cash (such as in connection with repurchase offers) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and could result in the Fund borrowing to meet its short-term needs or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurring losses on the sale of illiquid instruments. It may also be the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">case that other market participants may be attempting to liquidate fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income holdings at the same time as the Fund, causing increased supply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the market and contributing to liquidity risk and downward pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pressure. See &#8220;Principal Risks of the Fund&#8212;Valuation Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Fund invests in Alt Lending ABS, the Alt Lending ABS in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund invests are typically not listed on any securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange and not registered under the Securities Act. In addition, the </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">27&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_28"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund anticipates that these instruments may only be sold to a limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of investors and may have a limited or non-existent secondary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market. Accordingly, the Fund currently expects that certain of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in Alt Lending ABS will face heightened levels of liquidity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Although currently, there is generally no reliable, active secondary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market for certain Alt Lending ABS, a secondary market for these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">alternative lending-related instruments may develop.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Tax Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has elected to be treated as a &#8220;regulated investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company&#8221; (a &#8220;RIC&#8221;) under Subchapter M of the Code and intends each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">year to qualify and be eligible to be treated as such, so that it generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be subject to U.S. federal income tax on its net investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income or net short-term or long-term capital gains, that are timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributed to shareholders. In order to qualify and be eligible for such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treatment, the Fund must meet certain asset diversification tests, derive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at least 90% of its gross income for such year from certain types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">qualifying income, and distribute to its shareholders at least 90% of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sum of its &#8220;investment company taxable income&#8221; as that term is defined </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Code (which includes, among other things, dividends, taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest and the excess of any net short-term capital gains over net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">long-term capital losses, as reduced by certain deductible expenses) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">net tax-exempt income, for such year.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investment strategy will potentially be limited by its intention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to continue qualifying as such. The tax treatment of certain of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments under one or more of the qualification or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution tests applicable to RICs is uncertain. An adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determination or future guidance by the Internal Revenue Service </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;IRS&#8221;) or a change in law might affect the Fund&#8217;s ability to qualify or be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">eligible for treatment as a RIC. Income and gains from certain of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s activities may not constitute qualifying income to a RIC for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purposes of the 90% gross income test. If the Fund were to treat </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income or gain from a particular investment or activity as qualifying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and the income or gain were later determined not to constitute </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">qualifying income and, together with any other nonqualifying income, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">caused the Fund&#8217;s nonqualifying income to exceed 10% of its gross </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income in any taxable year, the Fund would fail to qualify as a RIC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unless it is eligible to and does pay a tax at the Fund level.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If, in any year, the Fund were to fail to qualify for treatment as a RIC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Code, and were ineligible to or did not otherwise cure such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failure, the Fund would be subject to tax on its taxable income at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate rates and, when such income is distributed, shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would be subject to further tax on such distributions to the extent of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s current or accumulated earnings and profits.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Turnover Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Manager manages the Fund without regard generally to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on portfolio turnover. The use of futures contracts and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments with relatively short maturities may tend to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exaggerate the portfolio turnover rate for the Fund. Trading in fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income securities does not generally involve the payment of brokerage </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commissions but does involve indirect transaction costs. The use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contracts and other derivative instruments may involve the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of commissions to futures commission merchants or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediaries. Higher portfolio turnover involves correspondingly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater expenses to the Fund, including brokerage commissions or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer mark-ups and other transaction costs on the sale of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and reinvestments in other securities. The higher the rate of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">turnover of the Fund, the higher these transaction costs borne by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund generally will be. Such sales may result in realization of taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital gains (including short-term capital gains, which are generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxed to shareholders at ordinary income tax rates when distributed net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of short-term capital losses and net long-term capital losses), and may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact the Fund&#8217;s after-tax returns. See &#8220;Tax Matters.&#8221;</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Operational Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An investment in the Fund, like any fund, can involve operational risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arising from factors such as processing errors, human errors, inadequate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or failed internal or external processes, failures in systems and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology, changes in personnel and errors caused by third-party </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service providers. The occurrence of any of these failures, errors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breaches could result in a loss of information, regulatory scrutiny, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reputational damage or other events, any of which could have a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">material adverse effect on the Fund. While the Fund seeks to minimize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such events through controls and oversight, there may still be failures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that could cause losses to the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When investing in an investment company, the Fund generally will bear </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its ratable share of that investment company&#8217;s expenses and would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">remain subject to payment of the Fund&#8217;s investment management fees </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other expenses with respect to assets so invested. Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders would therefore be subject to duplicative expenses to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent the Fund invests in other investment companies. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these other investment companies may utilize leverage, in which case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an investment would subject a Fund to additional risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage. Due to its own financial interest or other business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerations, the Investment Manager may choose to invest a portion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a Fund&#8217;s assets in investment companies sponsored or managed by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Investment Manager or its related parties in lieu of investments by a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund directly in portfolio securities, or may choose to invest in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies over investment companies sponsored or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managed by others. Participation in a cash sweep program where the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's uninvested cash balance is used to purchase shares of affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or unaffiliated money market funds or cash management pooled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles at the end of each day subjects the Fund to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with the underlying money market funds or cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management pooled investment vehicles, including liquidity risk. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder of a money market fund or cash management pooled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicle, the Fund would indirectly bear the fees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses of the underlying fund or account which are in addition to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees the Fund pays its service providers. Applicable law may limit a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to invest in other investment companies.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">28</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_29"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Cyber Security Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As the use of technology, including cloud-based technology, has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become more prevalent in the course of business, the Fund is potentially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more susceptible to operational and information security risks resulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from breaches in cyber security. A breach in cyber security refers to both </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intentional and unintentional cyber events from outside threat actors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">internal resources that may, among other things, cause the Fund to lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proprietary information, suffer data corruption and/or destruction, lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operational capacity, result in the unauthorized release or other misuse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of confidential information, or otherwise disrupt normal business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations. Geopolitical tensions can increase the scale and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sophistication of deliberate cyber security attacks, particularly those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from nation-states or from entities with nation-state backing, who may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">desire to use cyber security attacks to cause damage or create leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against geopolitical rivals. Cyber security breaches may involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unauthorized access to the Fund&#8217;s digital information systems (e.g., </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through &#8220;hacking&#8221; or malicious software coding), and may come from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multiple sources, including outside attacks such as denial-of-service </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attacks (i.e., efforts to make network services unavailable to intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">users) or cyber extortion, including exfiltration of data held for ransom </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or &#8220;ransomware&#8221; attacks that renders systems inoperable until </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ransom is paid, or insider actions (e.g., intentionally or unintentionally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">harmful acts of PIMCO personnel). In addition, cyber security breaches </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involving the Fund&#8217;s third party service providers (including but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to advisers, sub-advisers, administrators, transfer agents, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodians, vendors, suppliers, distributors and other third parties), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading counterparties or issuers in which the Fund invests can also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject the Fund to many of the same risks associated with direct cyber </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security breaches or extortion of company data.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO's use of cloud-based service providers could heighten or change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these risks. In addition, work-from-home arrangements by the Fund, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager or their service providers could increase all of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">above risks, create additional data and information accessibility </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerns, and make the Fund, the Investment Manager or their service </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">providers susceptible to operational disruptions, any of which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact their operations.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cyber security failures or breaches may result in financial losses to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its shareholders. For example, cyber security failures or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breaches involving trading counterparties or issuers in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests could adversely impact such counterparties or issuers and cause </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investment to lose value. These failures or breaches may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in disruptions to business operations, potentially resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial losses; interference with the Fund&#8217;s ability to calculate its NAV, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">process shareholder transactions or otherwise transact business with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders; impediments to trading; violations of applicable privacy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other laws; regulatory fines; penalties; third-party claims in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation; reputational damage; reimbursement or other compensation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs; additional compliance and cyber security risk management costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other adverse consequences. In addition, substantial costs may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurred in order to prevent any cyber incidents in the future.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Like with operational risk in general, the Fund has established business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">continuity plans and risk management systems designed to reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks associated with cyber security. However, there are inherent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitations in these plans and systems, including that certain risks may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have been identified, in large part because different or unknown </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threats may emerge in the future. As such, there is no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such efforts will succeed, especially because the Fund does not directly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">control the cyber security systems of issuers in which the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest, trading counterparties or third-party service providers to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Such entities have experienced cyber attacks and other attempts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to gain unauthorized access to systems from time to time, and there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no guarantee that efforts to prevent or mitigate the effects of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attacks or other attempts to gain unauthorized access will be successful. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is also a risk that cyber security breaches may not be detected. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its shareholders may suffer losses as a result of a cyber </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security breach related to the Fund, its service providers, trading </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties or the issuers in which the Fund invests.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest Risk &#8211; Allocation of Investment </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Opportunities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Manager and its affiliates are involved worldwide with a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broad spectrum of financial services and asset management activities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may engage in the ordinary course of business in activities in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their interests or the interests of their clients may conflict with those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. The Investment Manager may provide investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management services to other funds and discretionary managed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accounts that follow an investment program similar to that of the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the requirements of the 1940 Act, the Investment Manager </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intends to engage in such activities and may receive compensation from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">third parties for its services. The results of the Fund&#8217;s investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities may differ from those of the Fund's affiliates, or another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account managed by the Investment Manager or its affiliates, and it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible that the Fund could sustain losses during periods in which one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more of the Fund's affiliates and/or other accounts managed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager or its affiliates, including proprietary accounts, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve profits on their trading.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into repurchase agreements, in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases a security from a bank or broker-dealer, which agrees to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase the security at the Fund&#8217;s cost plus interest within a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time. If the party agreeing to repurchase should default, the Fund would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seek to sell the securities which it holds. This could involve costs or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays in addition to a loss on the securities if their value should fall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below their repurchase price. The security subject to a repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement may be or become illiquid. These events could also trigger </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse tax consequences for the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Special Purpose Acquisition Companies (&#8220;SPACs&#8221;) Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities of SPACs or similar special purpose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities that pool funds to seek potential acquisition opportunities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unless and until an acquisition is completed, a SPAC generally invests its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets (less a portion retained to cover expenses) in U.S. government </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">29&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_30"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, money market securities or holds cash. If an acquisition that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meets the requirements for the SPAC is not completed within a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pre-established period of time, the invested funds are returned to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entity's shareholders unless shareholders approve alternative options. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because SPACs and similar entities are in essence blank check </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies without operating history or ongoing business other than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seeking acquisitions, the value of their securities is particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent on the ability of the entity&#8217;s management to identify and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">complete a profitable acquisition. A SPAC&#8217;s structure may result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant dilution of a stockholder&#8217;s share value immediately upon the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of a business combination due to, among other reasons, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests held by the SPAC sponsor, conversion of warrants into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional shares, shares issued in connection with a business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">combination and/or certain embedded costs. There is no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the SPACs in which the Fund invests will complete an acquisition or that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any acquisitions that are completed will be profitable. Some SPACs may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursue acquisitions only within certain industries or regions, which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the volatility of their prices. In addition, these securities, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are typically traded in the over-the-counter market, may be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid and/or be subject to restrictions on resale.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Structured Investments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Holders of structured products, including structured notes, credit-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">notes and other types of structured products, bear the risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying investments, index or reference obligation and are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty risk. The Fund may have the right to receive payments only </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the structured product, and generally does not have direct rights </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the issuer or the entity that sold the assets to be securitized. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While certain structured products enable the investor to acquire </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests in a pool of securities without the brokerage and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses associated with directly holding the same securities, investors </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in structured products generally pay their share of the structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">product&#8217;s administrative and other expenses. Although it is difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict whether the prices of indices and securities underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured products will rise or fall, these prices (and, therefore, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices of structured products) are generally influenced by the same types </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of political and economic events that affect issuers of securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital markets generally. If the issuer of a structured product uses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shorter term financing to purchase longer term securities, the issuer may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be forced to sell its securities at below market prices if it experiences </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulty in obtaining such financing, which may adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the structured products owned by the Fund. Structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products generally entail risks associated with derivative instruments.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Collateralized Bond Obligations, Collateralized Loan </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Obligations and Collateralized Debt Obligations Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Collateralized Bond Obligations (&#8220;CBOs&#8221;), Collateralized Loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Obligations (&#8220;CLOs&#8221;) and Collateralized Debt Obligations (&#8220;CDOs&#8221;) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may charge management fees and administrative expenses. For CBOs, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs and CDOs, the cash flows from the trust are split into two or more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portions, called tranches, varying in risk and yield. The riskiest portion is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the equity tranche which generally bears losses in connection with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">first defaults, if any, on the bonds or loans in the trust. A senior tranche </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from a CLO, CBO and CDO trust typically has higher credit ratings and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lower yields than the underlying securities. CBO, CLO and CDO tranches, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">even senior ones, can experience substantial losses due to actual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaults, increased sensitivity to defaults due to collateral default and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disappearance of protecting tranches, market anticipation of defaults </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and aversion to CLO, CBO or other CDO securities. The risks of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in a CLO, CBO or other CDO vary depending on the type of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral securities and the class of the instrument in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests, among other factors. Normally, CLOs, CBOs and other CDOs are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">privately offered and sold, and thus are not registered under the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities laws. Investments in CLOs, CBOs and CDOs may be or become </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid. In addition to the normal risks associated with debt instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(e.g., interest rate risk and credit risk), CLOs, CBOs and CDOs carry </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional risks including, but not limited to: (i) the possibility that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions from the collateral will not be adequate to make interest or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other payments; (ii) the risk that the quality of the collateral may decline </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in value or default; (iii) the risk that the Fund may invest in CBOs, CLOs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other CDOs that are subordinate to other classes; and (iv) the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the complex structure of the security may not be fully understood at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the time of investment and may produce disputes with the issuer or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">others and may produce unexpected investment results.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Focused Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund focuses its investments in a particular sector, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it may be susceptible to loss due to adverse developments affecting that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sector, including (but not limited to): governmental regulation; inflation; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rising interest rates; cost increases in raw materials, fuel and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating expenses; technological innovations that may render existing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products and equipment obsolete; competition from new entrants; high </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">research and development costs; increased costs associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compliance with environmental or other governmental regulations; and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other economic, business or political developments specific to that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sector. Furthermore, the Fund may invest a substantial portion of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets in companies in related sectors that may share common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics, are often subject to similar business risks and regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">burdens, and whose securities may react similarly to the types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments described above, which will subject the Fund to greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. The Fund also will be subject to focused investment risk to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that it invests a substantial portion of its assets in a particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer, market, asset class, country or geographic region.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Disruptions Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to investment and operational risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial, economic and other global market developments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, including those arising from war, military conflicts, terrorism, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">social unrest, recessions, supply chain disruptions, market manipulation, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government interventions, defaults and shutdowns, political changes or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">diplomatic developments, public health emergencies (such as the spread </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of infectious diseases, pandemics and epidemics), bank failures and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">natural/environmental disasters, which can all negatively impact the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities markets, interest rates, auctions, secondary trading, ratings, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk, inflation, deflation and other factors relating to the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments or the Investment Manager&#8217;s operations and the value of </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">30</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div> <div style="margin-top:0.0pt;width:625pt;"> <div> <div><a id="xx_834e1292-31cc-4523-8161-4886024f01a3_31"></a> <div style="page-break-after:always;position:relative"> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"> <div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div> </div> <div style="clear: both; max-height: 0px;"></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:#333333;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; max-height: 0px;"></div> <div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an investment in the Fund, its distributions and its returns. These events </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can also impair the technology and other operational systems upon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund&#8217;s service providers, including PIMCO as the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment adviser, rely, and could otherwise disrupt the Fund&#8217;s service </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">providers&#8217; ability to fulfill their obligations to the Fund.</div></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Debt Securities Risk</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Debt securities are generally subject to the risks described below and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">further herein:</div></div> </div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Issuer risk</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of fixed income securities may decline for a number of reasons </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that directly relate to the issuer, such as management performance, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial leverage, reduced demand for the issuer&#8217;s goods and services, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">historical and prospective earnings of the issuer and the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets of the issuer. A change in the financial condition of a single issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may affect securities markets as a whole. These risks can apply to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares issued by the Fund and to the issuers of securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments in which the Fund invests.</div></div> </div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Interest rate risk</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market value of debt securities changes in response to interest rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes and other factors. Interest rate risk is the risk that prices of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities will increase as interest rates fall and decrease as interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates rise, which would be reflected in the Fund&#8217;s NAV. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lose money if short-term or long-term interest rates rise sharply in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner not anticipated by the Fund&#8217;s management. Moreover, because </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates on certain floating rate debt securities typically reset only </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periodically, changes in prevailing interest rates (and particularly sudden </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and significant changes) can be expected to cause some fluctuations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NAV of the Fund to the extent that it invests in floating rate debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities.</div></div> </div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Prepayment risk</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of declining interest rates, borrowers may prepay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal. This may force the Fund to reinvest in lower yielding securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resulting in a possible decline in the Fund&#8217;s income and distributions.</div></div> </div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit risk</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit risk is the risk that one or more debt securities in the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio will decline in price or fail to pay interest or principal when due </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because the issuer of the security experiences a decline in its financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">status. Credit risk is increased when a portfolio security is downgraded </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or the perceived creditworthiness of the issuer deteriorates.</div></div> </div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment risk</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reinvestment risk is the risk that income from the Fund&#8217;s portfolio will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline if the Fund invests the proceeds from matured, traded or called </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fixed income securities at market interest rates that are below the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio&#8217;s current earnings rate.</div></div> </div> </div> <div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Duration and maturity risk</div></div></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may seek to adjust the duration or maturity of its investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in debt securities based on its assessment of current and projected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions. The Fund may incur costs in seeking to adjust the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average duration or maturity of its portfolio of debt securities. There can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurances that the Fund&#8217;s assessment of current and projected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions will be correct or that any strategy to adjust duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or maturity will be successful.</div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, from time to time, uncertainty regarding the status of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations in the U.S. government to increase the statutory debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ceiling could impact the creditworthiness of the United States and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the liquidity and value of U.S. Government and other securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and ultimately the Fund.</div></div> </div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Zero-Coupon Bond, Step-Ups and Payment-in-Kind Securities </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Risk</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market prices of zero-coupon, step-ups and payment-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are generally more volatile than the prices of securities that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay interest periodically and in cash, and are likely to respond to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in interest rates to a greater degree than other types of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities with similar maturities and credit quality. Because </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon securities bear no interest, their prices are especially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatile. And because zero-coupon bondholders do not receive interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments, the prices of zero-coupon securities generally fall more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatically than those of bonds that pay interest on a current basis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when interest rates rise. The market for zero-coupon and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment-in-kind securities may suffer decreased liquidity. In addition, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these securities may not pay cash interest, the Fund&#8217;s investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure to these securities and their risks, including credit risk, will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase during the time these securities are held in the Fund&#8217;s portfolio. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, to maintain its qualification for treatment as a RIC and to avoid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund-level U.S. federal income and/or excise taxes, the Fund is required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to distribute to its shareholders any income it is deemed to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received in respect of such investments, and the value of paid-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest, notwithstanding that cash has not been received currently.</div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, the Fund may have to dispose of portfolio securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under disadvantageous circumstances to generate the cash, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have to leverage itself by borrowing the cash to satisfy this distribution </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirement. The required distributions, if any, would result in an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in the Fund&#8217;s exposure to these securities. Zero coupon bonds, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">step-ups and payment-in-kind securities allow an issuer to avoid or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delay the need to generate cash to meet current interest payments and, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as a result, may involve greater credit risk than bonds that pay interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currently or in cash. The Fund would be required to distribute the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income on these instruments as it accrues, even though the Fund will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not receive the income on a current basis or in cash. Thus, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell other investments, including when it may not be advisable to do </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">so,to make income distributions to its shareholders.</div></div> </div> </div> <div style="clear: both; max-height: 0px;"></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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/> <div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">31&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_834e1292-31cc-4523-8161-4886024f01a3_32"></a> <div style="page-break-after:always;position:relative"> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:30pt;margin-top:30pt;width:538pt;min-height:72pt"> <div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div> </div> <div style="clear: both; max-height: 0px;"></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:#333333;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; max-height: 0px;"></div> <div style="float:left;margin-left:30pt;margin-top:-12pt;width:264pt;min-height:642pt"> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Sovereign Debt Risk</div></div></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to the other risks applicable to debt investments, sovereign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt may decline in value as a result of default or other adverse credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event resulting from an issuer&#8217;s inability or unwillingness to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal or interest payments in a timely fashion. A sovereign entity&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failure to make timely payments on its debt can result from many </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors, including, without limitation, insufficient (non-U.S.) foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency reserves or an inability to sufficiently manage fluctuations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative currency valuations, an inability or unwillingness to satisfy the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demands of creditors and/or relevant supranational entities regarding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt service or economic reforms, the size of the debt burden relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic output and tax revenues, cash flow difficulties, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political and social considerations. The risk of loss to the Fund in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of a sovereign debt default or other adverse credit event is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened by the unlikelihood of any formal recourse or means to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforce its rights as a holder of the sovereign debt. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sovereign debt restructurings, which may be shaped by entities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors beyond the Fund&#8217;s control, may result in a loss in value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s sovereign debt holdings.</div></div> </div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Certain Affiliations</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain broker-dealers may be considered to be affiliated persons of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and/or the Investment Manager due to their possible affiliations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with Allianz SE, the ultimate parent of the Investment Manager, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">another Allianz entity. Allianz Asset Management of America LP merged </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with Allianz Asset Management of America LLC (&#8220;Allianz Asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Management&#8221;), with the latter being the surviving entity, effective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">January 1, 2023. Following the merger, Allianz Asset Management is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO&#8217;s managing member and direct parent entity. Absent an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exemption from the SEC or other regulatory relief, the Fund is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">precluded from effecting certain principal transactions with affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokers, and its ability to purchase securities being underwritten by an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliated broker or a syndicate including an affiliated broker, or to utilize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliated brokers for agency transactions, is subject to restrictions. This </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could limit the Fund&#8217;s ability to engage in securities transactions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take advantage of market opportunities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The 1940 Act imposes significant limits on co-investment with affiliates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund. The Fund has received exemptive relief from the SEC that, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent a fund relies on such relief, permits it to (among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things) co-invest alongside certain other persons in privately negotiated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including certain affiliates of the Investment Manager and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain public or private funds managed by the Investment Manager and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its affiliates, subject to certain terms and conditions. The exemptive relief </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the SEC with respect to co-investments imposes a number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions on any co-investments made in reliance on such relief that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may limit or restrict a fund&#8217;s ability to participate in an investment or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require it to participate in an investment to a lesser extent, which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negatively impact a fund&#8217;s ability to execute its desired investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategy and its returns. Subject to applicable law, the Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest alongside other PIMCO managed funds and accounts, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private funds and affiliates of the Investment Manager, without relying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the exemptive relief. Pursuant to co-investment exemptive relief, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the extent a fund relies on such relief, the fund will be able to invest in </div></div> </div> </div> <div style="float:left;margin-left:18pt;margin-top:-12pt;width:264pt;min-height:642pt"> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities in which PIMCO and/or its affiliates has an investment, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and PIMCO and/or its affiliates will be able to invest in opportunities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which a fund has made an investment.</div></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s Amended and Restated Agreement and Declaration of Trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(the &#8220;Declaration&#8221;) and the Fund's Eighth Amended and Restated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bylaws, as amended and restated through the date hereof (the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Bylaws&#8221;) include provisions that could limit the ability of other entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or persons to acquire control of the Fund or to convert the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">open-end status. See &#8220;Anti-Takeover and Other Provisions in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration of Trust and Bylaws.&#8221; These provisions in the Declaration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could have the effect of depriving the Common Shareholders of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities to sell their Common Shares at a premium over the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">then-current market price of the Common Shares or at NAV.</div></div> </div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distribution Rate Risk</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s distribution rates may be affected by numerous factors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including but not limited to changes in realized and projected market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns, fluctuations in market interest rates, Fund performance, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors. The Fund&#8217;s distributions may be comprised of a return of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital. In general terms, a return of capital would occur where a Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution (or portion thereof) represents a return of a portion of your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment, rather than net income or capital gains generated from your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment during a particular period. There can be no assurance that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in market conditions or other factors will not result in a change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund&#8217;s distribution rate or that the rate will be sustainable in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future. See &#8220;Distributions&#8221; for a description of return of capital and its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacts.</div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For instance, during periods of low or declining interest rates, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributable income and dividend levels may decline for many reasons. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For example, the Fund may have to deploy uninvested assets (whether </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from sales of Fund shares, proceeds from matured, traded or called debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations or other sources) in new, lower yielding instruments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, payments from certain instruments that may be held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund (such as variable and floating rate securities) may be negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by declining interest rates, which may also lead to a decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s distributable income and dividend levels.</div></div> </div> </div> <div style="clear: both; max-height: 0px;"></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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/> <div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">32</div></div></div> <div style="clear: both; max-height: 0px;"></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 id="xx_f5ac116a-edda-4bd9-aa33-06c4e46638cb_1"></a> <div style="page-break-after:always;position:relative"> <div style="clear: both; max-height: 0px;"></div> <div style="background-color:#00687D;float:left;margin-left:190pt;margin-top:3pt;width:379pt;min-height:72.6pt"> <div style="line-height:14.21pt;text-align:left"></div> </div> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:30pt;margin-top:-51.6pt;width:538pt;z-index:-1;min-height:40pt"> <div style="margin-top: 0pt; text-align: left; background: none;">
<img alt="" src="g902387g2img9d4ddc942.gif" style="width: 160px; height: 19px;"/><br/></div> </div> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:32pt;margin-top:-51.6pt;width:538pt;min-height:63pt"> <div style="line-height:21.0pt;margin-left:184pt;text-align:left;margin-top:-10pt"><div style="color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;; font-size: 21pt; line-height: 21pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div> </div> <div style="clear: both; max-height: 0px;"></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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42pt;position:relative;text-align:left;top:6.73pt;width:538pt"/></div> </div> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:30pt;margin-top:2.2pt;width:264pt;min-height:642pt"> <div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Summary of Fund Expenses</div></div></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left"> <div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><ix:nonNumeric name="cef:PurposeOfFeeTableNoteTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" id="ixv-6235"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table is intended to assist investors in understanding the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees and expenses (annualized) that an investor in Common Shares of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund would bear, directly or indirectly, as a result of an offering. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">table reflects the use of leverage attributable to the Fund's outstanding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred shares and reverse repurchase agreements averaged over the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fiscal year ended June 30, 2024 in an amount equal to 14.80% of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's average total managed assets, including the assets attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to such leverage (or 17.37% of the Fund's average net assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attributable to Common Shares), and shows Fund expenses as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">percentage of net assets attributable to Common Shares. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">percentage above and information below do not reflect the Fund&#8217;s use </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of other forms of economic leverage, such as credit default swaps or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other derivative instruments. The table and example below are based on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s capital structure as of June 30, 2024. The extent of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s assets attributable to leverage following an offering, and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s associated expenses, are likely to vary (perhaps significantly) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from these assumptions.</div></ix:nonNumeric><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> </div> <ix:nonNumeric name="cef:ShareholderTransactionExpensesTableTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" continuedAt="TextSelection_137970605" id="ixv-6254"> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Shareholder Transaction Expenses:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8195;</div></div></div> </div> <div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt">
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<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:239.91pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Sales Load (<ix:nonNumeric name="cef:BasisOfTransactionFeesNoteTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" id="ixv-37551">as a percentage of offering price</ix:nonNumeric>)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(1)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:20.09pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_137970526;display:inline;">[ ]</div>%</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:239.91pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Offering Expenses Borne by Common Shareholders (as a percentage of offering </div></div> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">price)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(2)</div> <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:20.09pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_137970527;display:inline;">[ ]</div>%</div></div> </div> </td> </tr>
<tr style="height:9.5pt">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:239.91pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend Reinvestment Plan Fees</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(3)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:20.09pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_USD" decimals="0" scale="0" format="ixt-sec:numwordsen" id="Fact_137970529">None</ix:nonFraction></div></div> </div> </td> </tr> </table> </div> </ix:nonNumeric><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"><ix:continuation id="TextSelection_137970605" continuedAt="TextSelectionAppend_137970605_1"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(1)</div></ix:continuation></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt"><ix:continuation id="TextSelectionAppend_137970605_1" continuedAt="TextSelectionAppend_137970605_2"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">In the event that the Common Shares to which this prospectus relates are sold to or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">through underwriters or dealer managers, a corresponding prospectus supplement will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">disclose the applicable sales load and/or commission.</div></ix:continuation></div> </div> <ix:continuation id="TextSelectionAppend_137970605_2" continuedAt="TextSelectionAppend_137970605_3"><div style="clear: both; position: relative; max-height: 0px;"></div></ix:continuation> </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"><ix:continuation id="TextSelectionAppend_137970605_3" continuedAt="TextSelectionAppend_137970605_4"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(2)</div></ix:continuation></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt"><ix:continuation id="TextSelectionAppend_137970605_4" continuedAt="TextSelectionAppend_137970605_5"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><ix:nonNumeric name="cef:OtherTransactionFeesNoteTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" id="ixv-6320"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The related prospectus supplement will disclose the estimated amount of offering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">expenses, the offering price and the offering expenses borne by the Fund and indirectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">by all of its Common Shareholders as a percentage of the offering price.</div></ix:nonNumeric><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div></ix:continuation></div> </div> <ix:continuation id="TextSelectionAppend_137970605_5" continuedAt="TextSelectionAppend_137970605_6"><div style="clear: both; position: relative; max-height: 0px;"></div></ix:continuation> </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"><ix:continuation id="TextSelectionAppend_137970605_6" continuedAt="TextSelectionAppend_137970605_7"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(3)</div></ix:continuation></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt"><ix:continuation id="TextSelectionAppend_137970605_7" continuedAt="TextSelectionAppend_137970605_8"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">You will pay brokerage charges if you direct your broker or the plan agent to sell your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares that you acquired pursuant to a dividend reinvestment plan. You may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">also pay a pro rata share of brokerage commissions incurred in connection with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">open-market purchases pursuant to the Fund&#8217;s Dividend Reinvestment Plan. See </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Dividend Reinvestment Plan.&#8221;</div></ix:continuation></div> </div> <ix:continuation id="TextSelectionAppend_137970605_8"><div style="clear: both; position: relative; max-height: 0px;"></div></ix:continuation> </div> <ix:nonNumeric name="cef:AnnualExpensesTableTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" continuedAt="TextSelection_137970606" id="ixv-6341"> <div style="line-height:12.0pt;margin-top:6.0pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Annual Expenses</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8195;</div></div></div> </div> <div style="line-height:0.0pt;margin-top:6.0pt;text-align:left"> <div style="margin-top:6pt"></div> </div> <div style="margin-top:0.0pt">
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<tr style="height:39.5pt">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:126.25pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Annual Expenses</div></div></div> </div> </td>
<td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:133.75pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Percentage of</div></div></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net Assets Attributable to Common</div></div></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Shares (reflecting leverage</div></div></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">attributable to preferred shares and reverse</div></div></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">repurchase agreements)</div></div></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:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(1)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:ManagementFeesPercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_137970530">0.80</ix:nonFraction>%</div></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:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend Cost on Preferred Shares</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(2)</div> <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:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:DividendExpenseOnPreferredSharesPercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_137970531">0.01</ix:nonFraction>%</div></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:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interest Payments on Borrowed Funds</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(3)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:InterestExpensesOnBorrowingsPercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_137970532">2.06</ix:nonFraction>%</div></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:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(4)</div> <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:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:OtherAnnualExpensesPercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_137970533">0.05</ix:nonFraction>%</div></div> </div> </td> </tr>
<tr style="height:9.5pt">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Annual Expenses</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(5)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:TotalAnnualExpensesPercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="Fact_137970534">2.92</ix:nonFraction>%</div></div> </div> </td> </tr> </table> </div> </ix:nonNumeric><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"><ix:continuation id="TextSelection_137970606" continuedAt="TextSelectionAppend_137970606_1"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(1)</div></ix:continuation></div> </div> </div> </div> <ix:continuation id="TextSelectionAppend_137970606_1" continuedAt="TextSelectionAppend_137970606_2"><ix:nonNumeric name="cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" continuedAt="TextSelection_137970537" id="ixv-37559"> </ix:nonNumeric></ix:continuation><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt"><ix:continuation id="TextSelection_137970537" continuedAt="TextSelectionAppend_137970537_1"><ix:continuation id="TextSelectionAppend_137970606_2" continuedAt="TextSelectionAppend_137970606_3"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees include fees payable to the Investment Manager for advisory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">services and for supervisory, administrative and other services. The Fund pays for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">advisory, supervisory and administrative services it requires under what is essentially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">an all-in fee structure (the &#8220;unified management fee&#8221;). Pursuant to an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">management agreement, PIMCO is paid a Management Fee of 0.76% of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">average daily net assets (including daily net assets attributable to any preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">for certain fees and expenses, which are reflected in the table above, that are not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">covered by the unified management fee under the investment management </div></ix:continuation></ix:continuation></div> <div style="float:left;margin-left:18pt;margin-top:2.2pt;width:264pt;min-height:642pt"> <ix:continuation id="TextSelectionAppend_137970606_3" continuedAt="TextSelectionAppend_137970606_4"><ix:continuation id="TextSelectionAppend_137970537_1"><div style="line-height:10.0pt;margin-left:10pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">agreement. Please see &#8220;Management of the Fund&#8211;Investment Management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221; for an explanation of the unified management fee and definition of &#8220;net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">assets.&#8221;</div></div> </ix:continuation> </ix:continuation><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"><ix:continuation id="TextSelectionAppend_137970606_4" continuedAt="TextSelectionAppend_137970606_5"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(2)</div></ix:continuation></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt"><ix:continuation id="TextSelectionAppend_137970606_5" continuedAt="TextSelectionAppend_137970606_6"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Reflects the Fund&#8217;s preferred shares averaged over the fiscal year ended June 30, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2024, which represented 0.21% of the Fund&#8217;s total average managed assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(including the liquidation preference of outstanding Preferred Shares and assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">attributable to reverse repurchase agreements) as of that date, at an annual dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">cost to the Fund of 4.26%. The Fund purchased the bulk of its preferred shares in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">tender offer completed in April 2024 and redeemed its remaining preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">between November 4, 2024 and November 8, 2024. The Fund has no preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding as of the date of this prospectus.</div></ix:continuation></div> </div> <ix:continuation id="TextSelectionAppend_137970606_6" continuedAt="TextSelectionAppend_137970606_7"><div style="clear: both; position: relative; max-height: 0px;"></div></ix:continuation> </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"><ix:continuation id="TextSelectionAppend_137970606_7" continuedAt="TextSelectionAppend_137970606_8"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(3)</div></ix:continuation></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt"><ix:continuation id="TextSelectionAppend_137970606_8" continuedAt="TextSelectionAppend_137970606_9"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Reflects the Fund&#8217;s use of leverage in the form of reverse repurchase agreements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">averaged over the fiscal year ended June 30, 2024, which represented 14.59% of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s average total managed assets, (including assets attributable to reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements), at an annual interest rate cost to the Fund of 5.80%, which is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the weighted average interest rate cost during the fiscal year ended June 30, 2024. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Use of Leverage&#8212;Effects of Leverage.&#8221; The actual amount of interest expense </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements, dollar rolls and/or borrowings and variations in market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Borrowing expense is required to be treated as an expense of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">for accounting purposes. Any associated income or gains (or losses) realized from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">leverage obtained through such instruments is not reflected in the Annual Expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">table above, but would be reflected in the Fund&#8217;s performance results.</div></ix:continuation></div> </div> <ix:continuation id="TextSelectionAppend_137970606_9" continuedAt="TextSelectionAppend_137970606_10"><div style="clear: both; position: relative; max-height: 0px;"></div></ix:continuation> </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"><ix:continuation id="TextSelectionAppend_137970606_10" continuedAt="TextSelectionAppend_137970606_11"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(4)</div></ix:continuation></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt"><ix:continuation id="TextSelectionAppend_137970606_11" continuedAt="TextSelectionAppend_137970606_12"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><ix:nonNumeric name="cef:OtherExpensesNoteTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" id="ixv-6500"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending June 30, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2025.</div></ix:nonNumeric><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div></ix:continuation></div> </div> <ix:continuation id="TextSelectionAppend_137970606_12" continuedAt="TextSelectionAppend_137970606_13"><div style="clear: both; position: relative; max-height: 0px;"></div></ix:continuation> </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"><ix:continuation id="TextSelectionAppend_137970606_13" continuedAt="TextSelectionAppend_137970606_14"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(5)</div></ix:continuation></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt"><ix:continuation id="TextSelectionAppend_137970606_14" continuedAt="TextSelectionAppend_137970606_15"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Dividend Cost on Preferred Shares&#8221;, including distributions on Preferred Shares, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Interest Payments on Borrowed Funds&#8221; are borne by the Fund separately from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">management fees paid to PIMCO. Excluding these expenses, Total Annual Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Operating Expenses are 0.85%. Excluding only distributions on Preferred Shares of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">0.01%, Total Annual Fund Operating Expenses are 2.91%.</div></ix:continuation></div> </div> <ix:continuation id="TextSelectionAppend_137970606_15"><div style="clear: both; position: relative; max-height: 0px;"></div></ix:continuation> </div> <ix:nonNumeric name="cef:ExpenseExampleTableTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" continuedAt="TextSelection_137970525" id="ixv-6520"> <div style="line-height:14.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Example</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following example illustrates the expenses that you would pay on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$1,000 investment in Common Shares of the Fund, assuming (1) that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s net assets do not increase or decrease, (2) that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurs total annual expenses of 2.92% of net assets attributable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares in years 1 through 10 (assuming outstanding Preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares and assets attributable to reverse repurchase agreements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing 14.80% of the Fund's average total managed assets) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(3) a 5% annual return</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">(1)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"></div> </div> <div style="margin-top:0.0pt">
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<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:132.84pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></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"> <div style="line-height:7pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">1 Year</div></div></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"> <div style="line-height:7pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">3 Years</div></div></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"> <div style="line-height:7pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">5 Years</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:32.96pt"> <div style="line-height:7pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">10 Years</div></div></div> </div> </td> </tr>
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<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"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Expenses Incurred</div></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"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:ExpenseExampleYear01" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal" id="Fact_137970539">30</ix:nonFraction></div></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"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:ExpenseExampleYears1to3" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal" id="Fact_137970540">90</ix:nonFraction></div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:32.32pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:ExpenseExampleYears1to5" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal" id="Fact_137970541">154</ix:nonFraction></div></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:32.96pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:ExpenseExampleYears1to10" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal" id="Fact_137970542">324</ix:nonFraction></div></div> </div> </td> </tr> </table> </div> </ix:nonNumeric><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"><ix:continuation id="TextSelection_137970525" continuedAt="TextSelectionAppend_137970525_1"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(1)</div></ix:continuation></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt"><ix:continuation id="TextSelectionAppend_137970525_1" continuedAt="TextSelectionAppend_137970525_2"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">The example above should not be considered a representation of future </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">expenses. Actual expenses may be higher or lower than those shown.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">example assumes that the estimated Interest Payments on Borrowed Funds, Dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Cost on Preferred Shares and Other Expenses set forth in the Annual Expenses table </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">are accurate, that the rate listed under Total Annual Expenses remains the same each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">year and that all dividends and distributions are reinvested at NAV. Actual expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">may be greater or less than those assumed. Moreover, the Fund&#8217;s actual rate of return </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">may be greater or less than the hypothetical 5% annual return shown in the example. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The example does not include commissions or estimated offering expenses, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">would cause the expenses shown in the example to increase. In connection with an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">offering of Common Shares, the prospectus supplement will set forth an example </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">including sales load and estimated offering costs.</div></ix:continuation></div> </div> <ix:continuation id="TextSelectionAppend_137970525_2"><div style="clear: both; position: relative; max-height: 0px;"></div></ix:continuation> </div> </div> <div style="clear: both; max-height: 0px;"></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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/> <div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">33&#8194;&#8194;</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div></div> </div> </div> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:30pt;margin-top:-12pt;width:538pt;z-index:-1;min-height:12pt"> <div style="margin-top: 0pt; text-align: right; background: none;">
<img alt="" src="g902387g2imgbd3401d73.gif" style="width: 105px; height: 13px;"/><br/><div style="color: rgb(0, 0, 0); float: left; font-family: &quot;Arial Narrow&quot;; font-size: 13.03pt; line-height: 1pt; margin-left: -459pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</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 id="xx_52f82a77-2456-4ad0-91b7-96e9c60e743a_1"></a> <div style="page-break-after:always;position:relative"> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:69pt;margin-top:57pt;width:457pt;min-height:651pt"> <div style="line-height: 14.21pt; margin-top: 0pt; text-align: left; font-size: 13.03pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 13.03pt; line-height: 14.21pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div> </div> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:69pt;margin-top:-651pt;width:457pt;min-height:651pt"> <div style="line-height:12.0pt;margin-top:321.5pt;text-align:center"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; line-height: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">This page intentionally left blank</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 id="xx_52f82a77-2456-4ad0-91b7-96e9c60e743a_2"></a> <div style="page-break-after:always;position:relative"> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"> <div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div> </div> <div style="clear: both; max-height: 0px;"></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:#333333;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; max-height: 0px;"></div> <div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"> <div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Financial Highlights</div></div></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left"> <div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The information in the table below for the fiscal years ended June 30, 2024, 2023 and 2022 and July 31, 2021, 2020, 2019, 2018 and 2017 is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derived from the Fund&#8217;s financial statements for the fiscal year ended June 30, 2024 audited by PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), whose report </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on such financial statements is contained in the Fund&#8217;s June 30, 2024 Annual Report and is incorporated by reference into the Statement of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additional Information. The information shown for the six months ended December 31, 2024 is unaudited. The information in the table below for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fiscal years ended July 31, 2016, and March 31, 2015 is derived from the Fund&#8217;s financial statements for the fiscal year ended July 31, 2016. Effective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">April 1, 2022, the end of the Fund's fiscal year changed from July 31 to June 30.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div> </div> <div style="line-height:0.0pt;text-align:left"></div> <div style="margin-top:0.0pt">
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<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:93.84pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:44.42pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td colspan="2" style="padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:88.84pt"> <div style="line-height:9.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #00687D;margin-left:3.38%;margin-right:3.38%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Operations</div></div></div> </div> </div> </td>
<td colspan="2" style="padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:88.83pt"> <div style="line-height:9.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #00687D;margin-left:3.38%;margin-right:3.38%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Less Distributions</div></div></div> <div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">to ARPS</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(c)</div></div> <div style="clear:right"></div> </div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:44.41pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td colspan="4" style="padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:177.64pt"> <div style="line-height:9.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #00687D;margin-left:1.69%;margin-right:0.84%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Less Distributions to Common Shareholders</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(d)</div></div> <div style="clear:right"></div> </div> </div> </div> </td> </tr>
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<td style="vertical-align:Bottom;width:93.84pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.42pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.42pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.42pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.42pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.41pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.41pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.41pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.41pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.41pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td>
<td style="vertical-align:Bottom;width:44.41pt"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div> </div> </td> </tr>
<tr style="height:76pt">
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:93.84pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Selected Per Share Data</div></div></div> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">for the Year or Period Ended&#x5E;:</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.42pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net Asset</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Value</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Beginning</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">of Year or</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Period</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(a)</div></div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.42pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Income</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(Loss)</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(b)</div></div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.42pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Realized/</div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Unrealized</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Gain (Loss)</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.42pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">From Net</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Income</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.41pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">From Net</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Realized</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Capital</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Gains</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.41pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net Increase</div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(Decrease)</div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">in Net Assets</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Applicable</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">to Common</div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Shareholders</div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Resulting </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">from</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Operations</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.41pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">From Net</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Income</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.41pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">From Net</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Realized</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Capital</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Gains</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.41pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Tax Basis</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Return of</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Capital</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.41pt"> <div style="line-height:8pt;text-align:left"> <div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></div> </div> </td> </tr>
<tr style="height:10.5pt">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;width:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">07/01/2024-12/31/2024+</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">4.56</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">0.26</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 2.07pt; letter-spacing: 0px; top: 0px;display:inline;">0.18</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> (0.00)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 2.07pt; letter-spacing: 0px; top: 0px;display:inline;">0.44</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> (0.29)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 2.07pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> (0.29)</div></div> </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:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">06/30/2024</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">4.51</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.40</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.22</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.02)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.60</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.48)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.10)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.58)</div></div> </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:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">06/30/2023</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">4.72</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.48</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.10)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.03)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.35</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.58)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.58)</div></div> </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;white-space:nowrap;width:93.84pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:2.75pt;text-align:right;width:87.84pt"> <div style="display:flex;margin:auto;width:2.0pt"> <div style="display:flex;white-space:nowrap;width:2.0pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">08/01/2021-06/30/2022</div> <div style="clear:right"></div> </div> <div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(h)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">5.92</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.47</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(1.14)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.67)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.53)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.53)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(k)</div> <div style="clear:right"></div> </div> </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:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">07/31/2021</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">5.01</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.56</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.93</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">1.49</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.44)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.14)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.58)</div></div> </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:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">07/31/2020</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">6.38</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.65</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(1.30)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.01)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.66)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.68)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.03)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.71)</div></div> </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:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">07/31/2019</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">6.54</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(l)</div> <div style="clear:right"></div> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.61</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.11</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.03)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.69</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.73)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.16)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.89)</div></div> </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:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">07/31/2018</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">6.90</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.62</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.01</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.02)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.61</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.84)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.13)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.97)</div></div> </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:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">07/31/2017</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">6.63</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.67</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.71</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.01)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">1.37</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.91)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.19)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(1.10)</div></div> </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:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">07/31/2016</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">7.37</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.74</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.48)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.26</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(1.18)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.08)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(1.26)</div></div> </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;white-space:nowrap;width:93.84pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:2.75pt;text-align:right;width:87.84pt"> <div style="display:flex;margin:auto;width:2.0pt"> <div style="display:flex;white-space:nowrap;width:2.0pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">04/01/2015 - 07/31/2015</div> <div style="clear:right"></div> </div> <div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(i)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">7.59</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.21</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.06</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.27</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.33)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.16)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.49)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(l)</div> <div style="clear:right"></div> </div> </div> </div> </td> </tr>
<tr style="height:8.5pt">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:93.84pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">03/31/2015</div></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">8.23</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.94</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(0.12)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.42pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.42pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.82</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(1.46)</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:19.27pt"> <div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:23.41pt"> <div style="display:flex;white-space:nowrap;width:23.41pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.91pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.41pt"> <div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:38.41pt"> <div style="display:flex;margin:auto;width:29.07pt"> <div style="display:flex;white-space:nowrap;width:29.07pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">(1.46)</div></div> </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:10.0pt;text-align:left;width:4.8pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#x5E;</div></div> <div style="float:left;line-height:10.0pt;margin-left:5.2pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">+</div></div> <div style="float:left;line-height:10.0pt;margin-left:5.2pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Unaudited</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div> <div style="float:left;line-height:10.0pt;margin-left:6.16pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Annualized, except for organizational expense, if any.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:7.69pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(a) </div></div> <div style="float:left;line-height:10.0pt;margin-left:2.31pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:7.84pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(b)</div></div> <div style="float:left;line-height:10.0pt;margin-left:2.16pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Per share amounts based on average number of common shares outstanding during the year.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:7.1pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(c)</div></div> <div style="float:left;line-height:10.0pt;margin-left:2.9pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Auction-Rate Preferred Shareholders (&#8220;ARPS&#8221;). See Note 14, Auction-Rate Preferred Shares, in the Notes to Financial Statements for more information.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:7.84pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(d)</div></div> <div style="float:left;line-height:10.0pt;margin-left:2.16pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions &#8212; Common Shares, in the Notes to Financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Statements for more information.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:7.55pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(e)</div></div> <div style="float:left;line-height:10.0pt;margin-left:2.45pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total investment return is calculated assuming a purchase of a common share at the market price on the first day and a sale of a common share at the market price on the last day of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds&#8217; dividend reinvestment plan. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:6.21pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(f)</div></div> <div style="float:left;line-height:10.0pt;margin-left:3.79pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. The expense ratio and net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">investment income do not reflect the effects of dividend payments to preferred shareholders.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:7.84pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(g)</div></div> <div style="float:left;line-height:10.0pt;margin-left:2.16pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions. See Note 5, Borrowings and Other Financing Transactions, in the Notes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">to Financial Statements for more information.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:7.84pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(h)</div></div> <div style="float:left;line-height:10.0pt;margin-left:2.16pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fiscal year end changed from July 31st to June 30th.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:5.77pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(i)</div></div> <div style="float:left;line-height:10.0pt;margin-left:4.23pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total distributions for the period ended July 31, 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">ended July 31, 2015.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:5.77pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(j)</div></div> <div style="float:left;line-height:10.0pt;margin-left:4.23pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">information regarding the expenses and any applicable fee waivers associated with these investments.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:7.55pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(k)</div></div> <div style="float:left;line-height:10.0pt;margin-left:2.45pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total distributions for the period ended June 30, 2022 may be lower than prior fiscal years due to fiscal year end change resulting in a reduction of the amount of days in the period </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">ended June 30, 2022.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></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:5.77pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(l)</div></div> <div style="float:left;line-height:10.0pt;margin-left:4.23pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The NAV presented may differ from the NAV reported for the same period in other Fund materials.</div></div> </div> <div style="clear:both;position:relative;width:100%"> <div style="float:left;line-height:2pt;text-align:left;width:533pt"></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> </div> <div style="clear: both; max-height: 0px;"></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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/> <div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">35&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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></div> </div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_52f82a77-2456-4ad0-91b7-96e9c60e743a_3"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height: 0pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div><div style="line-height:0.0pt;margin-top:88pt;text-align:left"><div style="margin-top:88pt"> </div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:22.5pt">
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:50.67pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:34.99pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1.33pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:50.08pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1.33pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td colspan="3" style="border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:123.89pt"><div style="line-height:17.0pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Common Share</div></div></div></div></td>
<td colspan="7" style="border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:278.35pt"><div style="line-height:17.0pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Ratios/Supplemental Data</div></div></div></div></td></tr>
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<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:50.67pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:34.99pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1.33pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:50.08pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1.33pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:39.69pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1.33pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.25pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1.33pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:39.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1.33pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:45.39pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1.33pt; margin-right: 1.33pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td colspan="5" style="border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:200.80pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Ratios to Average Net Assets</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(f)(j)</div></div> <div style="clear:right"> </div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:32.16pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 1.33pt; margin-right: 1pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td></tr>
<tr style="height:76pt">
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:50.67pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Increase</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 24pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Resulting from</div></div></div><div style="margin-left:1pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Common Share</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">offering</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:34.99pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Offering</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 24pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Cost</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Charged</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">to Paid</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">in Capital</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:50.08pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Increase</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Resulting from</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Tender and</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase of</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Auction-Rate</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Preferred</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Shares</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(c)</div></div> <div style="clear:right"> </div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:39.69pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net Asset</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Value</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">End of Year</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">or Period</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(a)</div></div> <div style="clear:right"> </div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.25pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Price</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 24pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">End of Year</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">or Period</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:39.95pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 24pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Return</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(e)</div></div> <div style="clear:right"> </div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:45.39pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net Assets</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 24pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Applicable</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">to Common</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Shareholders</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">End of Year</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(000s)</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:40.18pt"><div style="line-height:24pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Expenses</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(g)</div></div> <div style="clear:right"> </div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:36.31pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Expenses</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 24pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Excluding</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Waivers</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(g)</div></div> <div style="clear:right"> </div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:35.3pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Expenses</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 24pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Excluding</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Interest</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Expense</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:42.25pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Expenses</div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Excluding</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Interest</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Expense</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">and Waivers</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:46.76pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 24pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; line-height: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="margin-left:1.33pt;margin-right:1.33pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Income (Loss)</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:32.16pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:1.33pt;margin-right:1pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio</div></div></div><div style="margin-left:1.33pt;margin-right:1pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Turnover</div></div></div><div style="margin-left:1.33pt;margin-right:1pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Rate</div></div></div></div></td></tr>
<tr style="height:10.5pt">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.01</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">4.72</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">4.86</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">7.13</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">792,054</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.69</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.69</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.80</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.80</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">11.01</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">18</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.01</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.02</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">4.56</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">4.82</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">9.17</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">720,939</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">2.91</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">2.91</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.85</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.85</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">8.95</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">29</div></div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.02</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">4.51</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">5.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">9.20</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">667,041</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">2.70</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">2.70</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.92</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.92</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">10.14</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">27</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">4.72</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">5.17</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">(18.39</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">)</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">640,448</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.18</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.18</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.86</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.86</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">9.30</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">37</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">5.92</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">6.95</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">47.82</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">792,773</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.14</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.14</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.86</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.86</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">9.96</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">60</div></div><div style="display: flex; font-size: 8pt; background: none;">&#160;</div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">5.01</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">5.18</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">(27.55</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">)</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">664,144</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.73</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.73</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.86</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.86</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">11.42</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">40</div></div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.04</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">6.38</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">8.03</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">3.57</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">835,988</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.86</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.86</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.91</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.91</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">9.74</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">20</div></div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">6.54</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">8.67</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">13.31</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">847,052</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.48</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.48</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.90</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.90</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">9.30</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">27</div></div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">6.90</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">8.71</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">(1.45</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">)</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">884,912</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.25</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.25</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.90</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.90</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">10.08</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">32</div></div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.26</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">6.63</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">10.03</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">19.92</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">841,102</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.08</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.08</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.95</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">0.95</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">11.20</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">42</div></div></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;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">7.37</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">9.71</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">(18.40</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">)</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">925,598</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.05</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.05</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.03</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.03</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">8.14</div></div><div style="display:flex"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></div></td></tr>
<tr style="height:8.5pt">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.67pt"><div style="line-height:9pt;margin-left:1pt;margin-right:1.33pt;text-align:right;width:44.09pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:34.99pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:27.84pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:50.08pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:42.92pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">0.00</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.69pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.53pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">7.59</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:37.09pt"><div style="display:flex;margin:auto;width:23.11pt"><div style="display:flex;white-space:nowrap;width:23.11pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 23.11pt; letter-spacing: 0px; top: 0px;display:inline;">12.48</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:39.95pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:32.8pt"><div style="display:flex;margin:auto;width:21.34pt"><div style="display:flex;white-space:nowrap;width:21.34pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.34pt; letter-spacing: 0px; top: 0px;display:inline;">12.30</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:45.39pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:38.24pt"><div style="display:flex;margin:auto;width:30.78pt"><div style="display:flex;white-space:nowrap;width:30.78pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 30.78pt; letter-spacing: 0px; top: 0px;display:inline;">949,880</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:40.18pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:33.03pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.18</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:36.31pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:29.15pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.18</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:35.3pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:28.14pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.02</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:42.25pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:35.09pt"><div style="display:flex;margin:auto;width:15.43pt"><div style="display:flex;white-space:nowrap;width:15.43pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 15.43pt; letter-spacing: 0px; top: 0px;display:inline;">1.02</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:46.76pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:3.58pt;text-align:right;width:39.6pt"><div style="display:flex;margin:auto;width:19.27pt"><div style="display:flex;white-space:nowrap;width:19.27pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 19.27pt; letter-spacing: 0px; top: 0px;display:inline;">11.53</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:32.16pt"><div style="line-height:9pt;margin-left:3.58pt;margin-right:1.5pt;text-align:right;width:25.59pt"><div style="display:flex;margin:auto;width:9.68pt"><div style="display:flex;white-space:nowrap;width:9.68pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 9.68pt; letter-spacing: 0px; top: 0px;display:inline;">58</div></div></div></div></td></tr></table></div><div style="line-height:9.0pt;text-align:left"> </div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">36</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_52f82a77-2456-4ad0-91b7-96e9c60e743a_4"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height: 0pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); float: right; font-family: &quot;Arial Narrow&quot;; font-size: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div><div style="line-height:0.0pt;text-align:left"> </div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:14.5pt">
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:164.95pt"><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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td colspan="4" style="padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:373.04pt"><div style="line-height:9.0pt;text-align:left"><div style="border-bottom:0.5pt solid #00687D;margin-left:0.80%;margin-right:0.40%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">ARPS</div></div></div></div></div></td></tr>
<tr style="height:12pt">
<td style="vertical-align:Bottom;width:164.95pt"><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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="vertical-align:Bottom;width:93.26pt"><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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="vertical-align:Bottom;width:93.26pt"><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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="vertical-align:Bottom;width:93.26pt"><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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td style="vertical-align:Bottom;width:93.26pt"><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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td></tr>
<tr style="height:28pt">
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:164.95pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Selected Per Share Data for the Year or Period Ended&#x5E;:</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:93.26pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Total Amount</div></div></div><div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Outstanding</div></div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:93.26pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Asset Coverage</div></div></div><div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">per Preferred Share</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(1)</div></div> <div style="clear:right"> </div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:93.26pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Involuntary Liquidating </div></div></div><div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Preference</div></div></div><div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">per Preferred Share</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(2)</div></div> <div style="clear:right"> </div></div></div></td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:93.26pt"><div style="line-height:8pt;text-align:left"><div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Average Market Value</div></div></div><div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">per ARPS</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(3)</div></div> <div style="clear:right"> </div></div></div></td></tr>
<tr style="height:10.5pt">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;width:164.95pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">7/1/2024 &#8211; 12/31/2024+</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 23.28pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 23.28pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:26.95pt"><div style="display:flex;white-space:nowrap;width:26.95pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">25,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:13.26pt"><div style="display:flex;white-space:nowrap;width:13.26pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></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:164.95pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">6/30/2024</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.84pt; letter-spacing: 0px; top: 0px;display:inline;">1,675,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10,779,665</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:26.95pt"><div style="display:flex;white-space:nowrap;width:26.95pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.83pt; letter-spacing: 0px; top: 0px;display:inline;">25,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:13.26pt"><div style="display:flex;white-space:nowrap;width:13.26pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></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:164.95pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">6/30/2023</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58,050,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 9.59pt; letter-spacing: 0px; top: 0px;display:inline;">311,948</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:26.95pt"><div style="display:flex;white-space:nowrap;width:26.95pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.83pt; letter-spacing: 0px; top: 0px;display:inline;">25,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:13.26pt"><div style="display:flex;white-space:nowrap;width:13.26pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></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:164.95pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">8/1/2021 &#8211; 6/30/2022(i)</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58,050,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 9.59pt; letter-spacing: 0px; top: 0px;display:inline;">300,723</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:26.95pt"><div style="display:flex;white-space:nowrap;width:26.95pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.83pt; letter-spacing: 0px; top: 0px;display:inline;">25,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:13.26pt"><div style="display:flex;white-space:nowrap;width:13.26pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></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:164.95pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">7/31/2021</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58,050,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 9.59pt; letter-spacing: 0px; top: 0px;display:inline;">366,413</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:26.95pt"><div style="display:flex;white-space:nowrap;width:26.95pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.83pt; letter-spacing: 0px; top: 0px;display:inline;">25,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:13.26pt"><div style="display:flex;white-space:nowrap;width:13.26pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></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:164.95pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">7/31/2020</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58,050,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 9.59pt; letter-spacing: 0px; top: 0px;display:inline;">311,018</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:26.95pt"><div style="display:flex;white-space:nowrap;width:26.95pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.83pt; letter-spacing: 0px; top: 0px;display:inline;">25,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:13.26pt"><div style="display:flex;white-space:nowrap;width:13.26pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div></div></td></tr>
<tr style="height:8.5pt">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:164.95pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">7/31/2019</div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58,050,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:36.54pt"><div style="display:flex;white-space:nowrap;width:36.54pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 9.59pt; letter-spacing: 0px; top: 0px;display:inline;">384,900</div></div></div></div></td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:3pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:26.95pt"><div style="display:flex;white-space:nowrap;width:26.95pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.83pt; letter-spacing: 0px; top: 0px;display:inline;">25,000</div></div></div></div></td>
<td style="background-color:#ECF6F8;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:93.26pt"><div style="line-height:9pt;margin-left:3pt;margin-right:1.5pt;text-align:right;width:87.26pt"><div style="display:flex;margin:auto;width:13.26pt"><div style="display:flex;white-space:nowrap;width:13.26pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">&#x5E;</div></div><div style="float:left;line-height:10.0pt;margin-left:6.4pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></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:3.6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">+</div></div><div style="float:left;line-height:10.0pt;margin-left:6.4pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Unaudited. Information is presented in conformance with annual reporting requirements for funds that have filed a registration statement pursuant to General Instruction A.2 of Form </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">N-2 (&#8220;Short Form N-2&#8221;).</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</div></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Asset Coverage per Preferred Share&#8221; means the ratio that the value of the total assets of the Fund, less all liabilities and indebtedness not represented by ARPS, bears to the aggregate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the involuntary liquidation preference of ARPS, expressed as a dollar amount per ARPS.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(2)</div></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Involuntary Liquidating Preference&#8221; means the amount to which a holder of ARPS would be entitled upon the involuntary liquidation of the Fund in preference to the Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders, expressed as a dollar amount per Preferred Share.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></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"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(3)</div></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Between November 4, 2024 and November 8, 2024, the Funds redeemed each outstanding series of Auction-Rate Preferred Shares (&#8220;ARPS&#8221;) at the full liquidation preference (i.e., face </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">value) of the ARPS. Prior to this redemption, there was no active trading market for the ARPS and the Fund was not able to reliably estimate what their value would have been in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">third-party market sale. The liquidation value of the ARPS represents its liquidation preference, which approximates fair value of the shares less any accumulated unpaid dividends. See </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Note 14, Auction-Rate Preferred Shares, in the notes to Financial Statements for more information.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">37&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_1"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Use of Proceeds</div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The net proceeds of an offering will be invested in accordance with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investment objectives and policies as set forth below. It is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currently anticipated that the Fund will be able to invest substantially all </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the net proceeds of an offering in accordance with its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objectives and policies within approximately 30 days of receipt by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, depending on the amount and timing of proceeds available to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund as well as the availability of investments consistent with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investment objectives and policies, and except to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds are held in cash to pay dividends or expenses, or for temporary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defensive purposes. Pending such investment, it is anticipated that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds of an offering will be invested in high grade, short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, credit-linked trust certificates, and/or high yield securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">index futures contracts or similar derivative instruments designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">give the Fund exposure to the securities and markets in which it intends </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to invest while the Investment Manager selects specific investments.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">The Fund</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is a diversified, closed-end management investment company. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund was organized as a Massachusetts business trust on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">February 18, 2003, pursuant to an Agreement and Declaration of Trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governed by the laws of the Commonwealth of Massachusetts. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund commenced operations on April 30, 2003, following the initial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">public offering of its Common Shares.</div></div></div><ix:nonNumeric name="cef:InvestmentObjectivesAndPracticesTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" continuedAt="TextSelection_137970544" id="ixv-9374"><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Objectives and Policies</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When used in this prospectus, the term &#8220;invest&#8221; includes both direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing and indirect investing and the term &#8220;investments&#8221; includes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both direct investments and indirect investments. For example, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may invest indirectly by investing in derivatives or through its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wholly-owned subsidiaries (each, a &#8220;Subsidiary&#8221; and collectively, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries). References herein to the Fund include, as appropriate, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries through which the Fund may gain exposure to investments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may be exposed to the different types of investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described below through its investments in its Subsidiaries. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocation of the Fund&#8217;s assets to a Subsidiary will vary over time and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will likely not include all of the different types of investments described </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">herein at any given time.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund seeks high current income as a primary objective and capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appreciation as a secondary objective. The Fund's investment objectives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are considered non-fundamental and may be changed by the Board </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without shareholder approval. The Fund seeks to achieve its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objectives by utilizing a dynamic asset allocation strategy among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multiple fixed income sectors in the global credit markets, which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include corporate debt (including, among other things, fixed-, variable- </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and floating-rate bonds, loans (including, but not limited to, bank </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or other syndicated loans and non-syndicated (private direct) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans), convertible securities and stressed debt securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. or foreign (non-U.S.) corporations or other business entities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including emerging market issuers), mortgage-related and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed securities, government and sovereign debt, taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal bonds and other fixed-, variable- and floating-rate </div></div></div></ix:nonNumeric> </div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelection_137970544" continuedAt="TextSelectionAppend_137970544_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing securities of U.S. and foreign issuers, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market issuers. Aiming to identify securities that provide high </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current income and/or capital appreciation, the Fund focuses on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration management, credit quality analysis, risk management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">techniques and broad diversification among issuers, industries and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sectors as well as other risk management techniques designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manage default risk. The Fund may invest in investment grade debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and below investment grade debt securities (commonly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;), including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of stressed, distressed or defaulted issuers. The types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and instruments in which the Fund may invest are described </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under &#8220;Portfolio Contents&#8212;Principal Investments&#8221; below. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cannot assure you that it will achieve its investment objectives or that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investment program will be successful, and you could lose all </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of your investment in the Fund.</div></div></ix:continuation><ix:continuation id="TextSelectionAppend_137970544_1"><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Other Strategy Information. </div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio securities may be sold at any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time. By way of example, sales may occur when PIMCO determines to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take advantage of what it considers to be a better investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunity, when the portfolio managers believe the portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities no longer represent relatively attractive investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities, when the portfolio managers perceive deterioration in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit fundamentals of an issuer, or when an individual security has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reached the portfolio managers&#8217; sell target. PIMCO may engage in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">active and frequent trading of the Fund&#8217;s portfolio investments. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that it does so, the Fund may incur greater transaction costs and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may make greater distributions of income and gains, which will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable to shareholders who do not hold their shares through a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax-advantaged or tax-deferred account.</div></div></div></ix:continuation><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Management Strategies</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Dynamic Allocation Strategy.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In managing the Fund, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment manager, PIMCO, employs an active approach to allocation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among multiple fixed income sectors based on, among other things, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions, valuation assessments, economic outlook, credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market trends and other economic factors. With PIMCO&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">macroeconomic analysis as the basis for top-down investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decisions, including geographic and credit sector emphasis, PIMCO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manages the Fund with a focus on seeking income generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment ideas across multiple fixed income sectors, with an emphasis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on seeking opportunities in developed and emerging global credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets. PIMCO may choose to focus on particular countries/regions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset classes, industries and sectors to the exclusion of others at any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time and from time to time based on market conditions and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors. The relative value assessment within fixed income sectors draws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on PIMCO&#8217;s regional and sector specialist insights. The Fund will observe </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">various investment guidelines as summarized below.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Investment Selection Strategies.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Once the Fund&#8217;s top-down, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio positioning decisions have been made as described above, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO selects particular investments for the Fund by employing a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bottom-up, disciplined credit approach which is driven by fundamental, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">independent research within each sector/asset class represented in the </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">38</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_2"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, with a focus on seeking to identify securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments with solid and/or improving fundamentals.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO utilizes strategies that focus on credit quality analysis, duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management and other risk management techniques. PIMCO attempts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to identify, through fundamental research driven by independent credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analysis and proprietary analytical tools, debt obligations and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing securities that provide current income and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities for capital appreciation based on its analysis of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s credit characteristics and the position of the security in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s capital structure.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consideration of yield is only one component of the portfolio managers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approach in managing the Fund. PIMCO also attempts to identify </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments that may appreciate in value based on PIMCO&#8217;s assessment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the issuer&#8217;s credit characteristics, forecast for interest rates and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outlook for particular countries/regions, currencies, industries, sectors </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the global economy and bond markets generally.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Credit Quality.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in debt instruments that are, at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the time of purchase, rated below investment grade (below Baa3 by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217; Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or below BBB- by either S&amp;P </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Global Ratings (&#8220;S&amp;P&#8221;) or Fitch, Inc. (&#8220;Fitch&#8221;)), or that are unrated but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined by PIMCO to be of comparable quality to securities so rated. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will not normally invest more than 20% of its total assets in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt instruments, other than mortgage-related and other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, that are, at the time of purchase, rated CCC+ or lower by S&amp;P </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and Fitch and Caa1 or lower by Moody&#8217;s, or that are unrated but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined by PIMCO to be of comparable quality to securities so rated. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest without limit in mortgage-related and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed securities regardless of rating (i.e., of any credit quality). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to this 20% restriction, the Fund may invest any portion of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets (or none) in issuers of any credit quality (including bonds in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lowest ratings categories) if PIMCO determines that the particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation is undervalued and/or offers an attractive yield relative to its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk profile. For purposes of applying the foregoing policies, in the case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of securities with split ratings (i.e., a security receiving two different </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ratings from two different rating agencies), the Fund will apply the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher of the applicable ratings. Subject to the aforementioned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment restrictions, the Fund may invest in securities of stressed, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distressed or defaulted issuers, which include securities in default or at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of being in default as to the repayment of principal and/or interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at the time of acquisition by the Fund or that are rated in the lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating categories by one or more NRSRO (for example, Ca or lower by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s or CC or lower by S&amp;P or Fitch) or, if unrated, are determined </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by PIMCO to be of comparable quality to securities so rated. Debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments of below investment grade quality are regarded as having </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predominantly speculative characteristics with respect to capacity to pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest and to repay principal, and are commonly referred to as &#8220;high </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield&#8221; securities or &#8220;junk bonds.&#8221; Debt instruments in the lowest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade category also may be considered to possess some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics. The Fund may, for hedging, investment or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraging purposes, make use of credit default swaps (which includes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">buying and/or selling credit default swaps), which are contracts whereby </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">one party makes periodic payments to a counterparty in exchange for </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the right to receive from the counterparty a payment equal to the par </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(or other agreed-upon) value of a referenced debt obligation in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of a default or other credit event by the issuer of the debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Independent Credit Analysis.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO relies primarily on its own </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analysis of the credit quality and risks associated with individual debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments considered for the Fund, rather than relying exclusively on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating agencies or third-party research. The Fund&#8217;s portfolio managers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">utilize this information in an attempt to manage credit risk and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">identify issuers, industries and/or sectors that are undervalued and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that offer attractive yields relative to PIMCO&#8217;s assessment of their credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics. This aspect of PIMCO&#8217;s capabilities will be particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">important to the extent that the Fund invests in high yield securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in securities of emerging market issuers.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Duration Management.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">It is expected that the Fund normally will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a short to intermediate average portfolio duration (i.e., within a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">zero to eight (0 to 8) range), as calculated by PIMCO, although it may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shorter or longer at any time depending on market conditions and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors. While the Fund seeks to maintain a short to intermediate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average portfolio duration, there is no limit on the maturity or duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of any individual security in which the Fund may invest. Duration is a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measure used to determine the sensitivity of a security&#8217;s price to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in interest rates. For example, if the Fund has an average </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio duration of eight years, a 1% increase in interest rates would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tend to correspond to an 8% decrease in the value of the Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio. The Fund&#8217;s duration strategy may entail maintaining a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative average portfolio duration from time to time, meaning the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio would tend to increase in value in response to an increase in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. For example, if the Fund has a negative average portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration, a 1% increase in interest rates would tend to correspond to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1% increase in the value of the Fund&#8217;s portfolio for every year of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative duration. A negative average portfolio duration would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially benefit the portfolio in an environment of rising market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, but would generally adversely impact the portfolio in an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environment of falling or neutral market interest rates. See &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund&#8212;Interest Rate Risk.&#8221; The Fund may use various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives strategies to manage (increase or decrease) the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dollar-weighted average effective duration of the Fund's portfolio. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may also utilize certain strategies, including without limitation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in structured notes or interest rate futures contracts or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap, cap, floor or collar transactions, for the purpose of reducing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate sensitivity of the Fund&#8217;s portfolio, although there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that it will do so or that such strategies will be successful. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foregoing is a description of interest rate duration management only. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The credit spread duration of the Fund's portfolio may vary, in some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cases significantly, from its interest rate duration.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Contents</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under normal market conditions, the Fund seeks to achieve its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives by investing in, among other things, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">combination of corporate debt obligations of varying maturities, other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate income-producing securities, and income-producing securities </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">39&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_3"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of non-corporate issuers, such as U.S. Government securities, municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and mortgage-backed and other asset-backed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued on a public or private basis. Corporate-income producing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may include fixed, variable and floating-rate bonds, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debentures, notes and other similar types of corporate debt instruments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as preferred shares, convertible securities, loans (including, but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to, bank and/or other syndicated loans and non-syndicated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(private direct) loans) and loan participations and assignments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment-in-kind securities, step-ups, zero-coupon bonds, bank </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certificates of deposit, fixed time deposits and bankers&#8217; acceptances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stressed debt securities, structured notes and other hybrid instruments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain corporate income-producing securities, such as convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, also may include the right to participate in equity appreciation, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and PIMCO will generally evaluate those instruments based primarily on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their debt characteristics. The Fund normally invests at least 50% of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total assets in corporate debt obligations and other corporate securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including fixed-, variable- and floating-rate bonds, debentures, notes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other similar types of corporate debt instruments, such as preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares, convertible securities, bank loans and loan participations and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assignments, payment-in-kind securities, step-ups, zero-coupon bonds, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank capital securities, bank certificates of deposit, fixed time deposits </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and bankers&#8217; acceptances, stressed debt securities, structured notes and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other hybrid instruments, common stocks and other equity securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in mortgage-related securities, including mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pass-through securities, collateralized mortgage obligations (&#8220;CMOs&#8221;), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial or residential mortgage-backed securities, mortgage dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolls/buybacks, CMO residuals, adjustable rate mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, stripped mortgage-backed securities and other securities that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly or indirectly represent a participation in, or are secured by and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payable from, mortgage loans on real property, debt instruments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, without limitation, bonds, debentures, notes, and other debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of U.S. and foreign (non-U.S.) corporate and other issuers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including commercial paper; obligations of foreign governments or their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sub-divisions, agencies and government sponsored enterprises and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of international agencies and supranational entities; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal securities and other debt securities issued by states or local </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments and their agencies, authorities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government-sponsored enterprises, including taxable municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities; inflation-indexed bonds issued by both governments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporations; structured notes, including hybrid or indexed securities; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked instruments, catastrophe bonds and other event-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds; credit-linked notes; credit-linked trust certificates; structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit products; loans (including, among others, and without limitation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as to a loan&#8217;s level of seniority within a capital structure, senior loans, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated loans, mezzanine loans, delayed draw and delayed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">funding loans, covenant-lite obligations, credit facilities and loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations and assignments); preferred securities and convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities (i.e., debt securities that may be converted at either a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stated price or stated rate into underlying shares of common stock), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including synthetic convertible debt securities (i.e., instruments created </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through a combination of separate securities that possess the two </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal characteristics of a traditional convertible security, such as an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing security and the right to acquire an equity security) </div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and contingent convertible securities. For tax or other structuring </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reasons, the Fund may purchase loan or debt investment structured as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an equity interest (e.g., a joint venture interest). The Fund may invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities of stressed, distressed or defaulted issuers. Subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment limitations described above, at any given time and from time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to time, substantially all of the Fund&#8217;s portfolio may consist of below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade securities. The Fund may invest in various levels of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital structure of an issuer of mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities (including CBOs, CLOs and other CDOs, including the equity or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;first loss&#8221; tranche. The Fund may invest in unsecured loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated or mezzanine obligations, including second and lower lien </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans and the mezzanine and equity (or &#8220;first loss&#8221;) tranches of CLO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issues. For the avoidance of doubt, equity or &#8220;first loss&#8221; tranches of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed or asset-backed securities do not constitute equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests for purposes of the Fund&#8217;s 20% limit on investments in equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests described below. The Fund may also invest, as a third party </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser, in risk retention tranches of CMBS or other eligible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securitizations, which are eligible residual interests typically held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sponsors of such securitizations pursuant to the final rules </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementing the credit risk retention requirements of Section 941 of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Dodd-Frank Act. The rate of interest on an income-producing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security may be fixed, floating or variable, and may move in the opposite </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">direction to interest rates generally or the interest rate on another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security or index (i.e., inverse floaters).</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest without limit in non-U.S. dollar denominated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities (of both developed and &#8220;emerging market&#8221; countries), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including obligations of non-U.S. governments and their respective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sub-divisions, agencies and government-sponsored enterprises. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may invest up to 40% of its total assets in securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are economically tied to emerging market countries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">except the Fund may invest without limit in investment grade sovereign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt issued by emerging markets issuers that is denominated in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relevant country&#8217;s local currency with less than 1 year remaining to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity. The Fund may also invest directly in foreign currencies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including local emerging market currencies.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may, but is not required to, utilize various derivative strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(both long and short positions) involving the purchase or sale of futures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and forward contracts (including foreign currency exchange contracts), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">call and put options, credit default swaps, total return swaps, basis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps and other swap agreements and other derivative instruments for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment purposes, leveraging purposes or in an attempt to hedge </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against market, credit, interest rate, currency and other risks in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio. The Fund may purchase and sell securities on a when-issued, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed delivery or forward commitment basis and may engage in short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sales.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest up to 20% of its total assets in common stocks and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other equity securities from time to time, including those it has received </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through the conversion of a convertible security held by the Fund or in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">connection with the restructuring of a debt security. Common stocks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include common shares and other common equity interest issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">public or private issuers. The Fund may invest up to 20% of its total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets in bank loans.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">40</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_4"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities that have not been registered for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">public sale in the U.S. or relevant non-U.S. jurisdictions, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without limit securities eligible for purchase and sale pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 144A under the Securities Act, or relevant provisions of applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. law, and other securities issued in private placements. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may also invest in securities of other open- or closed-end </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies (including those advised by PIMCO), including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without limit, ETFs, to the extent that such investments are consistent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the Fund&#8217;s investment objectives, strategies and policies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">permissible under the 1940 Act. The Fund may invest in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies to gain broad market or sector exposure or for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash management purposes, including during periods when it has large </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amounts of uninvested cash or when PIMCO believes share prices of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investment companies offer attractive values. The Fund may invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in certain money market funds and/or short-term bond funds (&#8220;Central </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Funds&#8221;), to the extent permitted by the 1940 Act, the rules thereunder </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or exemptive relief therefrom. The Central Funds are registered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies created for use by certain registered investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies advised by PIMCO in connection with their cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management activities. The Fund treats its investments in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies that invest primarily in types of securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund may invest directly as investments in such types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities for purposes of the Fund&#8217;s investment policies (e.g., the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in an investment company that invests primarily in debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities will be treated by the Fund as an investment in a debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security). As a shareholder in an investment company, the Fund would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bear its ratable share of that investment company&#8217;s expenses and would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">remain subject to payment of the Fund&#8217;s management fees and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses with respect to assets so invested. Common Shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would therefore be subject to duplicative expenses to the extent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund invests in other investment companies. The securities of other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies may be leveraged, in which case the NAV and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market value of the investment company&#8217;s shares will be more volatile </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than unleveraged investments. The Fund may invest in real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment trusts. The Fund may invest in securities of companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any market capitalization, including small and medium capitalizations.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into repurchase agreements, in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases a security from a bank or broker-dealer and the bank or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broker-dealer agrees to repurchase the security at the Fund&#8217;s cost plus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest within a specified time.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may lend its portfolio securities to brokers, dealers or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial institutions provided a number of conditions are satisfied, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including that the loan is fully collateralized.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The length of time the Fund has held a particular security is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally a consideration in investment decisions. A change in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund is known as &#8220;portfolio turnover.&#8221; The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may engage in frequent and active trading of portfolio securities to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve its investment objectives, particularly during periods of volatile </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market movements.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest without limitation in illiquid investments (i.e., </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments that the Fund reasonably expects cannot be sold or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disposed of in current market conditions in seven calendar days or less </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without the sale or disposition significantly changing the market value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the investment).</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has received exemptive relief from the SEC that, to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund relies on such relief, permits it to (among other things) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">co-invest with certain other persons, including certain affiliates of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager and certain public or private funds managed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager and its affiliates, subject to certain terms and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions. The exemptive relief from the SEC with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">co-investments imposes extensive conditions on any co-investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">made in reliance on such relief.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Temporary Defensive Investments.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may make short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments when attempting to respond to adverse market, economic, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political, or other conditions, as determined by PIMCO. Upon PIMCO's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommendation, for temporary defensive purposes and in order to keep </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund's cash fully invested, the Fund may deviate from its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objectives and policies and invest some or all of its net assets in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments of non-corporate issuers, including high quality, short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities. The Fund may not achieve its investment objectives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when it does so.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Additional Information</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following provides additional information regarding the types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and other instruments in which the Fund will ordinarily invest. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A more detailed discussion of these and other instruments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment techniques that may be used by the Fund is provided under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Investment Objectives and Policies&#8221; in the Statement of Additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Information.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High Yield Securities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in debt instruments that are, at the time of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase, rated below investment grade (below Baa3 by Moody&#8217;s or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below BBB- by either S&amp;P or Fitch) or that are unrated but determined </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by PIMCO to be of comparable quality to securities so rated. However, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will not normally invest more than 20% of its total assets in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt instruments, other than mortgage-related and other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, that are, at the time of purchase, rated CCC+ or lower by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P and Fitch and Caa1 or lower by Moody&#8217;s, or that are unrated but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined by PIMCO to be of comparable quality to securities so rated. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest without limit in mortgage-related and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed securities regardless of rating (i.e., of any credit quality). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to this 20% restriction, the Fund may invest any portion of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets (or none) in issuers of any credit quality (including bonds in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lowest ratings categories) if PIMCO determines that the particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation is undervalued and/or offers an attractive yield relative to its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk profile. For purposes of applying the foregoing policies, in the case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of securities with split ratings (i.e., a security receiving two different </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ratings from two different rating agencies), the Fund will apply the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher of the applicable ratings. Subject to the aforementioned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment restrictions, the Fund may invest in securities of stressed, </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">41&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_5"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distressed or defaulted issuers, which include securities in default or at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of being in default as to the repayment of principal and/or interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at the time of acquisition by the Fund or that are rated in the lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating categories by one or more NRSROs (for example, Ca or lower by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s or CC or lower by S&amp;P or Fitch) or, if unrated, are determined </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by PIMCO to be of comparable quality to securities so rated. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also invest in defaulted securities and debtor-in-possession </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financings (commonly known as &#8220;DIP financings&#8221;). Securities rated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lower than Baa3 by Moody's or BBB- by S&amp;P or Fitch, and unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities judged to be of comparable quality to securities so rated by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO, are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds.&#8221; High yield securities involve a greater degree of risk (in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular, a greater risk of default) than, and special risks in addition to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risks associated with, investment grade debt obligations. While </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offering a greater potential opportunity for capital appreciation and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher yields, high yield securities typically entail greater potential price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility and may be less liquid than higher-rated securities. High yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may be regarded as predominantly speculative with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer&#8217;s continuing ability to make timely principal and interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments. They also may be more susceptible to real or perceived </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse economic and competitive industry conditions than higher-rated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Debt securities in the lowest investment grade category also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be considered to possess some speculative characteristics by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain rating agencies.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market values of high yield securities tend to reflect individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments of the issuer to a greater extent than do higher-quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, which tend to react mainly to fluctuations in the general level </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of interest rates. In addition, lower-quality debt securities tend to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more sensitive to general economic conditions. Certain emerging market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments that issue high yield securities in which the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest are among the largest debtors to commercial banks, foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments and supranational organizations, such as the World Bank, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may not be able or willing to make principal and/or interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments as they come due.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Credit ratings and unrated securities.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rating agencies are private </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">services that provide ratings of the credit quality of debt obligations. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Appendix A to this prospectus describes the various ratings assigned to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligations by Moody&#8217;s, S&amp;P and Fitch. As noted in Appendix A, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s, S&amp;P and Fitch may modify their ratings of securities to show </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative standing within a rating category, with the addition of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">numerical modifiers (1, 2 or 3) in the case of Moody&#8217;s, and with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition of a plus (+) or minus (-) sign in the case of S&amp;P and Fitch. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ratings assigned by a rating agency are not absolute standards of credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality and do not evaluate market risks. Rating agencies may fail to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make timely changes in credit ratings and an issuer&#8217;s current financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condition may be better or worse than a rating indicates. The Fund will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not necessarily sell a security when its rating is reduced below its rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at the time of purchase. The ratings of a debt security may change over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time. Moody&#8217;s, S&amp;P and Fitch monitor and evaluate the ratings assigned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to securities on an ongoing basis. As a result, debt instruments held by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund could receive a higher rating (which would tend to increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their value) or a lower rating (which would tend to decrease their value) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during the period in which they are held by the Fund.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may purchase unrated securities (which are not rated by a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating agency) if PIMCO determines, in its sole discretion, that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security is of comparable quality to a rated security that the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase. In making these determinations, PIMCO may take into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account different factors than those taken into account by rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agencies, and PIMCO&#8217;s rating of a security may differ from the rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that a rating agency may have given the same security. Unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may be less liquid than comparable rated securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involve the risk that the portfolio manager may not accurately evaluate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the security&#8217;s comparative credit rating. The Fund may invest a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantial portion of its assets in unrated securities and therefore may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be particularly subject to the associated risks. Analysis of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of issuers of high yield securities may be more complex </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than that for issuers of higher-quality fixed income securities. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that the Fund invests in high yield and/or unrated securities, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s success in achieving its investment objectives may depend more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heavily on the portfolio manager&#8217;s creditworthiness analysis than if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund invested exclusively in higher-quality and higher-rated securities.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Foreign (Non-U.S.) Investments</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the limit described elsewhere in this prospectus on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in securities and instruments that are economically tied to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;emerging market&#8221; countries, the Fund may invest without limitation in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments of corporate and other foreign (non-U.S.) issuers, and in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments traded principally outside of the United States. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may invest in sovereign and other debt securities issued by foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments and their respective sub-divisions, agencies or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrumentalities, government sponsored enterprises and supranational </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government entities. Supranational entities include international </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">organizations that are organized or supported by one or more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government entities to promote economic reconstruction or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">development and by international banking institutions and related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental agencies. As a holder of such debt securities, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be requested to participate in the rescheduling of such debt and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extend further loans to governmental entities. In addition, there are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally no bankruptcy proceedings similar to those in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">United States by which defaulted foreign debt securities may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collected. Investing in foreign securities involves special risks and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerations not typically associated with investing in U.S. securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Principal Risks of the Fund&#8212;Foreign (Non-U.S.) Investment Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO generally considers an instrument to be economically tied to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non- U.S. country if the issuer is a foreign (non-U.S.) government (or any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political subdivision, agency, authority or instrumentality of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government), or if the issuer is organized under the laws of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. country. In the case of money market instruments other than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial paper and certificates of deposit, such instruments will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered economically tied to a non-U.S. country if the issuer of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">money market instrument is organized under the laws of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. country. In the case of commercial paper and certificates of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deposit, instruments will be considered economically tied to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. country if the &#8220;country of exposure&#8221; of such instrument is a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. country, as determined by the criteria set forth below. With </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to derivative instruments, PIMCO generally considers such </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">42</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_6"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments to be economically tied to non-U.S. countries if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying assets are foreign currencies (or baskets or indexes of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies), or instruments or securities that are issued by foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments or issuers organized under the laws of a non-U.S. country </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(or if the underlying assets are money market instruments, other than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial paper and certificates of deposit, the issuer of such money </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market instrument is organized under the laws of a non-U.S. country or, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the case of underlying assets that are commercial paper or certificates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of deposit, if the &#8220;country of exposure&#8221; of such money market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument is a non-U.S. country). A security&#8217;s &#8220;country of exposure&#8221; is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined by PIMCO using certain factors provided by a third-party </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analytical service provider. The factors are applied in order such that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">first factor to result in the assignment of a country determines the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;country of exposure.&#8221; Both the factors and the order in which they are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applied may change in the discretion of PIMCO. The current factors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">listed in the order in which they are applied, are: (i) if an asset-backed or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other collateralized security, the country in which the collateral backing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the security is located; (ii) the &#8220;country of risk&#8221; of the issuer; (iii) if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security is guaranteed by the government of a country (or any political </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subdivision, agency, authority or instrumentality of such government), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the country of the government or instrumentality providing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantee; (iv) the &#8220;country of risk&#8221; of the issuer&#8217;s ultimate parent; or (v) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the country where the issuer is organized or incorporated under the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws thereof. &#8220;Country of risk&#8221; is a separate four-part test determined </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the following factors, listed in order of importance: (i) management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">location; (ii) country of primary listing; (iii) sales or revenue attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the country; and (iv) reporting currency of the issuer.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in Brady Bonds, which are securities created </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through the exchange of existing commercial bank loans to sovereign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities for new obligations in connection with a debt restructuring. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in Brady Bonds may be viewed as speculative. Brady Bonds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquired by the Fund may be subject to restructuring arrangements or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to requests for new credit, which may cause the Fund to realize a loss of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest or principal on any of its portfolio holdings.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The foreign securities in which the Fund may invest include, without </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitation, Eurodollar obligations and &#8220;Yankee Dollar&#8221; obligations. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Eurodollar obligations are U.S. dollar-denominated certificates of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deposit and time deposits issued outside the U.S. capital markets by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign branches of U.S. banks and by foreign banks. Yankee Dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations are U.S. dollar-denominated obligations issued in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. capital markets by foreign banks. Eurodollar and Yankee Dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations are generally subject to the same risks that apply to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">domestic debt issues, notably credit risk, interest rate risk, market risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and liquidity risk. Additionally, Eurodollar (and to a limited extent, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Yankee Dollar) obligations are subject to certain sovereign risks. One </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such risk is the possibility that a sovereign country might prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital, in the form of U.S. dollars, from flowing across its borders. Other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks include adverse political and economic developments; the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and quality of government regulation of financial markets and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">institutions; the imposition of foreign withholding or other taxes; the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expropriation or nationalization of foreign issuers&#160;or the imposition of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctions or other similar measures.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Emerging Markets Investments</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest up to 40% of its total assets in securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are economically tied to &#8220;emerging market&#8221; countries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">except the Fund may invest without limit in short-term investment grade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sovereign debt issued by emerging market issuers. PIMCO generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considers an instrument to be economically tied to an emerging market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country if: the issuer is organized under the laws of an emerging market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country; the currency of settlement of the security is a currency of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market country; the security is guaranteed by the government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of an emerging market country (or any political subdivision, agency, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">authority or instrumentality of such government); for an asset-backed or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other collateralized security, the country in which the collateral backing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the security is located is an emerging market country; or the security&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;country of exposure&#8221; is an emerging market country, as determined by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the criteria set forth below. With respect to derivative instruments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO generally considers such instruments to be economically tied to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries if the underlying assets are currencies of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries (or baskets or indexes of such currencies), or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments or securities that are issued or guaranteed by governments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of emerging market countries or by entities organized under the laws of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries or an instrument&#8217;s &#8220;country of exposure&#8221; is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an emerging market country. PIMCO has broad discretion to identify </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries that it considers to qualify as emerging markets. In exercising </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such discretion, PIMCO identifies countries as emerging markets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consistent with the strategic objectives of the Fund. For example, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may consider a country to be an emerging market country based </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on a number of factors including, but not limited to, if the country is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">classified as an emerging or developing economy by any supranational </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">organization such as the World Bank or the United Nations, or related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities, or if the country is considered an emerging market country for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purposes of constructing emerging markets indices. In some cases, this </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approach may result in PIMCO identifying a particular country as an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market with respect to the Fund, that may not be identified as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an emerging market with respect to other funds managed by PIMCO.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investing in emerging market securities imposes risks different from, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater than, risks of investing in domestic securities or in foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developed countries. The securities and currency markets of emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market countries are generally smaller, less developed, less liquid, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more volatile than the securities and currency markets of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">United States and other developed markets and disclosure and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory standards in many respects are less stringent. There also may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be a lower level of monitoring and regulation of securities markets in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries and the activities of investors in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets and enforcement of existing regulations may be extremely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited. Government enforcement of existing securities regulations is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited, and any enforcement may be arbitrary and the results may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to predict. In addition, reporting requirements of emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market countries with respect to the ownership of securities are more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">likely to be subject to interpretation or changes without prior notice to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors than more developed countries.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">43&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_7"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Many emerging market countries have experienced substantial, and in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">some periods extremely high, rates of inflation for many years. Inflation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and rapid fluctuations in inflation rates have had and may continue to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have negative effects on such countries&#8217; economies and securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economies of emerging market countries generally are heavily </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent upon international trade and, accordingly, have been and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may continue to be affected adversely by trade barriers, exchange </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">controls, managed adjustments in relative currency values, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protectionist measures imposed or negotiated by the countries with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which they trade. The economies of emerging market countries also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have been and may continue to be adversely affected by economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions in the countries with which they trade. The economies of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries may also be predominantly based on only a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">few industries or dependent on revenues from particular commodities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, custodial services and other investment-related costs may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be more expensive in emerging markets than in many developed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, which could reduce the Fund&#8217;s income from securities or debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments of emerging market country issuers. Governments of many </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries have exercised and continue to exercise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantial influence over many aspects of the private sector. In some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cases, the government owns or controls many companies, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">some of the largest in the country. Accordingly, government actions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could have a significant effect on economic conditions in an emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market country and on market conditions, prices and yields of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund&#8217;s portfolio.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Emerging market countries are more likely than developed market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries to experience political uncertainty and instability, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk of war, terrorism, nationalization, limitations on the removal of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">funds or other assets, or diplomatic developments that affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in these countries. No assurance can be given that adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political changes will not cause the Fund to suffer a loss of any or all of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its investments in emerging market countries or interest/dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income thereon.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign investment in certain emerging market country securities is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restricted or controlled to varying degrees. These restrictions or controls </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may at times limit or preclude foreign investment in certain emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market country securities and increase the costs and expenses of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Certain emerging market countries require governmental approval </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to investments by foreign persons, limit the amount of investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by foreign persons in a particular issuer, limit the investment by foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">persons only to a specific class of securities of an issuer that may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">less advantageous rights than the classes available for purchase by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">domiciliaries of the countries and/or impose additional taxes on foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors (like the Fund). Certain emerging market countries may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrict investment opportunities in issuers in industries deemed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">important to national interests. Emerging market countries may require </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental approval for the repatriation of investment income, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital or the proceeds of sales of securities by foreign investors (like the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund).</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Also, because publicly traded debt instruments of emerging market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers represent a relatively recent innovation in the world debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, there is little historical data or related market experience </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerning the attributes of such instruments under all economic, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market and political conditions.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As reflected in the above discussion, investments in emerging market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities involve a greater degree of risk than, and special risks in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition to the risks associated with, investments in domestic securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or in securities of foreign developed countries. See &#8220;Principal Risks of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8212;Emerging Markets Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Foreign Currencies and Related Transactions</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s Common Shares are priced in U.S. dollars and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions paid by the Fund to Common Shareholders are paid in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. dollars. However, a significant portion of the Fund&#8217;s assets may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denominated in foreign (non-U.S.) currencies and the income received </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund from many foreign debt obligations will be paid in foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies. The Fund also may invest in or gain exposure to foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies themselves for investment or hedging purposes. The Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in securities that trade in, or receive revenues in, foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies will be subject to currency risk, which is the risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuations in the exchange rates between the U.S. dollar and foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies may negatively affect the value of an investment. See </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Principal Risks of the Fund&#8212;Currency Risk.&#8221; The Fund may (but is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to) hedge some or all of its exposure to foreign currencies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through the use of derivative strategies. For instance, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enter into forward foreign currency exchange contracts, and may buy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and sell foreign currency futures contracts and options on foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies and foreign currency futures. A forward foreign currency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange contract, which involves an obligation to purchase or sell a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specific currency at a future date at a price set at the time of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract, may reduce the Fund&#8217;s exposure to changes in the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency it will deliver and increase its exposure to changes in the value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the currency it will receive for the duration of the contract. The effect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the value of the Fund&#8217;s assets is similar to selling securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denominated in one currency and purchasing securities denominated in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">another currency. Foreign currency transactions, like currency exchange </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, can be affected unpredictably by intervention (or the failure to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intervene) by U.S. or foreign governments or central banks, or by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency controls or political developments. Such events may prevent or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrict the Fund&#8217;s ability to enter into foreign currency transactions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">force the Fund to exit a foreign currency transaction at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantageous time or price or result in penalties for the Fund, any of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may result in a loss to the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Contracts to sell foreign currency would limit any potential gain that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">might be realized by the Fund if the value of the hedged currency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases. The Fund may enter into these contracts to hedge against </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign exchange risk arising from the Fund&#8217;s investment or anticipated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in securities denominated in foreign currencies. Suitable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedging transactions may not be available in all circumstances and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there can be no assurance that the Fund will engage in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions at any given time or from time to time when they would be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">beneficial. Although PIMCO has the flexibility to engage in such </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">44</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_8"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions for the Fund, it may determine not to do so or to do so only </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in unusual circumstances or market conditions. Also, these transactions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be successful and may eliminate any chance for the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">benefit from favorable fluctuations in relevant foreign currencies.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also use derivatives contracts for purposes of increasing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure to a foreign currency or to shift exposure to foreign currency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuations from one currency to another. To the extent that it does so, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will be subject to the additional risk that the relative value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies will be different than anticipated by PIMCO.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Please see &#8220;Investment Objectives and Policies&#8212;Non-U.S. Securities,&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Investment Objectives and Policies&#8212; Foreign Currency Transactions&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and &#8220;Investment Objectives and Policies&#8212;Foreign Currency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Exchange-Related Securities&#8221; in the Statement of Additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Information for a more detailed description of the types of foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments and foreign currency transactions in which the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest or engage and their related risks.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related and Other Asset-Backed Instruments</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in a variety of mortgage-related and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed instruments issued by government agencies or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental entities or by private originators or issuers.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The mortgage-related assets in which the Fund may invest include, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without limitation, mortgage pass-through securities, CMOs, CMBS, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residential mortgage-backed securities (&#8220;RMBS&#8221;), mortgage dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolls/buybacks, CMO residuals, adjustable rate mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities (&#8220;ARMBS&#8221;), stripped mortgage-backed securities (&#8220;SMBS&#8221;) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other securities that directly or indirectly represent a participation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in, or are secured by and payable from, mortgage loans on real property. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also invest in other types of ABS, including CDOs, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include CBOs, CLOs and other similarly structured securities. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities in which the Fund may invest may pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variable or fixed rates of interest. When acquiring mortgage-related or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other ABS, the Fund is not restricted by any particular borrower credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">criteria. Accordingly, loans underlying mortgage-related securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquired by the Fund may be subprime in quality, or may become </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subprime in quality.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related securities are not traded on an exchange and there </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be a limited market for the securities, especially when there is a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived weakness in the mortgage and real estate market sectors. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Without an active trading market, mortgage-related securities held in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio may be particularly difficult to value because of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">complexities involved in assessing the value of the underlying mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage Pass-Through Securities.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interests in pools of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities differ from other forms of debt securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which normally provide for periodic payment of interest in fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amounts with principal payments at maturity or specified call dates. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Instead, these securities provide a monthly payment which consists of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both interest and principal payments. In effect, these payments are a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;pass through&#8221; of the monthly payments made by the individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers on their residential or commercial mortgage loans, net of any </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees paid to the issuer, servicer or guarantor of such securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additional payments may result from repayments of principal resulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the sale of the underlying property, refinancing or foreclosure, net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of fees or costs that may be incurred. Some mortgage-related securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(such as securities issued by GNMA) are described as &#8220;modified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pass-through.&#8221; These securities entitle the holder to receive all interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and principal payments owed on the mortgage pool, net of certain fees, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at the scheduled payment dates regardless of whether or not the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgagor actually makes the payment.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The rate of pre-payments on underlying mortgages will affect the price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and volatility of a mortgage-related security, and may have the effect of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shortening or extending the effective duration of the security relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">what was anticipated at the time of purchase. To the extent that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unanticipated rates of pre-payment on underlying mortgages increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effective duration of a mortgage-related security, the volatility of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such security can be expected to increase. The residential mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market in the United States has experienced in the past, and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">experience in the future, difficulties that may adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance and market value of certain of the Fund&#8217;s mortgage-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. Delinquencies, defaults and losses on residential mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans may increase substantially over certain periods. A decline in or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">flattening of housing values may exacerbate such delinquencies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses on residential mortgages. Borrowers with adjustable rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loans are more sensitive to changes in interest rates, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect their monthly mortgage payments, and may be unable to secure </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">replacement mortgages at comparably low interest rates. As a result of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the 2008 financial crisis, a number of residential mortgage loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originators experienced serious financial difficulties or bankruptcy. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Owing largely to the foregoing, reduced investor demand for mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans and mortgage-related securities and increased investor yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements caused limited liquidity in the secondary market for certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, which adversely affected the market value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of mortgage-related securities. It is possible that such limited liquidity in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such secondary markets could recur or worsen in the future.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The principal U.S. governmental guarantor of mortgage-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities is GNMA. GNMA is a wholly-owned U.S. government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporation within the Department of Housing and Urban Development. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">GNMA is authorized to guarantee, with the full faith and credit of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government, the timely payment of principal and interest on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities issued by institutions approved by GNMA (such as savings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and loan institutions, commercial banks and mortgage bankers) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">backed by pools of mortgages insured by the Federal Housing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Administration, or guaranteed by the Department of Veterans Affairs. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Government-related guarantors (i.e., not backed by the full faith and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit of the U.S. government) include FNMA and FHLMC. FNMA is a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government-sponsored corporation the common stock of which is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">owned entirely by private stockholders. FNMA purchases conventional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i.e., not insured or guaranteed by any government agency) residential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages from a list of approved seller/servicers which include state </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and federally chartered savings and loan associations, mutual savings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">banks, commercial banks and credit unions and mortgage bankers. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Pass-through securities issued by FNMA are guaranteed as to timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of principal and interest by FNMA, but are not backed by the </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">45&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_9"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">full faith and credit of the U.S. government. FHLMC was created by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Congress in 1970 for the purpose of increasing the availability of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage credit for residential housing. It is a government-sponsored </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporation that issues Participation Certificates (&#8220;PCs&#8221;), which are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pass-through securities, each representing an undivided interest in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pool of residential mortgages. FHLMC guarantees the timely payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest and ultimate collection of principal, but PCs are not backed by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the full faith and credit of the U.S. government. Instead, they are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supported only by the discretionary authority of the U.S. government to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase the agency&#8217;s obligations.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On September 6, 2008, the Federal Housing Finance Agency (&#8220;FHFA&#8221;) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">placed FNMA and FHLMC into conservatorship. As the conservator, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">FHFA succeeded to all rights, titles, powers and privileges of FNMA and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">FHLMC and of any stockholder, officer or director of FNMA and FHLMC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">FHFA selected a new chief executive officer and chairman of the board </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of directors for each of FNMA and FHLMC. In connection with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conservatorship, the U.S. Treasury entered into a Senior Preferred Stock </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchase Agreement with each of FNMA and FHLMC pursuant to which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the U.S. Treasury will purchase up to an aggregate of $100 billion of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each of FNMA and FHLMC to maintain a positive net worth in each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enterprise. This agreement contains various covenants that severely limit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each enterprise&#8217;s operations. In exchange for entering into these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements, the U.S. Treasury received $1 billion of each enterprise&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior preferred stock and warrants to purchase 79.9% of each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enterprise&#8217;s common stock. On February 18, 2009, the U.S. Treasury </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">announced that it was doubling the size of its commitment to each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enterprise under the Senior Preferred Stock Program to $200 billion. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury&#8217;s obligations under the Senior Preferred Stock Program are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for an indefinite period of time for a maximum amount of $200 billion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">per enterprise. On December 24, 2009, the U.S. Treasury announced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">further amendments to the Senior Preferred Stock Purchase Agreements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which included additional financial support to certain governmentally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supported entities, including the FHLBs, FNMA and FHLMC. There is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the obligations of such entities will be satisfied in full, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that such obligations will not decrease in value or default. It is difficult, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if not impossible, to predict the future political, regulatory or economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes that could impact the FNMA, FHLMC and the FHLBs, and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values of their related securities or obligations.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">FNMA and FHLMC are continuing to operate as going concerns while in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conservatorship and each remain liable for all of its obligations, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including its guaranty obligations, associated with its mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under the Federal Housing Finance Regulatory Reform Act of 2008 (the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Reform Act&#8221;), which was included as part of the Housing and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economic Recovery Act of 2008, FHFA, as conservator or receiver, has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the power to repudiate any contract entered into by FNMA or FHLMC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to FHFA&#8217;s appointment as conservator or receiver, as applicable, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">FHFA determines, in its sole discretion, that performance of the contract </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is burdensome and that repudiation of the contract promotes the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">orderly administration of FNMA&#8217;s or FHLMC&#8217;s affairs. The Reform Act </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requires FHFA to exercise its right to repudiate any contract within a </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reasonable period of time after its appointment as conservator or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receiver. FHFA, in its capacity as conservator, has indicated that it has no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intention to repudiate the guaranty obligations of FNMA or FHLMC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because FHFA views repudiation as incompatible with the goals of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conservatorship. However, in the event that FHFA, as conservator or if it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is later appointed as receiver for FNMA or FHLMC, were to repudiate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any such guaranty obligation, the conservatorship or receivership estate, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as applicable, would be liable for actual direct compensatory damages </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in accordance with the provisions of the Reform Act. Any such liability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be satisfied only to the extent of FNMA&#8217;s or FHLMC&#8217;s assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available therefor. In the event of repudiation, the payments of interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to holders of FNMA or FHLMC mortgage-backed securities would be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduced if payments on the mortgage loans represented in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loan groups related to such mortgage-backed securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not made by the borrowers or advanced by the servicer. Any actual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">direct compensatory damages for repudiating these guaranty </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations may not be sufficient to offset any shortfalls experienced by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such mortgage-backed security holders. Further, in its capacity as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conservator or receiver, FHFA has the right to transfer or sell any asset or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liability of FNMA or FHLMC without any approval, assignment or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consent. Although FHFA has stated that it has no present intention to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">do so, if FHFA, as conservator or receiver, were to transfer any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guaranty obligation to another party, holders of FNMA or FHLMC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities would have to rely on that party for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfaction of the guaranty obligation and would be exposed to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk of that party. In addition, certain rights provided to holders of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities issued by FNMA and FHLMC under the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operative documents related to such securities may not be enforced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against FHFA, or enforcement of such rights may be delayed, during the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conservatorship or any future receivership. The operative documents for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">FNMA and FHLMC mortgage-backed securities may provide (or with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to securities issued prior to the date of the appointment of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conservator may have provided) that upon the occurrence of an event of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default on the part of FNMA or FHLMC, in its capacity as guarantor, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which includes the appointment of a conservator or receiver, holders of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such mortgage-backed securities have the right to replace FNMA or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">FHLMC as trustee if the requisite percentage of mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities holders consent. The Reform Act prevents mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security holders from enforcing such rights if the event of default arises </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">solely because a conservator or receiver has been appointed. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reform Act also provides that no person may exercise any right or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">power to terminate, accelerate or declare an event of default under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain contracts to which FNMA or FHLMC is a party, or obtain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possession of or exercise control over any property of FNMA or FHLMC, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or affect any contractual rights of FNMA or FHLMC, without the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approval of FHFA, as conservator or receiver, for a period of 45 or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">90 days following the appointment of FHFA as conservator or receiver, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respectively.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">FHFA and the White House have made public statements regarding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">plans to consider ending the conservatorships of FNMA and FHLMC. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the event that FNMA and FHLMC are taken out of conservatorship, it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unclear how the capital structure of FNMA and FHLMC would be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">constructed and what effects, if any, there may be on FNMA&#8217;s and </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">46</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_10"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">FHLMC&#8217;s creditworthiness and guarantees of certain mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. It is also unclear whether the U.S. Treasury would continue to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforce its rights or perform its obligations under the Senior Preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Stock Programs. Should FNMA&#8217;s and FHLMC&#8217;s conservatorship end, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there could be an adverse impact on the value of their securities, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could cause losses to the Fund.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In June 2019, under the Single Security Initiative, FNMA and FHLMC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">started issuing a uniform mortgage-backed security in place of their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current offerings of to-be-announced (&#8220;TBA&#8221;) eligible securities. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Single Security Initiative seeks to support the overall liquidity of the TBA </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market and aligns the characteristics of FNMA and FHLMC certificates. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The effects that the Single Security Initiative may have on the market for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">TBA and other mortgage backed securities are uncertain.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Privately-Issued Mortgage-Related Securities.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">banks, savings and loan institutions, private mortgage insurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies, mortgage bankers and other secondary market issuers also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">create pass-through pools of conventional residential mortgage loans. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such issuers may be the originators and/or servicers of the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loans as well as the guarantors of the mortgage-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Pools created by such non-governmental issuers generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offer a higher rate of interest than government and government-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pools because there are no direct or indirect government or agency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantees of payments in the former pools. However, timely payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of interest and principal of these pools may be supported by various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forms of insurance or guarantees, including individual loan, title, pool </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and hazard insurance and letters of credit, which may be issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental entities or private insurers. Such insurance and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantees and the creditworthiness of the issuers thereof will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered in determining whether a mortgage-related security meets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investment quality standards. There can be no assurance that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurers or guarantors can meet their obligations under the insurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">policies or guarantee arrangements. The Fund may buy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities without insurance or guarantees. Securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued by certain private organizations may not be readily marketable.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Privately-issued mortgage-related securities are not subject to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underwriting requirements for the underlying mortgages that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to those mortgage-related securities that have a government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or government-sponsored entity guarantee. As a result, the mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans underlying privately-issued mortgage-related securities may, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">frequently do, have less favorable collateral, credit risk or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underwriting characteristics than government or government-sponsored </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities and have wider variances in a number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms including interest rate, term, size, purpose and borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics. Mortgage pools underlying privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities more frequently include second mortgages, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high loan-to-value ratio mortgages and manufactured housing loans, in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition to commercial mortgages and other types of mortgages where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a government or government-sponsored entity guarantee is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available. The coupon rates and maturities of the underlying mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans in a privately-issued mortgage-related securities pool may vary to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a greater extent than those included in a government guaranteed pool, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the pool may include subprime mortgage loans. Subprime loans are </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans made to borrowers with weakened credit histories or with a lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity to make timely payments on their loans. For these reasons, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans underlying these securities have had in many cases higher default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates than those loans that meet government underwriting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The risk of non-payment is greater for mortgage-related securities that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are backed by loans that were originated under weak underwriting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">standards, including loans made to borrowers with limited means to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make repayment. When acquiring mortgage-related securities, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is not restricted by any particular borrower credit criteria. A level of risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exists for all loans, although, historically, the poorest performing loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have been those classified as subprime. Other types of privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, such as those classified as pay-option </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adjustable rate or Alt-A have also performed poorly. Even loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">classified as prime have experienced higher levels of delinquencies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaults. Market factors that may adversely affect mortgage loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repayment include adverse economic conditions, unemployment, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in the value of real property, or an increase in interest rates.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may purchase privately-issued mortgage-related securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are originated, packaged and serviced by third party entities. It is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible these third parties could have interests that are in conflict with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the holders of mortgage-related securities, and such holders (such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund) could have rights against such third parties or their affiliates. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For example, if a loan originator, servicer or its affiliates engaged in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negligence or willful misconduct in carrying out its duties, then a holder </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the mortgage-related security could seek recourse against the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originator/servicer or its affiliates, as applicable. Also, as a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originator/servicer, the originator/servicer or its affiliates may make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain representations and warranties regarding the quality of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages and properties underlying a mortgage-related security. If one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more of those representations or warranties is false, then the holders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the mortgage-related securities (such as the Fund) could trigger an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation of the originator/servicer or its affiliates, as applicable, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase the mortgages from the issuing trust.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Notwithstanding the foregoing, many of the third parties that are legally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bound by trust and other documents have failed to perform their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respective duties, as stipulated in such trust and other documents, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors have had limited success in enforcing terms. To the extent third </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">party entities involved with privately issued mortgage-related securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are involved in any type of litigation relating to the securities, actions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be taken that are adverse to the interests of holders of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, including the Fund. For example, third </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">parties may seek to withhold proceeds due to holders of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, including the Fund, to cover legal or related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs. Any such action could result in losses to the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO seeks to manage the portion of the Fund&#8217;s assets committed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">privately-issued mortgage-related securities in a manner consistent with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investment objectives, policies and overall portfolio risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">profile. In determining whether and how much to invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">privately-issued mortgage-related securities, and how to allocate those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, PIMCO will consider a number of factors. These may include, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not limited to: (1) the nature of the borrowers (e.g., residential vs. </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">47&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_11"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial); (2) the collateral loan type (e.g., for residential: First </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lien-Jumbo/Prime, First Lien-Alt-A, First Lien-Subprime, First </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lien-Pay-Option or Second Lien; for commercial: Conduit, Large Loan or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Single Asset / Single Borrower); and (3) in the case of residential loans, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">whether they are fixed rate or adjustable mortgages. Each of these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">criteria can cause privately-issued mortgage-related securities to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differing primary economic characteristics and distinguishable risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors and performance characteristics.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Collateralized Mortgage Obligations.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A CMO is a debt obligation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a legal entity that is collateralized by mortgages and divided into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">classes. Similar to a bond, interest and prepaid principal is paid, in most </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cases, on a monthly basis. CMOs may be collateralized by whole </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loans or private mortgage bonds, but are generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized by portfolios of mortgage pass-through securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guaranteed by GNMA, FHLMC or FNMA and their income streams. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CMOs are structured into multiple classes, often referred to as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;tranches,&#8221; with each class bearing a different stated maturity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to a different schedule for payments of principal and interest, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including prepayments. The riskiest portion is the &#8220;equity&#8221; tranche </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which bears the bulk of defaults and serves to protect the other, more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior tranches from default in all but the most severe circumstances. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Actual maturity and average life will depend upon the pre-payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">experience of the collateral. In the case of certain CMOs (known as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;sequential pay&#8221; CMOs), payments of principal received from the pool </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of underlying mortgages, including prepayments, are applied to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">classes of CMOs in the order of their respective final distribution dates. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Thus, no payment of principal will be made to any class of sequential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay CMOs until all other classes having an earlier final distribution date </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have been paid in full. CMOs may be less liquid and may exhibit greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price volatility than other types of mortgage- or ABS.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Commercial or Residential Mortgage-Backed Securities.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CMBS </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or RMBS include securities that reflect an interest in, and are secured by, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loans on commercial or residential real property. Many of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks of investing in CMBS or RMBS reflect the risks of investing in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real estate securing the underlying mortgage loans. These risks reflect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effects of local and other economic conditions on real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, the ability of tenants to make loan payments and the ability of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a property to attract and retain tenants. CMBS or RMBS may be less </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquid and exhibit greater price volatility than other types of mortgage- </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or ABS.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">CMO Residuals.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CMO residuals are mortgage securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agencies or instrumentalities of the U.S. government or by private </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originators of, or investors in, mortgage loans, including savings and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan associations, homebuilders, mortgage banks, commercial banks, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment banks and special purpose entities of the foregoing. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flow generated by the mortgage assets underlying a series of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CMO is applied first to make required payments of principal and interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the CMO and second to pay the related administrative expenses and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any management fee of the issuer. The residual in a CMO structure </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally represents the interest in any excess cash flow remaining after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">making the foregoing payments. Each payment of such excess cash flow </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to a holder of the related CMO residual represents income and/or a </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return of capital. The amount of residual cash flow resulting from a CMO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will depend on, among other things, the characteristics of the mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, the coupon rate of each class of CMO, prevailing interest rates, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the amount of administrative expenses and the prepayment experience </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the mortgage assets. In particular, the yield to maturity on CMO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residuals is extremely sensitive to prepayments on the related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying mortgage assets, in the same manner as an interest-only (or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">IO) class of SMBS (described below). In addition, if a series of a CMO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">includes a class that bears interest at an adjustable rate, the yield to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity on the related CMO residual will also be extremely sensitive to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the level of the index upon which interest rate adjustments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are based. As described below with respect to SMBS, in certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances the Fund may fail to recoup fully its initial investment in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CMO residual. CMO residuals are generally purchased and sold by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">institutional investors through several investment banking firms acting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as brokers or dealers. CMO residuals may, or pursuant to an exemption </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">therefrom, may not, have been registered under the Securities Act. CMO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residuals, whether or not registered under the Securities Act, may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to certain restrictions on transferability.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Adjustable Rate Mortgage-Backed Securities.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ARMBS have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates that reset at periodic intervals. Acquiring ARMBS would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">permit the Fund to participate in increases in prevailing current interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates through periodic adjustments in the coupons of mortgages </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying the pool on which ARMBS are based. Such ARMBS generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have higher current yield and lower price fluctuations than is the case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with more traditional fixed income debt securities of comparable rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and maturity. In addition, when prepayments of principal are made on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the underlying mortgages during periods of rising interest rates, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund can reinvest the proceeds of such prepayments at rates higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than those at which they were previously invested. Mortgages </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying most ARMBS, however, have limits on the allowable annual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or lifetime increases that can be made in the interest rate that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgagor pays. Therefore, if current interest rates rise above such limits </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over the period of the limitation, the Fund, when holding ARMBS, would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not benefit from further increases in interest rates. Moreover, when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates are in excess of coupon rates (i.e., the rates being paid by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgagors) of the mortgages, ARMBS behave more like fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and less like adjustable-rate securities and are subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks associated with fixed income securities. In addition, during periods </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of rising interest rates, increases in the coupon rate of adjustable-rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages generally lag current market interest rates slightly, thereby </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creating the potential for capital depreciation on such securities.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Stripped Mortgage-Backed Securities.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">SMBS are derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multi-class mortgage securities. SMBS may be issued by agencies or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrumentalities of the U.S. government, or by private originators of, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors in, mortgage loans, including savings and loan associations, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage banks, commercial banks, investment banks and special </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purpose entities of the foregoing. SMBS are usually structured with two </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">classes that receive different proportions of the interest and principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions on a pool of mortgage assets. A common type of SMBS will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have one class receiving some of the interest and most of the principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the mortgage assets, while the other class will receive most of the </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">48</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_12"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest and the remainder of the principal. In the most extreme case, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">one class will receive all of the interest (the IO class), while the other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">class will receive all of the principal (the principal-only or PO class). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield to maturity on an IO class is extremely sensitive to the rate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal payments (including prepayments) on the related underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage assets, and a rapid rate of principal payments may have a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">material adverse effect on the Fund&#8217;s yield to maturity from these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. If the underlying mortgage assets experience greater than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated prepayments of principal, the Fund may fail to recoup some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or all of its initial investment in these securities even if the security is in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">one of the highest rating categories.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Collateralized Bond Obligations, Collateralized Loan </div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Obligations and Other Collateralized Debt Obligations.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may invest in each of CBOs, CLOs, other CDOs and other similarly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured securities. CBOs, CLOs, and CDOs are types of ABS. A CBO is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a trust which is often backed by a diversified pool of high risk, below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade fixed income securities. The collateral can be from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">many different types of fixed income securities such as high-yield debt, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residential privately-issued mortgage-related securities, commercial or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residential privately-issued mortgage-related securities, trust preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and emerging market debt. A CLO is a trust typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized by a pool of loans, which may include, among others, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">domestic and foreign senior secured loans, senior unsecured loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinate corporate loans, including loans that may be rated below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade or equivalent unrated loans. Other CDOs are trusts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">backed by other types of assets representing obligations of various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">parties. CBOs, CLOs, and other CDOs may charge management fees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">administrative expenses. For CBOs, CLOs and CDOs, the cash flows from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the trust are split into two or more portions, called tranches, varying in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk and yield. The riskiest portion is the &#8220;equity&#8221; tranche which bears </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the bulk of defaults from the bonds or loans in the trust and serves to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protect the other, more senior tranches from default in all but the most </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">severe circumstances. Since they are partially protected from defaults, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior tranches from a CBO trust, CLO trust or trust of another CDO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically have higher ratings and lower yields than their underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, and can be rated investment grade. Despite the protection </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the equity tranche, CBO, CLO or other CDO tranches can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">experience substantial losses due to actual defaults, increased sensitivity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defaults due to collateral default and disappearance of protecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches, market anticipation of defaults, as well as aversion to CBO, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLO or other CDO securities as a class. The Fund may invest in any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranche, including the residual or equity tranche, of a CBO, CLO or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CDO. The risks of an investment in a CBO, CLO or other CDO vary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depending on the type of collateral securities and the class of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument in which the Fund invests, among other factors. Normally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CBOs, CLOs and other CDOs are privately offered and sold, and thus are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not registered under the securities laws. As a result, investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CBOs, CLOs and other CDOs may be characterized by the Fund as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid investments; however, an active dealer market may exist for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CBOs, CLOs and other CDOs allowing them to qualify for Rule 144A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Securities Act. In addition to the normal risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt instruments discussed elsewhere in this prospectus and in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Statement of Additional Information (e.g., prepayment risk, credit risk, </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity risk, market risk, structural risk, legal risk, interest rate risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(which may be exacerbated if the interest rate payable on a structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financing changes based on multiples of changes in interest rates or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inversely to changes in interest rates) and default risk), CBOs, CLOs and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other CDOs carry additional risks including, but not limited to: (i) the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possibility that distributions from collateral securities will not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adequate to make interest or other payments; (ii) the risk that quality of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the collateral may decline in value or default; (iii) the risk that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may invest in CBOs, CLOs or other CDOs that are subordinate to other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">classes; and (iv) the risk that the complex structure of the security may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not be fully understood at the time of investment and may produce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disputes with the issuer or unexpected investment results.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Asset-Backed Securities.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ABS are bonds backed by pools of loans or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other receivables. ABS are created from many types of assets, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">auto loans, credit card receivables, home equity loans and student loans. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ABS are typically issued through special purpose vehicles (&#8220;SPVs&#8221;) that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are bankruptcy remote from the issuer of the collateral. The credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality of an ABS transaction depends on the performance of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying assets. To protect ABS investors from the possibility that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">some borrowers could miss payments or even default on their loans, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ABS may include various forms of credit enhancement. Some ABS, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particularly home equity loan ABS, are subject to interest rate risk and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prepayment risk. A change in interest can affect the pace of payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the underlying loans, which in turn affects total return on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. ABS also carry credit or default risk. If many borrowers on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying loans default, losses could exceed the credit enhancement </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">level and result in losses to investors in an ABS. In addition, ABS have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structural risk due to a unique characteristic known as early </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amortization, or early payout, risk. Built into the structure of most ABS </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are triggers for early payout, designed to protect investors from losses. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These triggers are unique to each transaction and can include a big rise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in defaults on the underlying loans, a sharp drop in the credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enhancement level or even the bankruptcy of the originator. Once early </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amortization begins, all incoming loan payments (after expenses are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">paid) are used to pay investors as quickly as possible based upon a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predetermined priority of payment. The Fund may invest in any tranche, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including the residual or equity tranche, of an ABS.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in other types of ABS that are offered in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">marketplace, including Enhanced Equipment Trust Certificates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;EETCs&#8221;). EETCs are typically issued by specially-created trusts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">established by airlines, railroads, or other transportation corporations. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The proceeds of EETCs are used to purchase equipment, such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">airplanes, railroad cars, or other equipment, which in turn serve as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral for the related issue of the EETCs. The equipment generally is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leased by the airline, railroad or other corporation, which makes rental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments to provide the projected cash flow for payments to EETC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holders. Holders of EETCs must look to the collateral securing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certificates, typically together with a guarantee provided by the lessee </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporation or its parent company for the payment of lease obligations, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the case of default in the payment of principal and interest on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">EETCs. Please see &#8220;Investment Objective and Policies&#8212;Mortgage-Related</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and Other Asset-Backed Instruments&#8221; int he Statement of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additional Information and &#8220;Principal Risks of the </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">49&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_13"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8212;Mortgage-Related and Asset-Backed Instruments Risk&#8221; in this </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospectus for a more detailed description of the types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed instruments in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may invest and their related risks.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related Derivative Instruments.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in derivative transactions related to mortgage-backed securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including purchasing and selling exchange-listed and over-the-counter </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;OTC&#8221;) put and call options, futures and forwards on mortgages and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities. The Fund may also invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities credit default swaps, which include swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the reference obligation for which is a mortgage-backed security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related index, such as the CMBX Index (a tradeable index referencing a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">basket of commercial mortgage-backed securities), the TRX Index (a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tradeable index referencing total return swaps based on commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities) or the ABX (a tradeable index referencing a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">basket of sub-prime mortgage-backed securities). The Fund may invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in newly developed mortgage related derivatives that may hereafter </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become available.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Please see &#8220;Investment Objectives and Policies&#8212;Mortgage-Related and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other Asset-Backed Instruments&#8221; in the Statement of Additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Information and &#8220;Principal Risks of the Fund&#8212;Mortgage-Related and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Asset-Backed Instruments Risk&#8221; in this prospectus for a more detailed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">description of the types of mortgage-related and other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in which the Fund may invest and their related risks.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Municipal Bonds</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Municipal bonds share the attributes of debt/fixed income securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">general, but are generally issued by states, municipalities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political subdivisions, agencies, authorities and instrumentalities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">states and multi-state agencies or authorities, and may be either taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or tax-exempt instruments. The municipal bonds that the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase include, without limitation, general obligation bonds and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited obligation bonds (or revenue bonds), including industrial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">development bonds issued pursuant to former federal tax law. General </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation bonds are obligations involving the credit of an issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possessing taxing power and are payable from such issuer&#8217;s general </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">revenues and not from any particular source. Limited obligation bonds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are payable only from the revenues derived from a particular facility or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">class of facilities or, in some cases, from the proceeds of a special excise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other specific revenue source or annual revenues. Tax exempt private </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activity bonds and industrial development bonds generally are also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited obligation bonds and thus are not payable from the issuer&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">general revenues. The credit and quality of private activity bonds and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industrial development bonds are usually related to the credit of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate user of the facilities. Payment of interest on and repayment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal of such bonds is the responsibility of the corporate user (and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any guarantor).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in pre-refunded municipal bonds. Pre-refunded </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal bonds are bonds that have been refunded to a call date prior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the final maturity of principal, or, in the case of pre-refunded </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal bonds commonly referred to as &#8220;escrowed-to-maturity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds,&#8221; to the final maturity of principal, and remain outstanding in the </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal market. The payment of principal and interest of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pre-refunded municipal bonds held by the Fund is funded from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities in a designated escrow account that holds U.S. Treasury </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or other obligations of the U.S. Government (including its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agencies and instrumentalities (&#8220;Agency Securities&#8221;)). Interest payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on pre-funded municipal bonds issued on or prior to December 31, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2017 are exempt from federal income tax; pre-funded municipal bonds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued after December 31, 2017 will not qualify for such tax-advantaged </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treatment. Pre-refunded municipal bonds usually will bear an AAA/Aaa </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating (if a re-rating has been requested and paid for, or if determined </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by PIMCO to be of comparable quality) because they are backed by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury securities or Agency Securities. For the avoidance of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">doubt, PIMCO&#8217;s determination of an issue's credit rating will generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be used for compliance with a Fund's investment parameters when an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issue either loses its rating or is not re-rated upon pre-refunding. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the payment of principal and interest is generated from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held in an escrow account established by the municipality and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an independent escrow agent, the pledge of the municipality has been </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fulfilled and the original pledge of revenue by the municipality is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longer in place. The escrow account securities pledged to pay the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and interest of the pre-refunded municipal bond do not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantee the price movement of the bond before maturity. Issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal bonds refund in advance of maturity the outstanding higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cost debt and issue new, lower cost debt, placing the proceeds of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lower cost issuance into an escrow account to pre-refund the older, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher cost debt. Investment in pre-refunded municipal bonds held by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may subject the Fund to interest rate risk and market risk. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, while a secondary market exists for pre-refunded municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, if the Fund sells pre-refunded municipal bonds prior to maturity, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the price received may be more or less than the original cost, depending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on market conditions at the time of sale.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in municipal lease obligations. A lease obligation is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an obligation in the form of a lease or installment purchase that is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued by a state or local government to acquire equipment and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facilities. Income from such obligations generally is exempt from state </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and local tax in the state of issuance. Lease obligations may be secured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or unsecured. Lease obligations do not constitute general obligations of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the municipality for which the municipality's taxing power is pledged. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lease is not a full faith and credit obligation of the issuer and is usually </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">backed only by the borrowing government&#8217;s unsecured pledge to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">annual appropriations for lease payments. There have been challenges </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the legality of lease financing in numerous states, and, from time to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time, certain municipalities have considered not appropriating money </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for lease payments. In deciding whether to purchase a lease obligation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the Fund, PIMCO will assess the financial condition of the borrower, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the merits of the project, other credit characteristics of obligor, the level </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of public support for the project and the legislative history of lease </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financing in the state. These securities may be less readily marketable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than other municipal securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Some longer term municipal bonds give the investor the right to &#8220;put&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sell the security at par (face value) within a specified number of days </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">following the investor&#8217;s request&#8212;usually one to seven days. This </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand feature enhances a security&#8217;s liquidity by shortening its effective </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">50</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_14"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity and enables it to trade at a price equal to or very close to par. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a demand feature terminates prior to being exercised, the Fund would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hold the longer-term security, which could experience substantially more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in municipal warrants, which are essentially call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">options on municipal bonds. In exchange for a premium, municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">warrants give the purchaser the right, but not the obligation, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase a municipal bond in the future. The Fund may purchase a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">warrant to lock in forward supply in an environment in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current issuance of bonds is sharply reduced. Like options, warrants may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expire worthless and may have reduced liquidity.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in municipal bonds with credit enhancements such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as letters of credit, municipal bond insurance and standby bond </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase agreements (&#8220;SBPAs&#8221;). Letters of credit are issued by a third </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">party, usually a bank, to enhance liquidity and to ensure repayment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and any accrued interest if the underlying municipal bond </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should default. Municipal bond insurance, which is usually purchased by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the bond issuer from a private, non-governmental insurance company, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provides an unconditional and irrevocable guarantee that the insured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond&#8217;s principal and interest will be paid when due. Insurance does not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantee the price of the bond. The credit rating of an insured bond </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reflects the credit rating of the insurer, based on its claims-paying ability. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The obligation of a municipal bond insurance company to pay a claim </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extends over the life of each insured bond. Although defaults on insured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal bonds have been low to date and municipal bond insurers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have met their claims, there is no assurance that this will continue. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher-than expected default rate could strain the insurer&#8217;s loss reserves </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and adversely affect its ability to pay claims to bondholders. Because a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant portion of insured municipal bonds that have been issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and are outstanding is insured by a small number of insurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies, not all of which have the highest credit rating, an event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involving one or more of these insurance companies, such as a credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating downgrade, could have a significant adverse effect on the value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the municipal bonds insured by such insurance company or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and on the municipal bond markets as a whole. An SBPA is a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity facility provided to pay the purchase price of bonds that cannot </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be re-marketed. The obligation of the liquidity provider (usually a bank) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is only to advance funds to purchase tendered bonds that cannot be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">re-marketed and does not cover principal or interest under any other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances. The liquidity provider&#8217;s obligations under the SBPA are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">usually subject to numerous conditions, including the continued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of the underlying borrower.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Loans and Other Indebtedness; Loan Acquisitions, </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Participations and Assignments</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may purchase indebtedness and participations in loans held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or originated by private financial institutions, including commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and residential mortgage loans, corporate loans and consumer loans, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">well as interests and/or servicing or similar rights in such loans. Such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may be secured or unsecured and may be newly-originated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(and may be specifically designed for the Fund). Indebtedness is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different from traditional debt securities in that debt securities are part </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a large issue of securities to the public whereas indebtedness may </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not be a security, and may represent a specific commercial loan to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower. Loan participations typically represent direct participation, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">together with other parties, in a loan to a borrower, and generally are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offered by banks or other financial institutions or lending syndicates. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may participate in such syndications, or can buy part of a loan, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becoming a part lender. When purchasing indebtedness and loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations, the Fund assumes the credit risk associated with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower and may assume the credit risk associated with an interposed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank or other financial intermediary. The indebtedness and loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations that the Fund may acquire may not be rated by any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nationally recognized rating service.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A loan is often administered by an agent bank acting as agent for all </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holders. The agent bank administers the terms of the loan, as specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the loan agreement. In addition, the agent bank is normally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">responsible for the collection of principal and interest payments from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the borrower and the apportionment of these payments to the credit of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all institutions which are parties to the loan agreement. Unless, under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the terms of the loan or other indebtedness, the Fund has direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recourse against the borrower, the Fund may have to rely on the agent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank or other financial intermediary to apply appropriate credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">remedies against a borrower.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A financial institution&#8217;s employment as agent bank might be terminated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the event that it fails to observe a requisite standard of care or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becomes insolvent. A successor agent bank would generally be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appointed to replace the terminated agent bank, and assets held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agent bank under the loan agreement would likely remain available to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holders of such indebtedness. However, if assets held by the agent bank </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the benefit of the Fund were determined to be subject to the claims </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the agent bank&#8217;s general creditors, the Fund might incur certain costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and delays in realizing payment on a loan or loan participation and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could suffer a loss of principal and/or interest. In situations involving </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other interposed financial institutions (e.g., an insurance company or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental agency) similar risks may arise.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchasers of loans and other forms of direct indebtedness depend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">primarily upon the creditworthiness of the borrower for payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and interest. If the Fund does not receive scheduled interest or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal payments on such indebtedness, the NAV, market share price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or yield of the Common Shares could be adversely affected. Loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are fully secured offer the Fund more protection than an unsecured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan in the event of non-payment of scheduled interest or principal. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">However, there is no assurance that the liquidation of collateral from a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured loan would satisfy the borrower&#8217;s obligation, or that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral could be liquidated. In the event of the bankruptcy of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower, the Fund could experience delays or limitations in its ability to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">realize the benefits of any collateral securing a loan.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may acquire loans and loan participations with credit quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">comparable to that of issuers of its securities investments. Indebtedness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of companies whose creditworthiness is poor and/or subprime in quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involves substantially greater risks, and may be highly speculative. Some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may never pay off their indebtedness, or may pay only a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small fraction of the amount owed. Consequently, when acquiring </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness of companies with poor credit, the Fund bears a </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">51&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_15"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantial risk of losing the entire amount invested of the instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquired. The Fund may make purchases of indebtedness and loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations to achieve income and/or capital appreciation, rather than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to seek income.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will limit the amount of its total assets that it will invest in any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">one issuer and the Fund will limit the amount of its total assets that it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will invest in issuers within the same industry. For purposes of these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limits, the Fund generally will treat the borrower as the &#8220;issuer&#8221; of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness held by the Fund. In the case of loan participations where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a bank or other lending institution serves as a financial intermediary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">between the Fund and the borrower, if the participation does not shift </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the Fund the direct debtor-creditor relationship with the borrower, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will treat both the lending bank or other lending institution </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the borrower as &#8220;issuers.&#8221; Treating a financial intermediary as an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer of indebtedness may restrict the Fund&#8217;s ability to invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness related to a single financial intermediary, or a group of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediaries engaged in the same industry, even if the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers represent many different companies and industries.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loans and other types of direct indebtedness (which the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase or otherwise gain exposure to) may not be readily marketable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may be subject to restrictions on resale. In connection with certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan transactions, transaction costs that are borne by the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include the expenses of third parties that are retained to assist with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reviewing and conducting diligence, negotiating, structuring and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicing a loan transaction, and/or providing other services in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">connection therewith. Furthermore, the Fund may incur such costs in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">connection with loan transactions that are pursued by the Fund but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ultimately consummated (so-called &#8220;broken deal costs&#8221;). In some cases, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations involved in disposing of indebtedness may require weeks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to complete. Consequently, some indebtedness may be difficult or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impossible to dispose of readily at what PIMCO believes to be a fair </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price. In addition, valuation of illiquid indebtedness involves a greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">degree of judgment in determining the Fund&#8217;s net asset value than if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that value were based on available market quotations, and could result </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in significant variations in the Fund&#8217;s daily share price. At the same time, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">some loan interests are traded among certain financial institutions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accordingly may be deemed liquid. As the market for different types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness develops, the liquidity of these instruments may improve. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Acquisitions of loan participations are considered to be debt obligations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for purposes of the Fund&#8217;s investment restriction relating to the lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of funds or assets by the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Acquisition of loans through a purchase of a loan or direct assignment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a financial institution&#8217;s interests with respect to a loan may involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional risks to the Fund. The purchaser of an assignment typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">succeeds to all the rights and obligations under the loan agreement </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the same rights and obligations as the assigning lender. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Assignments may, however, be arranged through private negotiations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">between potential assignees and potential assignors, and the rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations acquired by the purchaser of an assignment may differ from, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and be more limited than, those held by the assigning lender.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If a loan is foreclosed, the Fund could become part owner of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral, and would bear the costs and liabilities associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">owning and disposing of the collateral. In addition, it is conceivable that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under emerging legal theories of lender liability, the Fund could be held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liable as co-lender. It is unclear whether loans and other forms of direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness offer securities law protections against fraud and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">misrepresentation.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The purchaser of an assignment typically succeeds to all the rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations under the loan agreement with the same rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations as the assigning lender. Assignments may, however, be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arranged through private negotiations between potential assignees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential assignors, and the rights and obligations acquired by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment may differ from, and be more limited than, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those held by the assigning lender.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may make, participate in or acquire debtor-in-possession </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financings (commonly known as &#8220;DIP financings&#8221;). DIP financings are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arranged when an entity seeks the protections of the bankruptcy court </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under Chapter 11 of the U.S. Bankruptcy Code. These financings allow </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the entity to continue its business operations while reorganizing under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Chapter 11. Such financings constitute senior liens on unencumbered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security (i.e., security not subject to other creditors&#8217; claims). There is a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the entity will not emerge from Chapter 11 and be forced to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of liquidation, the Fund&#8217;s only recourse will be against the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property securing the DIP financing.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Various state licensing requirements could apply to the Fund with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to the acquisition, holding, servicing, foreclosure and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disposition of loans and similar assets. The licensing requirements could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">apply depending on the location of the borrower, the location of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral securing the loan, or the location where the Fund or PIMCO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operates or has offices. In states in which it is licensed, the Fund or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO will be required to comply with applicable laws and regulations, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including consumer protection and anti-fraud laws, which could impose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on the Fund&#8217;s or PIMCO&#8217;s ability to take certain actions to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protect the value of its holdings in such assets and impose compliance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs. Failure to comply with such laws and regulations could lead to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among other penalties, a loss of the Fund&#8217;s or PIMCO&#8217;s license, which in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">turn could require the Fund to divest assets located in or secured by real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property located in that state. These risks will also apply to issuers and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities in which the Fund invests that hold similar assets, as well as any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">origination company or servicer in which the Fund owns an interest.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loan origination and servicing companies are routinely involved in legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings concerning matters that arise in the ordinary course of their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business. These legal proceedings range from actions involving a single </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">plaintiff to class action lawsuits with potentially tens of thousands of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">class members. In addition, a number of participants in the loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">origination and servicing industry (including control persons of industry </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants) have been the subject of regulatory actions by state </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulators, including state Attorneys General, and by the federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government. Governmental investigations, examinations or regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actions, or private lawsuits, including purported class action lawsuits, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may adversely affect such companies&#8217; financial results. To the extent the </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">52</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_16"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund seeks to engage in servicing directly, or has a financial interest in, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or is otherwise affiliated with, an origination or servicing company, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will be subject to enhanced risks of litigation, regulatory actions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other proceedings. As a result, the Fund may be required to pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">legal fees, settlement costs, damages, penalties or other charges, any or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of which could materially adversely affect the Fund and its holdings.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may make investments in debt instruments and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or instruments directly or through one or more Subsidiaries. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Each Subsidiary may invest, for example, in whole loans or in shares, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certificates, notes or other securities representing the right to receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and interest payments due on fractions of whole loans or pools </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of whole loans or any other security or other instrument that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may hold directly. The Fund will treat the assets of its Subsidiaries as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets of the Fund for purposes of determining compliance with various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provisions of the 1940 Act applicable to the Fund, including those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relating to investment policies (Section 8), capital structure and leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Section 18) and affiliated transactions and custody (Section 17).</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Risk Retention Investments</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in risk retention tranches of CMBS or other eligible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securitizations, if any (&#8220;risk retention tranches&#8221;), which are eligible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residual interests typically held by the sponsors of such securitizations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursuant to the final rules implementing the U.S. Risk Retention Rules. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the case of CMBS transactions, for example, the U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules permit all or a portion of the retained credit risk associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain securitizations (i.e., retained risk) to be held by an unaffiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;third party purchaser,&#8221; such as the Fund, if, among other requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the third-party purchaser holds its retained interest, unhedged, for at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">least five years following the closing of the CMBS transaction, after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which it is entitled to transfer its interest in the securitization to another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">person that meets the requirements for a third-party purchaser. Even </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">after the required holding period has expired, due to the generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid nature of such investments, no assurance can be given as to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">what, if any, exit strategies will ultimately be available for any given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, there is limited guidance on the application of the final </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Risk Retention Rules to specific securitization structures. There can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance that the applicable federal agencies charged with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the final U.S. Risk Retention Rules (the Federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Deposit Insurance Corporation, the Comptroller of the Currency, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Reserve Board, the SEC, the Department of Housing and Urban </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Development, and the Federal Housing Finance Agency) could not take </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions in the future that differ from the interpretation of such rules </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taken or embodied in such securitizations, or that the final U.S. Risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Retention Rules will not change.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, in situations where the Fund invests in risk retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches of securitizations structured by third parties, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to execute one or more letters or other agreements, the exact </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form and nature of which will vary (each, a &#8220;Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221;) under which it will make certain undertakings designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ensure such securitization complies with the final U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules. Such Risk Retention Agreements may include a variety of </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representations, warranties, covenants and other indemnities, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may run to various transaction parties. If the Fund breaches any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undertakings in any Risk Retention Agreement, it will be exposed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims by the other parties thereto, including for any losses incurred as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of such breach, which could be significant and exceed the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Delayed Draw and Delayed Funding Loans and Revolving </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Facilities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into, or acquire participations in, delayed draw and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed funding loans and revolving credit facilities, in which a bank or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other lender agrees to make loans up to a maximum amount upon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand by the borrower during a specified term. These commitments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may have the effect of requiring the Fund to increase its investment in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company at a time when it might not be desirable to do so (including at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a time when the company&#8217;s financial condition makes it unlikely that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such amounts will be repaid). Delayed draw and delayed funding loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and revolving credit facilities are subject to credit, interest rate and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity risk and the risks of being a lender.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Bonds</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in&#160;a wide variety of bonds of varying maturities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued by non-U.S. (foreign) and U.S. corporations and other business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities, governments and quasi-governmental entities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipalities and other issuers. Bonds may include, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things, fixed or variable/floating-rate debt obligations, including bills, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">notes, debentures, money market instruments and similar instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and securities. Bonds generally are used by corporations as well as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments and other issuers to borrow money from investors. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer pays the investor a fixed or variable rate of interest and normally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">must repay the amount borrowed on or before maturity. Certain bonds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are &#8220;perpetual&#8221; in that they have no maturity date.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Preferred Securities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also invest in preferred securities. Preferred securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">represent an equity interest in a company that generally entitles the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holder to receive, in preference to the holders of other stocks such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common stocks, dividends and a fixed share of the proceeds resulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from liquidation of the company. Unlike common stocks, preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities usually do not have voting rights. Preferred securities in some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instances are convertible into common stock. Some preferred securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also entitle their holders to receive additional liquidation proceeds on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the same basis as holders of a company&#8217;s common stock, and thus also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">represent an ownership interest in the company. Some preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities offer a fixed rate of return with no maturity date. Because they </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">never mature, these preferred securities may act like long-term bonds, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can be more volatile than other types of preferred securities and may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have heightened sensitivity to changes in interest rates. Other preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities have a variable dividend, generally determined on a quarterly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other periodic basis, either according to a formula based upon a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified premium or discount to the yield on particular U.S. Treasury </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or based on an auction process, involving bids submitted by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holders and prospective purchasers of such securities. Although they are </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">53&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_17"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity securities, preferred securities have certain characteristics of both </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities and common stock. They are like debt securities in that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their stated income is generally contractually fixed. They are like </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common stocks in that they do not have rights to precipitate bankruptcy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings or collection activities in the event of missed payments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, preferred securities have many of the key characteristics of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity due to their subordinated position in an issuer&#8217;s capital structure </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and because their quality and value are heavily dependent on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">profitability of the issuer rather than on any legal claims to specific </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets or cash flows. Because preferred securities represent an equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ownership interest in a company, their value usually will react more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strongly than bonds and other debt instruments to actual or perceived </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in a company&#8217;s financial condition or prospects, or to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuations in the equity markets.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In order to be payable, dividends on preferred securities must be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declared by the issuer&#8217;s board of directors. In addition, distributions on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred securities may be subject to deferral and thus may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">automatically payable. Income payments on some preferred securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are cumulative, causing dividends and distributions to accrue even if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">they are not declared by the board of directors of the issuer or otherwise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">made payable. Other preferred securities are non-cumulative, meaning </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that skipped dividends and distributions do not continue to accrue. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is no assurance that dividends on preferred securities in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund invests will be declared or otherwise made payable.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Preferred securities have a liquidation value that generally equals their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">original purchase price at the date of issuance. The market values of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred securities may be affected by favorable and unfavorable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes affecting the issuers&#8217; industries or sectors. They also may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by actual and anticipated changes or ambiguities in the tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">status of the security and by actual and anticipated changes or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ambiguities in tax laws, such as changes in corporate and individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income tax rates or the rates applicable to dividends. The dividends paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the preferred securities in which the Fund invests might not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">eligible for the favorable tax treatment accorded to &#8220;qualified dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income.&#8221; See &#8220;Taxation&#8221; in the Statement of Additional Information. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the claim on an issuer&#8217;s earnings represented by preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may become disproportionately large when interest rates fall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below the rate payable on the securities or for other reasons, the issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may redeem preferred securities, generally after an initial period of call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection in which the security is not redeemable. Thus, in declining </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate environments in particular, the Fund&#8217;s holdings of higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividend-paying preferred securities may be reduced and the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be unable to acquire securities paying comparable rates with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redemption proceeds.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Convertible Securities and Synthetic Convertible Securities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convertible securities (i.e., debt securities that may be converted at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">either a stated price or stated rate into underlying shares of common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock) have general characteristics similar to both debt securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity securities. Although to a lesser extent than with debt obligations, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market value of convertible securities tends to decline as interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates increase and, conversely, tends to increase as interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline. In addition, because of the conversion feature, the market value </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of convertible securities tends to vary with fluctuations in the market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the underlying common stocks and, therefore, also will react to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variations in the general market for equity securities.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convertible securities are investments that provide for a stable stream </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of income with generally higher yields than common stocks. There can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance of current income because the issuers of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities may default on their obligations. Convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, however, generally offer lower interest or dividend yields than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-convertible debt securities of similar credit quality because of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential for equity-related capital appreciation. A convertible security, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in addition to providing current income, offers the potential for capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appreciation through the conversion feature, which enables the holder </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to benefit from increases in the market price of the underlying common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in synthetic convertible securities, which are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">created through a combination of separate securities that possess the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">two principal characteristics of a traditional convertible security, that is, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an income-producing component and the right to acquire a convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">component. The income-producing component is achieved by investing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in non-convertible, income-producing securities such as bonds, preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and money market instruments. The convertible component is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieved by purchasing warrants or options to buy common stock at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain exercise price, or options on a stock index. The Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase synthetic securities created by other parties, typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment banks, including convertible structured notes. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing and convertible components of a synthetic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible security may be issued separately by different issuers and at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different times. The values of synthetic convertible securities will respond </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differently to market fluctuations than a traditional convertible security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because a synthetic convertible is composed of two or more separate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or instruments, each with its own market value. Synthetic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities are also subject to the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives. See &#8220;Principal Risks of the Fund&#8212;Derivatives Risk.&#8221; In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, if the value of the underlying common stock or the level of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">index involved in the convertible element falls below the strike price of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the warrant or option, the warrant or option may lose all value.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Contingent Convertible Securities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Contingent convertible securities (&#8220;CoCos&#8221;) are a form of hybrid debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security that is structured to either convert into equity or have their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal written down upon the occurrence of certain triggers. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">triggers are generally linked to regulatory capital thresholds or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory actions calling into question the issuing banking institution&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">continued viability as a going-concern. CoCos&#8217; unique equity conversion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or principal write-down features are tailored to the issuing banking </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">institution and its regulatory requirement.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Some additional risks associated with CoCos include, but are not limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to:</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Loss absorption risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">&#8201;</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos may be subject to an automatic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">write-down (i.e., the automatic write-down of the principal amount or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the securities, potentially to zero, and the cancellation of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities) under certain circumstances, which could result in the Fund </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">54</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_18"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losing a portion or all of its investment in such securities. In addition, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may not have any rights with respect to repayment of the principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of the securities that has not become due or the payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest or dividends on such securities for any period from (and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including) the interest or dividend payment date falling immediately </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to the occurrence of such automatic write-down. An automatic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">write-down could also result in a reduced income rate if the dividend or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest payment is based on the security&#8217;s par value. In addition, CoCos </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have fully discretionary coupons. This means coupons can potentially be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cancelled at the issuer&#8217;s discretion or at the request of the relevant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory authority in order to help the issuer absorb losses and may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">suspended in the event there are insufficient distributable reserves.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Subordinated instruments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">&#8201;</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos will, in the majority of circumstances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be issued in the form of subordinated debt instruments in order to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide the appropriate regulatory capital treatment prior to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conversion. Accordingly, in the event of liquidation, dissolution or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">winding-up of an issuer prior to a conversion having occurred, the rights </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and claims of the holders of the CoCos, such as the Fund, against the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer in respect of or arising under the terms of the CoCos shall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally rank junior to the claims of all holders of unsubordinated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of the issuer. In addition, if the CoCos are converted into the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s underlying equity securities following a conversion event, each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holder will be subordinated due to their conversion from being the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holder of a debt instrument to being the holder of an equity instrument.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Market value will fluctuate based on unpredictable factors.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">&#8201;</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The trading </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">behavior of a given issuer&#8217;s CoCos may be strongly impacted by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading behavior of other issuers&#8217; CoCos, such that negative information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from an unrelated CoCo may cause a decline in value of one or more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos held by the Fund. Accordingly, the trading behavior of CoCos </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not follow the trading behavior of other similarly structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. The value of CoCos is unpredictable and could be influenced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by many factors including, without limitation: (i) the creditworthiness of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer and/or fluctuations in such issuer&#8217;s applicable capital ratios; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(ii) supply and demand for the CoCos; (iii) general market conditions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and available liquidity; and (iv) economic, financial and political events </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that affect the issuer, its particular market or the financial markets in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">general.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Reverse Repurchase Agreements and Dollar Rolls/Buybacks</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As described under &#8220;Use of Leverage&#8221; the Fund may use, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things, reverse repurchase agreements and/or dollar rolls/buybacks to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">add leverage to its portfolio. Under a reverse repurchase agreement, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund sells securities to a bank or broker dealer and agrees to repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the securities at a mutually agreed future date and price. A dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">roll/buyback is similar to a reverse repurchase agreement except that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the counterparty with which the Fund enters into a dollar roll/buyback </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction is not obligated to return the same securities as those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originally sold by the Fund, but only securities that are &#8220;substantially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">identical.&#8221; Generally, the effect of a reverse repurchase agreement or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dollar roll/buyback transaction is that the Fund can recover and reinvest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all or most of the cash invested in the portfolio securities involved </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during the term of the agreement and still be entitled to the returns </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with those portfolio securities, thereby resulting in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction similar to a borrowing and giving rise to leverage for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. The Fund will incur interest expense as a cost of utilizing reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements and dollar rolls/buybacks. In the event the buyer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of securities under a reverse repurchase agreement or dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">roll/buyback files for bankruptcy or becomes insolvent, the Fund&#8217;s use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the proceeds of the agreement may be restricted pending a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determination by the other party, or its trustee or receiver, whether to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforce the Fund&#8217;s obligation to repurchase the securities.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Commercial Paper</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Commercial paper represents short-term unsecured promissory notes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued in bearer form by corporations such as banks or bank holding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and finance companies. The rate of return on commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">paper may be linked or indexed to the level of exchange rates between </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the U.S. dollar and a foreign currency or currencies.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">U.S. Government Securities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government securities are obligations of and, in certain cases, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guaranteed by, the U.S. government, its agencies or instrumentalities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The U.S. government does not guarantee the NAV of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares. Some U.S. government securities, such as Treasury bills, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">notes and bonds, and securities guaranteed by GNMA, are supported by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the full faith and credit of the United States; others, such as those of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Home Loan Banks (&#8220;FHLBs&#8221;) or the Federal Home Loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage Corporation (&#8220;FHLMC&#8220;), are supported by the right of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer to borrow from the U.S. Department of the Treasury (the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;U.S. Treasury&#8221;); others, such as those of FNMA, are supported by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discretionary authority of the U.S. government to purchase the agency&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations; and still others are supported only by the credit of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrumentality. U.S. government securities may include zero coupon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, which do not distribute interest on a current basis and tend to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to greater risk than interest-paying securities of similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturities. The U.S. government securities in which the Fund may invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may pay fixed, floating, variable or adjustable interest rates.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Bank Capital Securities and Bank Obligations</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in bank capital securities of both non-U.S. (foreign) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and U.S. issuers. Bank capital securities are issued by banks to help fulfill </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their regulatory capital requirements. There are three common types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank capital: Lower Tier II, Upper Tier II and Tier I. Upper Tier II securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are commonly thought of as hybrids of debt and preferred securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Upper Tier II securities are often perpetual (with no maturity date), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">callable and have a cumulative interest deferral feature. This means that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under certain conditions, the issuer bank can withhold payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest until a later date. However, such deferred interest payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally earn interest. Tier I securities often take the form of trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also invest in other bank obligations including, without </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitation, CoCos, certificates of deposit, bankers&#8217; acceptances and fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time deposits.&#160;CoCos have no stated maturity, have fully discretionary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coupons and are typically issued in the form of subordinated debt&#160; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments. CoCos generally either convert into equity or have their&#160; </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">55&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_19"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal written down (including potentially to zero) upon the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occurrence of certain triggering events linked to regulatory capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thresholds or regulatory actions relating to the issuer&#8217;s continued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">viability. Certificates of deposit are negotiable certificates that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued against funds deposited in a commercial bank for a definite </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of time and that earn a specified return. Bankers&#8217; acceptances </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are negotiable drafts or bills of exchange, normally drawn by an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">importer or exporter to pay for specific merchandise, which are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;accepted&#8221; by a bank, meaning, in effect, that the bank unconditionally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agrees to pay the face value of the instrument on maturity. Fixed time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deposits are bank obligations payable at a stated maturity date and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bearing interest at a fixed rate. Fixed time deposits may be withdrawn </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on demand by the investor, but may be subject to early withdrawal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">penalties which vary depending upon market conditions and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">remaining maturity of the obligation. There are generally no contractual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on the right to transfer a beneficial interest in a fixed time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deposit to a third party, although there is generally no market for such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deposits. The Fund may also hold funds on deposit with its custodian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank in an interest-bearing account for temporary purposes.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Zero-coupon bonds pay interest only at maturity rather than at intervals </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during the life of the security. Like zero-coupon bonds, &#8220;step up&#8221; bonds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay no interest initially but eventually begin to pay a coupon rate prior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to maturity, which rate may increase at stated intervals during the life of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the security. Partial payment in kind loans and bonds (&#8220;PIKs&#8221;) are debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations that pay &#8220;interest&#8221; in the form of other debt obligations, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instead of in cash. Each of these instruments is normally issued and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">traded at a deep discount from face value. Zero-coupon bonds, step-ups </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and PIKs allow an issuer to avoid or delay the need to generate cash to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meet current interest payments and, as a result, may involve greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk than bonds that pay interest currently or in cash.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inflation-Indexed Bonds</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inflation-indexed bonds (other than municipal inflation-indexed bonds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and certain corporate inflation-indexed bonds) are fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities the principal value of which is periodically adjusted according </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the rate of inflation. If the index measuring inflation falls, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal value of inflation-indexed bonds (other than municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed bonds and certain corporate inflation-indexed bonds) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be adjusted downward, and consequently the interest payable on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these securities (calculated with respect to a smaller principal amount) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be reduced. Repayment of the original bond principal upon maturity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(as adjusted for inflation) is guaranteed in the case of TIPS. For bonds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that do not provide a similar guarantee, the adjusted principal value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the bond repaid at maturity may be less than the original principal. TIPS </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be divided into individual zero-coupon instruments for each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coupon or principal payment (known as &#8220;iSTRIPS&#8221;). An iSTRIP of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal component of a TIPS issue will retain the embedded deflation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floor that will allow the holder of the security to receive the greater of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the original principal or inflation-adjusted principal value at maturity. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">iSTRIPS may be less liquid than conventional TIPS because they are a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small component of the TIPS market. Municipal inflation-indexed </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are municipal bonds that pay coupons based on a fixed rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">plus CPI. With regard to municipal inflation-indexed bonds and certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate inflation-indexed bonds, the inflation adjustment is typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reflected in the semi-annual coupon payment. As a result, the principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of municipal inflation-indexed bonds and such corporate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed bonds does not adjust according to the rate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation. At the same time, the value of municipal inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and such corporate inflation-indexed securities generally will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not increase if the rate of inflation decreases. Because municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed securities and corporate inflation-indexed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are a small component of the municipal bond and corporate bond </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, respectively, they may be less liquid than conventional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal and corporate bonds.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of inflation-indexed bonds is expected to change in response </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to changes in real interest rates. Real interest rates are tied to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relationship between nominal interest rates and the rate of inflation. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nominal interest rates increase at a faster rate than inflation, real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates may rise, leading to a decrease in value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed bonds. Any increase in the principal amount of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed bond will be considered taxable ordinary income, even </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">though investors do not receive their principal until maturity. See &#8220;Tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Matters&#8221; in this prospectus and &#8220;Taxation&#8221; in the Statement of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additional Information.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Event-Linked Instruments</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may obtain event-linked exposure by investing in or gaining </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure to reinsurance contracts (through sidecars or otherwise), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;event-linked bonds&#8221; or &#8220;event-linked swaps&#8221; or by implementing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;event-linked strategies.&#8221; Event-linked exposure results in gains or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses that typically are contingent upon, or formulaically related to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defined trigger events. Examples of trigger events include hurricanes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earthquakes, weather-related phenomena or statistics relating to such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events. Some event-linked bonds are commonly referred to as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;catastrophe bonds.&#8221; If a trigger event occurs, the Fund may lose a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portion or its entire principal invested in the bond or notional amount </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on a swap. Event-linked exposures often provide for an extension of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity to process and audit loss claims when a trigger event has, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possibly has, occurred. An extension of maturity may increase volatility. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also gain exposure to reinsurance contracts (through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked securities, sidecars or otherwise). This exposure may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include &#8220;excess of loss&#8221; contracts, wherein liability arises only if and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when losses exceed a specified amount, and proportional reinsurance, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wherein a pro rata portion of the premiums and liabilities of the cedant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with a specified business or a portfolio of insurance contracts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are linked to the investment. Investments linked to reinsurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may involve significant insurance brokerage fees, fronting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees and other transaction costs. Event-linked exposure may also expose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to certain other risks including credit risk, counterparty risk, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse regulatory or jurisdictional interpretations and adverse tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences. Event-linked exposures may also be subject to liquidity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">56</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_20"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Variable- and Floating-Rate Securities</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Variable- and floating-rate instruments are instruments that pay interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at rates that adjust whenever a specified interest rate changes and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that reset on predetermined dates (such as the last day of a month or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">calendar quarter). In addition to loans, variable- and floating-rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may include, without limitation, instruments such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">catastrophe and other event-linked bonds, instruments such as bank </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital securities, unsecured and/or secured loans (including, but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to, bank and/or other syndicated loans and non-syndicated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(private direct) loans), corporate bonds, money market instruments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain types of mortgage-related and other ABS. Due to their variable- </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or floating-rate features, these instruments will generally pay higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">levels of income in a rising interest rate environment and lower levels of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income as interest rates decline. For the same reason, the market value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a variable- or floating-rate instrument is generally expected to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">less sensitivity to fluctuations in market interest rates than a fixed-rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument, although the value of a variable- or floating-rate instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may nonetheless decline as interest rates rise and due to other factors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as changes in credit quality.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in floating rate debt instruments (&#8220;floaters&#8221;) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">engage in credit spread trades. The interest rate on a floater is a variable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate which is tied to another interest rate, such as a money-market index </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or U.S. Treasury bill rate. The interest rate on a floater resets periodically, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically every six months. Due to the interest rate reset feature, floaters </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide the Fund with a certain degree of protection against rises in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, although the Fund will participate in any declines in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates as well. A credit spread trade is an investment position </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relating to a difference in the prices or interest rates of two bonds or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities, in which the value of the investment position is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined by changes in the difference between the prices or interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, as the case may be, of the respective securities.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inverse Floaters</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An inverse floater is a type of debt instrument that bears a floating or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variable interest rate that moves in the opposite direction to interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates generally or the interest rate on another security or index. Changes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in interest rates generally, or the interest rate of the other security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">index, inversely affect the interest rate paid on the inverse floater, with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the result that the inverse floater&#8217;s price will be considerably more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatile than that of a fixed-rate bond. The Fund may invest without </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitation in inverse floaters, which brokers typically create by depositing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an income-producing instrument, which may be a mortgage-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security, in a trust. The trust in turn issues a variable rate security and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inverse floaters. The interest rate for the variable rate security is typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined by an index or an auction process, while the inverse floater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holder receives the balance of the income from the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing instrument less an auction fee. The market prices of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inverse floaters may be highly sensitive to changes in interest rates and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prepayment rates on the underlying securities, and may decrease </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly when interest rates increase or prepayment rates change. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a transaction in which the Fund purchases an inverse floater from a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trust, and the underlying bond was held by the Fund prior to being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deposited into the trust, the Fund will typically treat the transaction as a </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured borrowing for financial reporting purposes. As a result, for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial reporting purposes, the Fund will generally incur a non-cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest expense with respect to interest paid by the trust on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variable rate securities, and will recognize additional interest income in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an amount directly corresponding to the non-cash interest expense. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, the Fund&#8217;s NAV per Common Share and performance will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be affected by the non-cash interest expense. This accounting treatment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">does not apply to inverse floaters acquired by the Fund when the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">did not previously own the underlying bond.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Derivatives</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may, but is not required to, use various derivative instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for risk management purposes or as part of its investment strategy. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may use various derivatives transactions to add leverage to its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio and/or to manage (increase or decrease) the dollar-weighted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average effective duration of the Fund&#8217;s portfolio. See &#8220;Use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage.&#8221;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Generally, derivatives are financial contracts whose value depends </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">upon, or is derived from, the value of an underlying asset, reference rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or index, and may relate to, among others, stocks, bonds, real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, interest rates, spreads between different interest rates, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies or currency exchange rates, commodities and related indexes. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Examples of derivative instruments that the Fund may use include, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without limitation, futures and forward contracts (including foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency exchange contracts), call and put options (including options on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contracts), credit default swaps, total return swaps, basis swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other swap agreements. The Fund&#8217;s use of derivative instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involves risks different from, or possibly greater than, the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with investing directly in securities and other more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">traditional investments. Please see &#8220;Principal Risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8212;Derivatives Risk&#8221; in this prospectus and see &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Objectives and Policies&#8212;Derivative Instruments&#8221; in the Statement of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additional Information for additional information about these and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments that the Fund may use and the risks associated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with such instruments. There is no assurance that these derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies will be available at any time or that PIMCO will determine to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">use them for the Fund or, if used, that the strategies will be successful. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the Fund may be subject to certain restrictions on its use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative strategies imposed by guidelines of one or more rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agencies that may issue ratings for any preferred shares issued by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Certain Interest Rate Transactions</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In order to reduce the interest rate risk inherent in the Fund&#8217;s underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments and capital structure, the Fund may (but is not required to) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enter into interest rate swap transactions. Interest rate swaps involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the exchange by the Fund with a counterparty of their respective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments to pay or receive interest, such as an exchange of fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate payments for floating rate payments. These transactions generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involve an agreement with the swap counterparty to pay a fixed or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variable rate payment in exchange for the counterparty paying the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the other type of payment stream (i.e., variable or fixed). The payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation would be based on the notional amount of the swap. Other </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">57&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_21"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forms of interest rate swap agreements in which the Fund may invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include, without limitation, interest rate caps, under which, in return for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a premium, one party agrees to make payments to the other to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that interest rates exceed a specified rate, or &#8220;cap;&#8221; interest rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floors, under which, in return for a premium, one party agrees to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments to the other to the extent that interest rates fall below a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified rate, or &#8220;floor;&#8221; and interest rate &#8220;collars,&#8221; under which a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">party sells a cap and purchases a floor or vice versa in an attempt to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protect itself against interest rate movements exceeding given minimum </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or maximum levels. The Fund may (but is not required to) use interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate swap transactions with the intent to reduce or eliminate the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that an increase in short-term interest rates could pose for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance of the Common Shares as a result of leverage, and also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may use these instruments for other hedging or investment purposes. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any termination of an interest rate swap transaction could result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination payment by or to the Fund.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Default Swaps</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into credit default swaps for both investment and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk management purposes, as well as to add leverage to the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio. A credit default swap may have as reference obligations one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more securities that are not currently held by the Fund. The protection </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;buyer&#8221; in a credit default swap is generally obligated to pay the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection &#8220;seller&#8221; an upfront or a periodic stream of payments over the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">term of the contract provided that no credit event, such as a default, on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a reference obligation has occurred. If a credit event occurs, the seller </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally must pay the buyer the &#8220;par value&#8221; (full notional value) of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap in exchange for an equal face amount of deliverable obligations of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the reference entity described in the swap, or the seller may be required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to deliver the related net cash amount, if the swap is cash settled. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rather than exchange the bonds for par value, a single cash payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be due from the protection seller representing the difference </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">between the par value of the bonds and the current market value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds (which may be determined through an auction). The Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">either the buyer or seller in the transaction. If the Fund is a buyer and no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit event occurs, the Fund may recover nothing if the swap is held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through its termination date. However, if a credit event occurs, the buyer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally may elect to receive the full notional value of the swap from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the seller, who, in turn, generally will recover an amount significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lower than the equivalent face amount of the obligations of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference entity, whose value may have significantly decreased, through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i) physical delivery of such obligations by the buyer, (ii) cash settlement </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or (iii) an auction process. As a seller, the Fund generally receives an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">upfront payment or a fixed rate of income throughout the term of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap provided that there is no credit event. As the seller, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would effectively add leverage to its portfolio because, in addition to its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total net assets, the Fund would be subject to investment exposure on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the notional amount of the swap.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The spread of a credit default swap is the annual amount the protection </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">buyer must pay the protection seller over the length of the contract, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expressed as a percentage of the notional amount. When spreads rise, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market perceived credit risk rises and when spreads fall, market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived credit risk falls. Wider credit spreads and decreasing market </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values, when compared to the notional amount of the swap, represent a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deterioration of the referenced entity&#8217;s credit soundness and a greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">likelihood or risk of default or other credit event occurring as defined </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the terms of the agreement. For credit default swaps on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed securities and credit indices, the quoted market prices and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resulting values, as well as the annual payment rate, serve as an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indication of the current status of the payment/performance risk.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit default swaps involve greater risks than if the Fund had invested </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the reference obligation directly since, in addition to general market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks, credit default swaps are subject to leverage risk, illiquidity risk, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty risk and credit risk, among other risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments. A buyer generally also will lose its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and recover nothing should no credit event occur and the swap is held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to its termination date. If a credit event were to occur, the value of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deliverable obligation received by the seller, coupled with the upfront or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periodic payments previously received, may be less than the full notional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value it pays to the buyer, resulting in a loss of value to the seller. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's obligations under a credit default swap will be accrued daily </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(offset against any amounts owing to the Fund). See &#8220;Principal Risks of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund - Regulatory Risk - Commodity Pool Operator.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Hybrid Instruments</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A hybrid instrument is a type of potentially high-risk derivative that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">combines a traditional bond, stock or commodity with an option or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward contract. Generally, the principal amount, amount payable upon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity or redemption, or interest rate of a hybrid is tied (positively or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negatively) to the price of some commodity, currency or securities index </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or another interest rate or some other economic factor (each a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;benchmark&#8221;). The interest rate or (unlike most fixed income securities) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the principal amount payable at maturity of a hybrid security may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased or decreased, depending on changes in the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">benchmark. An example of a hybrid could be a bond issued by an oil </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company that pays a small base level of interest with additional interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that accrues in correlation to the extent to which oil prices exceed a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain predetermined level. Such a hybrid instrument would be a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">combination of a bond and a call option on oil.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Hybrids can be used as an efficient means of pursuing a variety of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment goals, including currency hedging, duration management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and increased total return. Hybrids may not bear interest or pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends. The value of a hybrid or its interest rate may be a multiple of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">benchmark and, as a result, may be leveraged and move (up or down) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more steeply and rapidly than the benchmark. These benchmarks may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be sensitive to economic and political events, such as commodity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shortages and currency devaluations, which cannot be readily foreseen </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the purchaser of a hybrid. Under certain conditions, the redemption </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of a hybrid could be zero. Thus, an investment in a hybrid may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entail significant market risks that are not associated with a similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in a traditional, U.S. dollar-denominated bond that has a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fixed principal amount and pays a fixed rate or floating rate of interest. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The purchase of hybrids also exposes the Fund to the credit risk of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer of the hybrids. These risks may cause significant fluctuations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NAV of the Common Shares if the Fund invests in hybrid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">58</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_22"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain hybrid instruments may provide exposure to the commodities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets. These are derivative securities with one or more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commodity-linked components that have payment features similar to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commodity futures contracts, commodity options or similar instruments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Commodity-linked hybrid instruments may be either equity or debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, leveraged or unleveraged, and are considered hybrid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments because they have both security and commodity-like </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics. A portion of the value of these instruments may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derived from the value of a commodity, futures contract, index or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic variable.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain issuers of structured products such as hybrid instruments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be deemed to be investment companies as defined in the 1940 Act. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, the Fund&#8217;s investments in these products may be subject to limits </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to investments in investment companies and may be subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to restrictions contained in the 1940 Act.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s use of commodity-linked instruments may be limited by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s intention to continue to qualify as a RIC and may limit the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to so qualify. In order to qualify for the favorable tax treatment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accorded RICs and their shareholders, the Fund must, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things, derive at least 90% of its income from certain specified sources </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(qualifying income). Income from certain commodity-linked instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">does not constitute qualifying income to the Fund. The tax treatment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain other commodity-linked instruments in which the Fund might </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest is not certain, in particular with respect to whether income and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gains from such instruments constitute qualifying income. If the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">were to treat income from a particular instrument as qualifying income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the income were later determined not to constitute qualifying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and, together with any other nonqualifying income, caused the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s nonqualifying income to exceed 10% of its gross income in any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable year, the Fund would fail to qualify as a RIC unless it is eligible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to and does pay a tax at the Fund level. See &#8220;Tax Matters.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Structured Notes and Related Instruments</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in &#8220;structured&#8221; notes and other related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, which are privately negotiated debt obligations in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the principal and/or interest is determined by reference to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance of a benchmark asset, market or interest rate (an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;embedded index&#8221;), such as selected securities, an index of securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified interest rates, or the differential performance of two assets or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, such as indexes reflecting bonds. Structured instruments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be issued by corporations, including banks, as well as by governmental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agencies. Structured instruments frequently are assembled in the form </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of medium-term notes, but a variety of forms are available and may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used in particular circumstances. The terms of such structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments normally provide that their principal and/or interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments are to be adjusted upwards or downwards (but ordinarily not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below zero) to reflect changes in the embedded index while the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured instruments are outstanding. As a result, the interest and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal payments that may be made on a structured product may vary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely, depending on a variety of factors, including the volatility of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">embedded index and the effect of changes in the embedded index on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and/or interest payments. The rate of return on structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">notes may be determined by applying a multiplier to the performance or </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differential performance of the referenced index(es) or other asset(s). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Application of a multiplier involves leverage that will serve to magnify </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the potential for gain and the risk of loss.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may use structured instruments for investment purposes and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also for risk management purposes, such as to reduce the duration and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate sensitivity of the Fund&#8217;s portfolio, and for leveraging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purposes. While structured instruments may offer the potential for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">favorable rate of return from time to time, they also entail certain risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Structured instruments may be less liquid than other debt securities, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the price of structured instruments may be more volatile. In some cases, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depending on the terms of the embedded index, a structured instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may provide that the principal and/or interest payments may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adjusted below zero. Structured instruments also may involve significant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk and risk of default by the counterparty. Structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may also be illiquid. Like other sophisticated strategies, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s use of structured instruments may not work as intended. If the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the embedded index changes in a manner other than that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected by PIMCO, principal and/or interest payments received on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured instrument may be substantially less than expected. Also, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO chooses to use structured instruments to reduce the duration of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio, this may limit the Fund&#8217;s return when having a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longer duration would be beneficial (for instance, when interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline).</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit-Linked Trust Certificates</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in credit-linked trust certificates, which are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in a limited purpose trust or other vehicle which, in turn, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests in a basket of derivative instruments, such as credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, total return swaps, interest rate swaps or other securities, in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">order to provide exposure to the high yield or another debt securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market. Like an investment in a bond, investments in credit-linked trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certificates represent the right to receive periodic income payments (in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the form of distributions) and payment of principal at the end of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">term of the certificate. However, these payments are conditioned on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trust&#8217;s receipt of payments from, and the trust&#8217;s potential obligations to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the counterparties to the derivative instruments and other securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the trust invests. For instance, the trust may sell one or more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit default swaps, under which the trust would receive a stream of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments over the term of the swap agreements provided that no event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of default has occurred with respect to the referenced debt obligation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">upon which the swap is based. If a default occurs, the stream of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments may stop and the trust would be obligated to pay to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty the par (or other agreed upon value) of the referenced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligation. This, in turn, would reduce the amount of income and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal that the Fund would receive as an investor in the trust. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments in these instruments are indirectly subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks associated with derivative instruments, including, among others, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk, default or similar event risk, counterparty risk, interest rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, leverage risk, valuation risk and management risk. It is expected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the trusts that issue credit-linked trust certificates will constitute </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;private&#8221; investment companies, exempt from registration under the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1940 Act. Therefore, the certificates will not be subject to applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment limitations and other regulation imposed by the 1940 Act </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">59&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_23"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(although the Fund will remain subject to such limitations and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulation, including with respect to its investments in the certificates). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the trusts are typically private investment companies, they </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally are not actively managed such as a &#8220;hedge fund&#8221; might be. It </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also is expected that the certificates will be exempt from registration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Securities Act. Accordingly, there may be no established </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading market for the certificates and they may constitute illiquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. See &#8220;Principal Risks of the Fund&#8212;Liquidity Risk.&#8221; If market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quotations are not readily available for the certificates, they will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">valued by the Valuation Designee (as defined below) at fair value&#160;as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined by Valuation Designee (as defined below). See &#8220;Net Asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Value.&#8221; The Fund may lose its entire investment in a credit-linked trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certificate.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Rule 144A Securities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities that have not been registered for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">public sale, but that are eligible for purchase and sale pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 144A under the Securities Act. Rule 144A permits certain qualified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">institutional buyers, such as the Fund, to trade in privately placed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that have not been registered for sale under the Securities Act.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8220;Covenant-lite&#8221; Obligations</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in, or obtain exposure to, obligations that may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;covenant-lite,&#8221; which means such obligations lack, or possess fewer, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial covenants that protect lenders. Covenant-lite agreements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">feature incurrence covenants, as opposed to more restrictive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maintenance covenants. Under a maintenance covenant, the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would need to meet regular, specific financial tests, while under an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurrence covenant, the borrower only would be required to comply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the financial tests at the time it takes certain actions (e.g., issuing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional debt, paying a dividend, making an acquisition). A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">covenant-lite obligation contains fewer maintenance covenants than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other obligations, or no maintenance covenants, and may not include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms that allow the lender to monitor the performance of the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and declare a default if certain criteria are breached.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities of other open- or closed-end </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies (including those advised by PIMCO), including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without limitation, ETFs, to the extent that such investments are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consistent with the Fund&#8217;s investment objectives, strategies and policies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and permissible under the 1940 Act. The Fund may invest in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies to gain broad market, sector exposure, or for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash management purposes, including during periods when it has large </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amounts of uninvested cash (such as the period shortly after the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receives the proceeds of the offering of its Common Shares) or when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO believes share prices of other investment companies offer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attractive values. The Fund may invest in certain money market funds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or short-term bond funds (&#8221;Central Funds&#8220;), to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">permitted by the 1940 Act, the rules thereunder or exemptive relief </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">therefrom. The Central Funds are registered investment companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">created for use by certain registered investment companies advised by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO in connection with their cash management activities. The Fund </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will treat its investments in other investment companies that invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">primarily in types of securities in which the Fund may invest directly as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in such types of securities for purposes of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment policies (e.g., the Fund&#8217;s investment in an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company that invests primarily in debt securities will be treated by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund as an investment in a debt security). As a shareholder in an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment company, the Fund would bear its ratable share of that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment company&#8217;s expenses and would remain subject to payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund&#8217;s management fees and other expenses with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets so invested. Common Shareholders would therefore be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duplicative expenses to the extent the Fund invests in other investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies. The securities of other investment companies may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged, in which case the NAV and/or market value of the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company&#8217;s shares will be more volatile than unleveraged investments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Principal Risks of the Fund&#8212;Leverage Risk.&#8221;</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Regulatory changes adopted by the SEC concerning investments by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registered investment companies in the securities of other registered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies may, among other things, limit investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">flexibility and could affect the Fund's ability to utilize Central Funds. This </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely impact the Fund's investment strategies and operations. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The &#8221;Investment Objectives and Policies - Regulatory Risk&#8221; section in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Statement of Additional Information discusses these changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">further detail.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Common Stocks and Other Equity Securities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest up to 20% of its total assets in equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from time to time, including those it has received through the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conversion of a convertible security held by the Fund or in connection </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the restructuring of a debt security, including shares of ETFs. Such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity securities may be issued by public or private issuers. For instance, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in connection with the restructuring of a debt instrument, either outside </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of bankruptcy court or in the context of bankruptcy court proceedings, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may determine or be required to accept common stocks or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other equity securities in exchange for all or a portion of the debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument. Depending upon, among other things, PIMCO&#8217;s evaluation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the potential value of such securities in relation to the price that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be obtained by the Fund at any given time upon sale thereof, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may determine to hold these equity securities in its portfolio.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although common stocks and other equity securities have historically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generated higher average returns than debt securities over the long </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">term, they also have experienced significantly more volatility in those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns and in certain years have significantly underperformed relative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to debt securities. An adverse event, such as an unfavorable earnings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">report, may depress the value of a particular equity security held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Also, prices of common stocks and other equity securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to general movements in the equity markets and a decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those markets may depress the prices of the equity securities held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. The prices of equity securities fluctuate for many different reasons, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including changes in investors&#8217; perceptions of the financial condition of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer or the general condition of the relevant stock market or when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political or economic events affecting the issuer occur. In addition, prices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of equity securities may be particularly sensitive to rising interest rates, </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">60</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_24"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as the cost of capital rises and borrowing costs increase.The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in common shares of pooled vehicles, such as those of other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies, and in common shares of REITs.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Alternative Lending ABS</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest, either directly or indirectly through its Subsidiaries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in Alt Lending ABS backed by consumer, commercial, residential or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans, issued by an SPE sponsored by an online or alternative lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform or an affiliate thereof.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When purchasing Alt Lending ABS collateralized by loans, the Fund is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not restricted by any particular borrower credit criteria. Accordingly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain loans underlying any Alt Lending ABS purchased by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subprime in quality, or may become subprime in quality. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Alternative lending, which may include or sometimes be referred to as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">peer-to-peer lending, online lending or marketplace lending, is a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">method of financing in which an alternative lending platform (i.e., an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">online lending marketplace or lender that is not a traditional lender, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as a bank) facilitates the borrowing and lending of money while </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally not relying on deposits for capital to fund loans. It is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered an alternative to more traditional debt financing done </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through a bank. There are several different models of alternative lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but, very generally, a platform typically matches consumers, small or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">medium-sized businesses or other types of borrowers with investors </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are interested in gaining investment exposure to the loans made to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such borrowers. Prospective borrowers are usually required to provide or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">give access to certain financial information to the platform, such as the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intended purpose of the loan, income, employment information, credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">score, debt-to-income ratio, credit history (including defaults and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delinquencies) and home ownership status, and, in the case of small </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business loans, business financial statements and personal credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information regarding any guarantor, some of which information is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">made available to prospective lenders. Often, platforms charge fees to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers to cover these screening and administrative costs. Based on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this and other relevant supplemental information, the platform usually </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assigns its own credit rating to the borrower and sets the interest rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the requested borrowing. Platforms then post the borrowing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requests online and investors may choose among the loans, based on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the interest rates the loans are expected to yield less any servicing or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">origination fees charged by the platform or others involved in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending arrangement, the background data provided on the borrowers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the credit rating assigned by the platform. In some cases, a platform </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">partners with a bank to originate a loan to a borrower, after which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank sells the loan to the platform or directly to the investor; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">alternatively, some platforms may originate loans themselves. Some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors, including the Fund, may not review the particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics of the loans in which they invest at the time of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment, but rather negotiate in advance with platforms the general </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">criteria of the investments, as described above. As a result, the Fund is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent on the platforms&#8217; ability to collect, verify and provide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information to the Fund about each loan and borrower.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms may set minimum eligibility standards for borrowers to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participate in alternative lending arrangements and may limit the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maximum permitted borrowings. Depending on the purpose and nature </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the loan, its term may, for example, be as short as six months or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shorter, or as long as thirty years or longer.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into repurchase agreements, in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases a security from a bank or broker-dealer and the bank or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broker-dealer agrees to repurchase the security at the Fund&#8217;s cost plus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest within a specified time. If the party agreeing to repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should default, the Fund would seek to sell the securities which it holds. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This could involve costs or delays in addition to a loss on the securities if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their value should fall below their repurchase price.&#160; Repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements maturing in more than seven days are considered to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid investments.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">When-Issued, Delayed Delivery and Forward Commitment </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Transactions</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may purchase securities that it is eligible to purchase on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when-issued basis, may purchase such securities for delayed delivery </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may make contracts to purchase such securities for a fixed price at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future date beyond normal settlement time (forward commitments). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When-issued transactions, delayed delivery purchases and forward </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments involve a risk of loss if the value of the securities declines </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to the settlement date. This risk is in addition to the risk that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s other assets will decline in value. Therefore, these transactions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may result in a form of leverage and increase the Fund&#8217;s overall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment exposure. Typically, no income accrues on securities the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has committed to purchase prior to the time delivery of the securities is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">made.When the Fund has sold a security on a when-issued, delayed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delivery or forward commitment basis, the Fund does not participate in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future gains or losses with respect to the security. If the other party to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction fails to pay for the securities, the Fund could suffer a loss. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, when selling a security on a when-issued, delayed delivery </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or forward commitment basis without owning the security, the Fund will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur a loss if the security&#8217;s price appreciates in value such that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security&#8217;s price is above the agreed-upon price on the settlement date.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short Sales</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A short sale is a transaction in which the Fund sells a security or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument that it does not own in anticipation that the market price will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline. The Fund may use short sales for investment purposes or for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedging and risk management purposes. The Fund may also take short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions with respect to the performance of securities, indexes, interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, currencies and other assets or markets through the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative or forward instruments. When the Fund engages in a short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sale of a security, it must borrow the security sold short and deliver it to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the counterparty. The Fund may have to pay a fee to borrow particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and would often be obligated to pay over any payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received on such borrowed securities. The Fund&#8217;s obligation to replace </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the borrowed security will be secured by collateral deposited with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s custodian in the name of the lender. The Fund may not receive </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">61&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_25"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any payments (including interest) on its collateral. Short sales expose the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to the risk that it will be required to cover its short position at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time when the securities have appreciated in value, thus resulting in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loss to the Fund. The Fund may engage in so-called &#8220;naked&#8221; short sales </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when it does not own or have the immediate right to acquire the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security sold short at no additional cost, in which case the Fund&#8217;s losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">theoretically could be unlimited. If the price of the security sold short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases between the time of the short sale and the time that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">replaces the borrowed security, the Fund will incur a loss; conversely, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the price declines, the Fund will realize a gain. Any gain will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decreased, and any loss increased, by the transaction costs described </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">above. The successful use of short selling may be adversely affected by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imperfect correlation between movements in the price of the security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold short and securities being hedged if the short sale is being used for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedging purposes. See &#8220;Principal Risks of the Fund&#8212;Derivatives&#8221; and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Principal Risks of the Fund&#8212;Short Sales Risk.&#8221; See also &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund&#8212;Leverage Risk.&#8221; The Fund may engage in short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">selling to the extent permitted by the 1940 Act rules&#160;and interpretations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thereunder and other federal securities laws. &#160;To the extent the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">do so subject to the laws and regulations of such jurisdiction.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Subsidiaries &#160;and Affiliates</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may execute its strategy by investing through one or more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries. The Fund reserves the right to establish Subsidiaries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through which the Fund may execute its strategy.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has received exemptive relief from the SEC that, to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund relies on such relief, permits it to (among other things) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">co-invest with certain other persons, including certain affiliates of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager and certain public or private funds managed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager and its affiliates, subject to certain terms and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions. The exemptive relief from the SEC with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">co-investments imposes extensive conditions on any co-investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">made in reliance on such relief.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Lending of Portfolio Securities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the purpose of achieving income, the Fund may lend its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities to brokers, dealers or other financial institutions provided a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of conditions are satisfied, including that the loan is fully </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized. See &#8220;Investment Objectives and Policies&#8212;Loans of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio Securities&#8221; in the Statement of Additional Information for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">details. When the Fund lends portfolio securities, its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance will continue to reflect changes in the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities loaned. The Fund will also receive a fee or interest on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral&#160;it receives from the borrower. Securities lending involves the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of loss of rights in the collateral or delay in recovery of the collateral </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if the borrower fails to return the security loaned or becomes insolvent, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or the risk of loss due to the investment performance of the collateral. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may pay lending fees to the party arranging the loan.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As a shareholder of an investment company or other pooled vehicle, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may indirectly bear investment advisory fees, supervisory and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">administrative fees, service fees and other fees which are in addition to </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the fees the Fund pays its service providers. To the extent such cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral is invested in an affiliated money market or short-term mutual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fund, such fees generally will not be waived, and PIMCO expects to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">select such an investment without considering or canvassing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">universe of available unaffiliated investment companies.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Turnover</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The length of time the Fund has held a particular security is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally a consideration in investment decisions. A change in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund is known as &#8220;portfolio turnover.&#8221; The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may engage in frequent and active trading of portfolio securities to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve its investment objectives, particularly during periods of volatile </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market movements. High portfolio turnover (e.g., over 100%) generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involves correspondingly greater expenses to the Fund, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokerage commissions or dealer mark-ups and other transaction costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the sale of securities and reinvestments in other securities. Sales of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio securities may also result in realization of taxable capital gains, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including short-term capital gains (which are generally treated as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ordinary income upon distribution in the form of dividends). The trading </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs and tax effects associated with portfolio turnover may adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s performance.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Please see &#8220;Investment Objectives and Policies&#8221; in the Statement of </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Additional Information for additional information regarding the </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">investments of the Fund and their related risks.</div></div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Use of Leverage</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund currently utilizes leverage principally through reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements. The Fund may also enter into transactions other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than through reverse repurchase agreements that may give rise to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form of leverage including, among others, (i) selling credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, (ii) dollar rolls/buybacks, (iii) borrowings, such as through bank </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans or commercial paper and/or other credit facilities, (iv) futures and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward contracts (including foreign currency exchange contracts), (v) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total return swaps, (vi) other derivative transactions, (vii) loans of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio securities, (viii) short sales and (ix) when-issued, delayed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delivery and forward commitment transactions. The Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine to issue preferred shares or other types of senior securities to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">add leverage to its portfolio. The Fund&#8217;s Board may authorize the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuance of preferred shares without the approval of Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders. If the Fund issues preferred shares in the future, all costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses relating to the issuance and ongoing maintenance of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred shares will be borne by the Common Shareholders, and these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs and expenses may be significant.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Depending upon market conditions and other factors, the Fund may or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not determine to add leverage following an offering to maintain or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the total amount of leverage (as a percentage of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total assets) that the Fund currently maintains, taking into account the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional assets raised through the issuance of Common Shares in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offering. The Fund may utilize certain kinds of leverage, such as reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements and credit default swaps, opportunistically and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may choose to increase or decrease, or eliminate entirely, its use of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage over time and from time to time based on PIMCO&#8217;s assessment </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">62</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_26"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the yield curve environment, interest rate trends, market conditions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other factors. If the Fund determines to add leverage following an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offering, it is not possible to predict with accuracy the precise amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage that would be added, in part because it is not possible to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict the number of Common Shares that ultimately will be sold in an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offering or series of offerings. To the extent that the Fund does not add </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional leverage following an offering, the Fund&#8217;s total amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage as a percentage of its total assets will decrease, which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in a reduction of investment income available for distribution to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under the 1940 Act, the Fund is not permitted to issue new preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares unless immediately after such issuance the value of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total net assets (as defined below) is at least 200% of the liquidation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s preferred shares plus the aggregate amount of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior securities of the Fund representing indebtedness (i.e., such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation value plus the aggregate amount of senior securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing indebtedness may not exceed 50% of the Fund&#8217;s total net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets). In addition, for so long as the Fund has preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding, the Fund will not be permitted to declare any cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividend or other distribution on its Common Shares unless, at the time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of such declaration, the value of the Fund&#8217;s total net assets satisfies the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">above-referenced 200% coverage requirement.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to the 1940 Act requirement that an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company satisfy an asset coverage requirement of 300% of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness measured at the time the investment company incurs the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness. This means that at any given time the value of the Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total indebtedness may not exceed one-third the value of its total assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including assets attributable to such leverage). The interests of persons </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with whom the Fund enters into leverage arrangements will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">necessarily be aligned with the interests of the Fund's shareholders and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such persons will have claims on the Fund's assets that are senior to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those of the Fund's shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under the 1940 Act, the Fund is currently not permitted to issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred shares unless immediately after such issuance the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s total net assets is at least 200% of the liquidation value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s preferred shares plus the aggregate amount of any senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of the Fund representing indebtedness (i.e., such liquidation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value plus the aggregate amount of senior securities representing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness may not exceed 50% of the Fund&#8217;s total net assets). In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, for so long as the Fund has preferred shares outstanding, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will not be permitted to declare any cash dividend or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution on its Common Shares unless, at the time of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declaration, the value of the Fund&#8217;s total net assets, after giving effect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such cash dividend or other distribution, satisfies the above-referenced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">200% coverage requirement.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into derivatives or other transactions that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide leverage (other than through the issuance of preferred shares or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank borrowing). The Derivatives Rule regulates a registered investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company's use of derivatives and certain other transactions that create </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future payment and/or delivery obligations by the Fund. This rule </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">became operative in August 2022. The Derivatives Rule prescribes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specific VaR leverage limits that apply to the Fund (although the Fund in </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the future could qualify as a limited derivatives user (as defined in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives Rule) and would therefore not be subject to all of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements of the Derivatives Rule). VaR is an estimate of potential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses on an instrument or portfolio over a specified time horizon and at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a given confidence level. The Fund may apply a relative VaR test or an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">absolute VaR test (if the Fund's derivatives risk manager determines that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a designated reference portfolio would not provide an appropriate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference portfolio for purposes of the relative VaR test). The limit under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the relative VaR test when a fund has no outstanding preferred shares is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">200% (or 250% when preferred shares are outstanding) of the VaR of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">designated reference portfolio, which, very generally, may be a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">designated unleveraged index or a fund's securities portfolio excluding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives. If applicable, the limit under the absolute VaR test when a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fund has no outstanding preferred shares is 20% (or 25% when a fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has preferred shares outstanding) of the value of a fund's net assets. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Derivatives Rule also generally requires the Fund to appoint a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives risk manager, maintain a DRMP designed to identify, assess, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and reasonably manage the risks associated with transactions covered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the rule, and abide by certain board and other reporting obligations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and recordkeeping requirements. With respect to reverse repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements or other similar financing transactions in particular, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives Rule permits a fund to enter into such transactions if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fund either (i) complies with the asset coverage requirements of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 18 of the 1940 Act, and combines the aggregate amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness associated with all reverse repurchase agreements and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar financing with the aggregate amount of any other senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities representing indebtedness when calculating the relevant asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coverage ratio, or (ii) treats all reverse repurchase agreements and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar financing transactions as derivatives transactions for all purposes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Derivatives Rule. The Fund has adopted procedures for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing in derivatives and other transactions in compliance with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives Rule. Compliance with the Derivatives Rule could adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the value or performance of the Fund. Limits or restrictions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to the counterparties or issuers, as applicable, with which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may engage in derivative transactions could also limit or prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund from using certain instruments.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that any Subsidiary directly incurs leverage in the form of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt or preferred shares, the amount of such leverage used by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and such Subsidiaries will be consolidated and treated as senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities for purposes of complying with the 1940 Act&#8217;s limitations on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage by the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Leveraging is a speculative technique and there are special risks and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs involved. There is no assurance that the Fund will utilize reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements, credit default swaps, dollar rolls/buybacks or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowings, issue preferred shares or utilize any other forms of leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(such as the use of derivatives strategies). If used, there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the Fund&#8217;s leveraging strategies will result in a higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield on your Common Shares. When leverage is used, the NAV and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of the Common Shares and the yield to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders will be more volatile. See &#8220;Principal Risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8212;Leverage Risk.&#8221; In addition, dividend, interest and other costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses borne by the Fund with respect to its use of reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements, credit default swaps, total return swaps, dollar </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">63&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_27"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolls/buybacks, borrowings, preferred shares or any other forms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage are borne by the Common Shareholders and result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction of the NAV of the Common Shares. In addition, because the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees received by the Investment Manager are based on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average daily &#8220;total managed assets&#8221; (including any assets attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to any reverse repurchase agreements, dollar rolls/buybacks, borrowings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and preferred shares that may be outstanding) minus accrued liabilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(other than liabilities representing reverse repurchase agreements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dollar rolls/buybacks and borrowings), the Investment Manager has a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial incentive for the Fund to use certain forms of leverage (e.g., </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements, dollar rolls/buybacks, borrowings and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred shares), which may create a conflict of interest between the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager, on the one hand, and the Common Shareholders, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the other hand. Leveraging transactions pursued by the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase its duration and sensitivity of the value of the Fund's portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to interest rate movements.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund also may borrow money in order to repurchase its shares or as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a temporary measure for extraordinary or emergency purposes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including for the payment of dividends or the settlement of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions which otherwise might require untimely dispositions of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio securities held by the Fund.</div></div></div><ix:nonNumeric name="cef:EffectsOfLeverageTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" continuedAt="TextSelection_137970545" id="ixv-13357"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Effects of Leverage</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table is furnished in response to requirements of the SEC. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">It is designed to illustrate the effects of leverage through the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior securities, as that term is defined under Section 18 of the 1940 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Act, on Common Share total return, assuming investment portfolio total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns (consisting of income and changes in the value of investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">held in the Fund&#8217;s portfolio) of -10%, -5%, 0%, 5% and 10%. Although </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund does not currently have a class of senior securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding, the table below reflects the Fund&#8217;s continued use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements averaged over the fiscal year ended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 30, 2024 representing approximately 14.59% of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average total managed assets (including assets attributable to reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements) at an estimated annual effective interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expense rate of 5.80% payable by the Fund on such instruments (based </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on market conditions averaged over the fiscal year ended June 30, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2024). Based on such estimated annual effective interest expense rate, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the annual return that the Fund&#8217;s portfolio must experience (net of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses) in order to cover such costs of the reverse repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements is 0.86%. The information below does not reflect the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">use of certain other forms of economic leverage achieved through the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">use of other instruments or transactions not considered to be senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities under the 1940 Act, such as credit default swaps or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The assumed investment portfolio returns in the table below are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hypothetical figures and are not necessarily indicative of the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio returns experienced or expected to be experienced by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Your actual returns may be greater or less than those appearing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below. In addition, the actual borrowing expenses associated with </div></div></div></ix:nonNumeric></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelection_137970545" continuedAt="TextSelectionAppend_137970545_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements (or dollar rolls/buybacks or borrowings, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if any) used by the Fund may vary frequently and may be significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher or lower than the rate used for the example below.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div></ix:continuation><div style="margin-top:0.0pt"><ix:continuation id="TextSelectionAppend_137970545_1" continuedAt="TextSelectionAppend_137970545_2"><ix:nonNumeric name="cef:EffectsOfLeverageTableTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" id="ixv-13402">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt">
<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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Assumed Portfolio Total Return</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"><div style="display:flex;margin:auto;width:28.19pt"><div style="display:flex;white-space:nowrap;width:28.19pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">(<div style="display:inline;">10.00</div><div style="display:inline;"></div>)%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">(5.00</div>)%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 1.94pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">0.00</div>%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"><div style="display:flex;margin:auto;width:20.71pt"><div style="display:flex;white-space:nowrap;width:20.71pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">5.00%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"><div style="display:flex;margin:auto;width:24.31pt"><div style="display:flex;white-space:nowrap;width:24.31pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">10.00</div>%</div></div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return</div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"><div style="display:flex;margin:auto;width:28.19pt"><div style="display:flex;white-space:nowrap;width:28.19pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">(<ix:nonFraction name="cef:ReturnAtMinusTenPercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="4" scale="-2" sign="-" format="ixt:num-dot-decimal" id="ixv-37564">12.74</ix:nonFraction></div>)%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">(<ix:nonFraction name="cef:ReturnAtMinusFivePercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="4" scale="-2" sign="-" format="ixt:num-dot-decimal" id="ixv-37565">6.87</ix:nonFraction>)%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">(<ix:nonFraction name="cef:ReturnAtZeroPercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="4" scale="-2" sign="-" format="ixt:num-dot-decimal" id="ixv-37566">1.00</ix:nonFraction>)%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"><div style="display:flex;margin:auto;width:20.71pt"><div style="display:flex;white-space:nowrap;width:20.71pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:ReturnAtPlusFivePercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="4" scale="-2" format="ixt:num-dot-decimal" id="ixv-37567">4.86</ix:nonFraction>%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"><div style="display:flex;margin:auto;width:24.31pt"><div style="display:flex;white-space:nowrap;width:24.31pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:ReturnAtPlusTenPercent" contextRef="P04_14_2025To04_14_2025" unitRef="Unit_pure" decimals="4" scale="-2" format="ixt:num-dot-decimal" id="ixv-37568">10.73</ix:nonFraction>%</div></div></div></div></td></tr></table></ix:nonNumeric></ix:continuation></div><ix:continuation id="TextSelectionAppend_137970545_2"><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Share total return is composed of two elements &#8212; the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Share dividends paid by the Fund (the amount of which is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">largely determined by the net investment income of the Fund after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">paying dividend payments on any preferred shares issued by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses on any forms of leverage outstanding) and gains or losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the value of the securities and other instruments the Fund owns. As </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required by SEC rules, the table assumes that the Fund is more likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">suffer capital losses than to enjoy capital appreciation. For example, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assume a portfolio total return of 0%, the Fund must assume that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income it receives on its investments is entirely offset by losses in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of those investments. This table reflects hypothetical performance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund&#8217;s portfolio and not the actual performance of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, the value of which is determined by market forces and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Should the Fund elect to add additional leverage to its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">following an offering, any benefits of such additional leverage cannot </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be fully achieved until the proceeds resulting from the use of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage have been received by the Fund and invested in accordance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the Fund&#8217;s investment objectives and policies. As noted above, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s willingness to use additional leverage, and the extent to which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage is used at any time, will depend on many factors, including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among other things, PIMCO&#8217;s assessment of the yield curve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environment, interest rate trends, market conditions and other factors.</div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskFactorsTableTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" continuedAt="TextSelection_137970552" id="ixv-13499"><div style="line-height:14.0pt;margin-top:10.0pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Principal Risks of the Fund</div></div></div></div><div style="line-height:12.0pt;margin-top:2.0pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to the principal risks noted below, whether through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s direct investments, investments by its Subsidiaries or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives positions.</div></div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_MarketDiscountRiskMembercefRiskAxis" escape="true" id="ixv-13509"><div style="line-height:12.0pt;margin-top:10.0pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Discount Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The price of the Fund&#8217;s Common Shares will fluctuate with market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions and other factors. If you sell your Common Shares, the price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received may be more or less than your original investment. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares are designed for long-term investors and should not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treated as trading vehicles. Shares of closed-end management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies frequently trade at a discount from their NAV. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares may trade at a price that is less than the offering price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for Common Shares issued pursuant to an offering. This risk may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater for investors who sell their Common Shares relatively shortly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">after completion of an offering. The sale of Common Shares by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(or the perception that such sales may occur), particularly if sold at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discount to the then current market price of the Common Shares, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have an adverse effect on the market price of the Common Shares.</div></div></div></ix:nonNumeric></ix:nonNumeric></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">64</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_28"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelection_137970552" continuedAt="TextSelectionAppend_137970552_1"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_MarketRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970554" id="ixv-13558"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market price of securities owned by the Fund may go up or down, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sometimes rapidly or unpredictably. Securities may decline in value due </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to factors affecting securities markets generally or particular industries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or companies represented in the securities markets. The value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security may decline due to general market conditions that are not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specifically related to a particular company, such as real or perceived </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse economic conditions, changes in the general outlook for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate earnings, changes in inflation, interest or currency rates, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial system instability, adverse changes to credit markets or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse investor sentiment generally. The value of a security may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline due to factors that affect a particular industry or industries, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as labor shortages or increased production costs and competitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions within an industry. During a general downturn in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities markets, multiple asset classes may decline in value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">simultaneously even if the performance of those asset classes is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise historically correlated. Investments may also be negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by market disruptions and by attempts by other market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants to manipulate the prices of particular investments. Equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities generally have greater price volatility than fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Credit ratings downgrades may also negatively affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund. Even when markets perform well, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the investments held by the Fund will increase in value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">along with the broader market.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, market risk includes the risk that geopolitical and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events will disrupt the economy on a national or global level. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instance, war, terrorism, social unrest, recessions, supply chain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, market manipulation, government defaults, government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shutdowns, political changes, diplomatic developments or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imposition of sanctions and other similar measures, public health </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emergencies (such as the spread of infectious diseases, pandemics and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">epidemics), natural/environmental disasters, climate-change and climate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related events can all negatively impact the securities markets, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could cause the Fund to lose value. These events could reduce consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand or economic output, result in market closures, changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, inflation/deflation, travel restrictions or quarantines, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly adversely impact the economy.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As computing technology and data analytics continually advance there </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has been an increasing trend towards machine driven and artificially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intelligent trading systems, particularly providing such systems with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increasing levels of autonomy in trading decisions. Regulators of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial markets have become increasingly focused on the potential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of artificial intelligence on investment activities and may issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulations that are intended to affect the use of artificial technology in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading activities. Any such regulations may not have the intended affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on financial markets. Moreover, advancements in artificial intelligence </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other technologies may suffer from the introduction of errors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defects or security vulnerabilities which can go undetected. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential speed of such trading and technologies may exacerbate the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of any such flaws, particularly where such flaws are exploited by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other artificially intelligent systems and may act to impair or prevent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intervention of a human control.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_1" continuedAt="TextSelectionAppend_137970552_2"><ix:continuation id="TextSelection_137970554"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The current contentious domestic political environment, as well as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political and diplomatic events within the United States and abroad, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the U.S. government&#8217;s inability at times to agree on a long-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">budget and deficit reduction plan, has in the past resulted, and may in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the future result, in a government shutdown or otherwise adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the U.S. regulatory landscape, the general market environment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or investor sentiment, which could have an adverse impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments and operations. Additional and/or prolonged </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal government shutdowns may affect investor and consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">confidence and may adversely impact financial markets and the broader </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy, perhaps suddenly and to a significant degree. Governmental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and quasi-governmental authorities and regulators throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">world have previously responded to serious economic disruptions with a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variety of significant fiscal and monetary policy changes, including but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, direct capital infusions into companies, new monetary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">programs and dramatically lower interest rates. An unexpected or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sudden reversal of these policies, or the ineffectiveness of these policies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could increase volatility in securities markets, which could adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s investments. Any market disruptions could also prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund from executing advantageous investment decisions in a timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner. Funds that have focused their investments in a region enduring </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">geopolitical market disruption will face higher risks of loss, although the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increasing interconnectivity between global economies and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets can lead to events or conditions in one country, region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial market adversely impacting a different country, region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial market. Thus, investors should closely monitor current market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions to determine whether the Fund meets their individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial needs and tolerance for risk.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During inflationary price movements, fixed income securities markets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may experience heightened levels of interest rate, volatility and liquidity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Interest rate increases in the future could cause the value of a fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that invests in fixed income securities to decrease.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest rate increases and other market events have the potential to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact real estate values and real estate-related asset prices, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could, by extension, adversely impact the value of other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, such as loans, securitized debt and other fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Such an impact could materialize in one real estate sector and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not another, or in a different manner in different real estate sectors. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Examples of the current risks faced by real estate-related assets include: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenant vacancy rates; increase in tenant turnover and tenant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concentration; headwinds, delinquencies and difficulties in collecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rents and other payments faced by owners of real estate (which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases the risk of owners being unable to pay or otherwise defaulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on their own borrowings and obligations); decline in property values; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in inflation, upkeep costs and other expenses; lowered rent for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">many properties; and concentrated ownership of certain types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Exchanges and securities markets may close early, close late or issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading halts on specific securities, which may result in, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things, the Fund being unable to buy or sell certain securities or financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments at an advantageous time or accurately price its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">65&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_29"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_2" continuedAt="TextSelectionAppend_137970552_3"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_AssetAllocationRiskMembercefRiskAxis" escape="true" id="ixv-13708"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Asset Allocation Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investment performance depends upon how its assets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocated and reallocated. A principal risk of investing in the Fund is that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may make less than optimal or poor asset allocation decisions. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO employs an active approach to allocation among multiple fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income sectors within the Fund's investment objectives and strategies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but there is no guarantee that such allocation techniques will produce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the desired results. It is possible that PIMCO will focus on an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that performs poorly or underperforms other investments under various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions, or underperforms as compared to funds with similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and strategies. You could lose money on your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund as a result of these allocation decisions.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_ManagementRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970556" id="ixv-13725"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to management risk because it is an actively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managed investment portfolio. PIMCO and each individual portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manager will apply investment techniques and risk analysis in making </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment decisions for the Fund, but there can be no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these decisions will produce the desired results. Certain securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments in which the Fund seeks to invest may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available in the quantities desired, including in circumstances where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other funds for which PIMCO acts as investment adviser, including funds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with names, investment objectives and policies, and/or portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management teams, similar to the Fund, are seeking to invest in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">same or similar securities or instruments. In addition, regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions, actual or potential conflicts of interest or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerations may cause PIMCO to restrict or prohibit participation in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain investments. In such circumstances, PIMCO or the individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio managers may determine to purchase other securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments as substitutes. Such substitute securities or instruments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not perform as intended, which could result in losses to the Fund. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent the Fund employs strategies targeting perceived pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inefficiencies, arbitrage strategies or similar strategies, it is subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the pricing or valuation of the securities and instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in such strategies may change unexpectedly, which may result </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in reduced returns or losses to the Fund. The Fund is also subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that deficiencies in the internal systems or controls of PIMCO or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">another service provider will cause losses for the Fund or hinder Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations. For example, trading delays or errors (both human and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systemic) could prevent the Fund from purchasing a security expected to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appreciate in value. Please refer to &#8220;Portfolio Managers &#8211; Conflicts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest&#8221; in the SAI for further information. Additionally, actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived conflicts of interest, legislative, regulatory, or tax restrictions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">policies or developments may affect the investment techniques available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to PIMCO and each individual portfolio manager in connection with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managing the Fund and may also adversely affect the ability of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to achieve its investment objectives. There also can be no assurance that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of the personnel of PIMCO will continue to be associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO for any length of time. The loss of services of one or more key </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employees of PIMCO could have an adverse impact on the Fund&#8217;s ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to realize its investment objectives.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_3" continuedAt="TextSelectionAppend_137970552_4"><ix:continuation id="TextSelection_137970556"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund may rely on various third-party sources to calculate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its NAV. As a result, the Fund is subject to certain operational risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with reliance on service providers and service providers&#8217; data </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sources. In particular, errors or systems failures and other technological </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issues may adversely impact the Fund&#8217;s calculations of its NAV, and such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">NAV calculation issues may result in inaccurately calculated NAVs, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays in NAV calculation and/or the inability to calculate NAV over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extended periods. The Fund may be unable to recover any losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with such failures.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_IssuerRiskMembercefRiskAxis" escape="true" id="ixv-13782"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Issuer Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of a security may decline for a number of reasons that directly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relate to the issuer, such as management performance, major litigation, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investigations or other controversies, changes in the issuer&#8217;s financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condition or credit rating, changes in government regulations affecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer or its competitive environment and strategic initiatives such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as mergers, acquisitions or dispositions and the market response to any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such initiatives, financial leverage, reputation or reduced demand for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s goods or services, as well as the historical and prospective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earnings of the issuer and the value of its assets. A change in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition of a single issuer may affect one or more other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers or securities markets as a whole. These risks can apply to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares issued by the Fund and to the issuers of securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments in which the Fund invests.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_InterestRateRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970638" id="ixv-13804"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest rate risk is the risk that fixed income securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in the Fund&#8217;s portfolio will fluctuate in value because of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in interest rates. For example, as nominal interest rates rise, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of certain fixed income securities held by the Fund is likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decrease. A nominal interest rate can be described as the sum of a real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate and an expected inflation rate. Interest rate changes can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sudden and unpredictable, and the Fund may lose money as a result of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">movements in interest rates. The Fund may not be able to effectively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedge against changes in interest rates or may choose not to do so for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cost or other reasons.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A wide variety of factors can cause interest rates or yields of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury securities (or yields of other types of bonds) to rise, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including but not limited to central bank monetary policies, changing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation or real growth rates, general economic conditions, increasing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond issuances or reduced market demand for low yielding investments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks associated with rising interest rates may be heightened under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recent market conditions, including because the U.S. Federal Reserve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(the &#8220;Federal Reserve&#8221;) has, in the recent past, raised interest rates from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">historically low levels. In addition, changes in monetary policy may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exacerbate the risks associated with changing interest rates. Further, in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market environments where interest rates are higher or rising, issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less willing or able to make principal and interest payments on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fixed income investments when due. Actions by governments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">central banking authorities can result in increases or decreases in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Periods of higher inflation could cause such authorities to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">raise interest rates, which may adversely affect the Fund and its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">66</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_30"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_4" continuedAt="TextSelectionAppend_137970552_5"><ix:continuation id="TextSelection_137970638" continuedAt="TextSelectionAppend_137970638_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, fixed income securities with longer durations tend to be more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to changes in interest rates, usually making them more volatile. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Duration is a measure used to determine the sensitivity of a security&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price to changes in interest rates that incorporates a security&#8217;s yield, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coupon, final maturity and call features, among other characteristics. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Duration is useful primarily as a measure of the sensitivity of a fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income security&#8217;s market price to interest rate (i.e., yield) movements. All </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other things remaining equal, for each one percentage point increase in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, the value of a portfolio of fixed income investments would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally be expected to decline by one percent for every year of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio&#8217;s average duration above zero. For example, the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio of fixed income securities with an average duration of eight </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">years would generally be expected to decline by approximately 8% if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rose by one percentage point.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend-paying equity securities, particularly those whose market price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is closely related to their yield, may be more sensitive to changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. During periods of rising interest rates, the values of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline and may result in losses to the Fund. Variable and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating rate securities may decline in value if their interest rates do not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise as much, or as quickly, as interest rates in general. Conversely, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating rate securities will not generally increase in value if interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates decline. Inverse floating rate securities may decrease in value if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates increase. Inverse floating rate securities may also exhibit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater price volatility than a fixed rate obligation with similar credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality. When the Fund holds variable or floating rate securities, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decrease (or, in the case of inverse floating rate securities, an increase) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in market interest rates will adversely affect the income received from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities and the NAV of the Fund&#8217;s shares.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of very low or negative interest rates, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unable to maintain positive returns. Very low or negative interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may magnify interest rate risk. Changing interest rates, including rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that fall below zero, may have unpredictable effects on markets, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in heightened market volatility and may detract from Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance to the extent the Fund is exposed to such interest rates.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Measures such as average duration may not accurately reflect the true </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate sensitivity of the Fund. This is especially the case if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consists of securities with widely varying durations. Therefore, if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund has an average duration that suggests a certain level of interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate risk, the Fund may in fact be subject to greater interest rate risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than the average would suggest. This risk is greater to the extent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund uses leverage or derivatives in connection with the management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convexity is an additional measure used to understand a security's or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's interest rate sensitivity. Convexity measures the rate of change of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration in response to changes in interest rates. With respect to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security&#8217;s price, a larger convexity (positive or negative) may imply more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatic price changes in response to changing interest rates. Convexity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be positive or negative. Negative convexity implies that interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate increases result in increased duration and that interest rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decreases result in declining duration (i.e., increased sensitivity in prices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in response to rising and/or declining interest rates). Thus, securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with negative convexity, which may include bonds with traditional call </div></div></div></ix:continuation></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_5" continuedAt="TextSelectionAppend_137970552_6"><ix:continuation id="TextSelectionAppend_137970638_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">features and certain mortgage-backed securities, may experience </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater losses in periods of rising interest rates. Accordingly, if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holds such securities, the Fund may be subject to a greater risk of losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in periods of rising interest rates.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rising interest rates may result in periods of volatility and a decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s fixed income investments. Also, when interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise, issuers are less likely to refinance existing debt securities, causing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the average life of such securities to extend. Further, while U.S. bond </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets have steadily grown over the past three decades, dealer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;market making&#8221; ability has remained relatively stagnant. As a result, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer inventories of certain types of bonds and similar instruments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which provide a core indication of the ability of financial intermediaries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to &#8220;make markets,&#8221; are at or near historic lows in relation to market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">size. Because market makers provide stability to a market through their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediary services, a significant reduction in dealer inventories could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially lead to decreased liquidity and increased volatility in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fixed income markets. Such issues may be exacerbated during periods of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic uncertainty. All of these factors, collectively and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individually, could cause the Fund to lose value.</div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_CreditRisksMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970639" id="ixv-13960"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund could lose money if the issuer or guarantor of a fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security (including a security purchased with securities lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral), the counterparty to a derivatives contract, or the issuer or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantor of collateral, repurchase agreement or a loan of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities is unable or unwilling, or is perceived (whether by market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants, rating agencies, pricing services or otherwise) as unable or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unwilling, to make timely principal and/or interest payments, or to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise honor its financial obligations. The risk that such issuer, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantor or counterparty is less willing or able to do so is heightened </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in market environments where interest rates are changing, notably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when rates are rising. The downgrade of the credit rating of a security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the issuer of a security held by the Fund may decrease its value. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Measures such as average credit quality may not accurately reflect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">true credit risk of the Fund. This is especially the case if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consists of securities with widely varying credit ratings. This risk is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater to the extent the Fund uses leverage or derivatives. Rising or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high interest rates may deteriorate the credit quality of an issuer or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty, particularly if an issuer or counterparty faces challenges </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolling or refinancing its obligations. The Fund's investments may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected if any of the issuers it is invested in are subject to an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual or perceived (whether by market participants, rating agencies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pricing services or otherwise) deterioration to their credit quality.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit risk includes credit spread risk, which is the risk that credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads (i.e., the difference in yield between securities that is due to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differences in their actual or perceived credit quality) may increase when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market believes that investments generally have a greater risk of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default. Increasing credit spreads may reduce the market values of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's investments. Credit spreads often increase more for lower rated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and unrated securities than for investment grade securities. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when credit spreads increase, reductions in market value will generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be greater for longer-maturity securities. Further, credit spread duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(a measure of credit spread risk) can vary significantly from interest rate </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">67&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_31"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_6" continuedAt="TextSelectionAppend_137970552_7"><ix:continuation id="TextSelection_137970639"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration (e.g., for floating rate debt securities, credit spread duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically will be higher than interest rate duration). The Fund may add </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit spread duration to its portfolio, for example through the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives (e.g., credit default swaps), even while it has lower interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate duration. The credit spread duration of the Fund&#8217;s portfolio may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vary, in some cases significantly, from its interest rate duration. All </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">descriptions of duration in this prospectus refer to interest rate duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unless otherwise noted.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970640" id="ixv-14037"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related and Other Asset-Backed Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The mortgage-related assets in which the Fund may invest include, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not limited to, any security, instrument or other asset that is related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to U.S. or non-U.S. mortgages, including those issued by private </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originators or issuers, or issued or guaranteed as to principal or interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the U.S. government or its agencies or instrumentalities or by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. governments or authorities, such as, without limitation, assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing interests in, collateralized or backed by, or whose values </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are determined in whole or in part by reference to any number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages or pools of mortgages or the payment experience of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages or pools of mortgages, including REMICs, which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include Re-REMICs, mortgage pass-through securities, inverse floaters, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CMOs, CLOs, multi-class pass-through securities, private mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pass-through securities, stripped mortgage securities (generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest-only and principal-only securities), mortgage-related asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">backed securities and mortgage-related loans (including through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations, assignments, originations and whole loans), including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial and residential mortgage loans. Exposures to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related assets through derivatives or other financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments will be considered investments in mortgage-related assets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also invest in other types of ABS, including CDOs, CBOs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and CLOs and other similarly structured securities. See &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Objectives and Policies&#8212;Portfolio Contents&#8212;Mortgage-Related and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other Asset-Backed Instruments&#8221; in this prospectus and &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Objectives and Policies&#8212;Mortgage-Related and Other Asset-Backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Instruments&#8221; in the Statement of Additional Information for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">description of the various mortgage-related and other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in which the Fund may invest and their related risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related and other asset-backed instruments represent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests in &#8220;pools&#8221; of mortgages or other assets such as consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans or receivables held in trust and often involve risks that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different from or possibly more acute than risks associated with other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of debt instruments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Generally, rising interest rates tend to extend the duration of fixed rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related assets, making them more sensitive to changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Compared to other fixed income investments with similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity and credit, mortgage-related securities may increase in value to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a lesser extent when interest rates decline and may decline in value to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar or greater extent when interest rates rise. As a result, in a period </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of rising interest rates, the Fund may exhibit additional volatility since </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individual mortgage holders are less likely to exercise prepayment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">options, thereby putting additional downward pressure on the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these securities and potentially causing the Fund to lose money. This is </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_7" continuedAt="TextSelectionAppend_137970552_8"><ix:continuation id="TextSelection_137970640" continuedAt="TextSelectionAppend_137970640_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">known as extension risk. Mortgage-backed securities can be highly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to rising interest rates, such that even small movements can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause the Fund to lose value. Mortgage-backed securities, and in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular those not backed by a government guarantee, are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk. When interest rates decline, borrowers may pay off their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages sooner than expected. This can reduce the returns of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund because the Fund may have to reinvest that money at the lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prevailing interest rates.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the creditworthiness, servicing practices, and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">viability of the servicers of the underlying mortgage pools present </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant risks. For instance, a servicer may be required to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advances in respect of delinquent loans underlying the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities; however, servicers experiencing financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulties may not be able to perform these obligations. Additionally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both mortgage-related securities and asset-backed securities are subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to risks associated with fraud or negligence by, or defalcation of, their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicers. These securities are also subject to the risks of the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans. In some circumstances, a servicer&#8217;s or originator&#8217;s mishandling of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">documentation related to the underlying collateral (e.g., failure to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properly document a security interest in the underlying collateral) may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the rights of security holders in and to the underlying collateral. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the underlying loans may have been extended pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inappropriate underwriting guidelines, to no underwriting guidelines at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all, or to fraudulent origination practices. The owner of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed security&#8217;s ability to recover against the sponsor, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicer or originator is uncertain and is often limited.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in other asset-backed instruments are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks similar to those associated with mortgage-related assets, as well </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as additional risks associated with the nature of the assets and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicing of those assets. Payment of principal and interest on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed instruments may be largely dependent upon the cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">flows generated by the assets backing the instruments, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed instruments may not have the benefit of any security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest in the related assets.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subordinate mortgage-backed or asset-backed instruments are paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest only to the extent that there are funds available to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments. To the extent the collateral pool includes a large percentage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of delinquent loans, there is a risk that interest payments on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinate mortgage-backed or asset-backed instruments will not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fully paid.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There are multiple tranches of mortgage-backed and asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, offering investors various maturity and credit risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics. For example, tranches may be categorized as senior, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mezzanine, and subordinated/equity or &#8220;first loss.&#8221; The most senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranche of a mortgage-backed or asset-backed instrument generally has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the greatest collateralization and generally pays the lowest interest rate. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If there are defaults or the collateral otherwise underperforms, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled payments to senior tranches generally take precedence over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those of mezzanine tranches, and scheduled payments to mezzanine </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches take precedence over those to subordinated/equity tranches. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lower tranches represent lower degrees of credit quality and pay higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates intended to compensate for the attendant risks. The return </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">68</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_32"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_8" continuedAt="TextSelectionAppend_137970552_9"><ix:continuation id="TextSelectionAppend_137970640_1" continuedAt="TextSelectionAppend_137970640_2"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the lower tranches is especially sensitive to the rate of defaults in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral pool. The lowest tranche (i.e., the &#8220;equity&#8221; or &#8220;residual&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranche) generally specifically receives the residual interest payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i.e., money that is left over after the higher tranches have been paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses of the issuing entities have been paid) rather than a fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate. The Fund may also invest in the residual or equity tranches </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of mortgage-related and other asset-backed instruments, which may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as subordinate mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments and interest-only mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments. The Fund expects that investments in subordinate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed and other asset-backed instruments will be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks arising from delinquencies and foreclosures, thereby exposing its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment portfolio to potential losses. Subordinate securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed and other asset-backed instruments are also subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to greater credit risk than those mortgage-backed or other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are more highly rated.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The mortgage markets in the United States and in various foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries have experienced extreme difficulties in the past that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected the performance and market value of certain of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s mortgage-related investments. Delinquencies and losses on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residential and commercial mortgage loans (especially subprime and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">second-lien mortgage loans) may increase, and a decline in or flattening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of housing and other real property values may exacerbate such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delinquencies and losses. In addition, reduced investor demand for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loans and mortgage-related securities and increased investor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield requirements have caused limited liquidity in the secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for mortgage-related securities, which can adversely affect the market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of mortgage-related securities. It is possible that such limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity in such secondary markets could continue or worsen.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">With respect to risk retention tranches (i.e., eligible residual interests </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">initially held by the sponsors of CMBS and other eligible securitizations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursuant to the U.S. Risk Retention Rules), a third-party purchaser, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as the Fund, must hold its retained interest, unhedged, for at least five </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">years following the closing of the CMBS transaction, after which it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to transfer its interest in the securitization to another person </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that meets the requirements for a third-party purchaser. Even after the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required holding period has expired, due to the generally illiquid nature </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of such investments, no assurance can be given as to what, if any, exit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies will ultimately be available for any given position.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, there is limited guidance on the application of the final </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Risk Retention Rules to specific securitization structures. There can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance that the applicable federal agencies charged with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the final U.S. Risk Retention Rules (e.g., the FDIC, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Comptroller of the Currency, the Federal Reserve Board, the SEC, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Department of Housing and Urban Development, and the Federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Housing Finance Agency) could not take positions in the future that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differ from the interpretation of such rules taken or embodied in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securitizations, or that the final U.S. Risk Retention Rules will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, in situations where the Fund invests in risk retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches of securitizations structured by third parties, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to execute one or more letters or other agreements, the exact </div></div></div></ix:continuation></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_9" continuedAt="TextSelectionAppend_137970552_10"><ix:continuation id="TextSelectionAppend_137970640_2"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form and nature of which will vary (each, a &#8220;Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221;) under which it will make certain undertakings designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ensure such securitization complies with the U.S. Risk Retention Rules. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such Risk Retention Agreements may include a variety of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representations, warranties, covenants and other indemnities, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may run to various transaction parties. If the Fund breaches any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undertakings in any Risk Retention Agreement, it will be exposed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims by the other parties thereto, including for any losses incurred as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of such breach, which could be significant and exceed the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_MortgageRelatedDerivativeInstrumentsRiskMembercefRiskAxis" escape="true" id="ixv-14265"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related Derivative Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in derivative transactions related to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities, including purchasing and selling </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange-listed and OTC put and call options, futures and forwards on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages and mortgage-backed securities. The Fund may also invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities credit default swaps, which include swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the reference obligation for which is a mortgage-backed security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related index, such as the CMBX Index (a tradeable index referencing a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">basket of commercial mortgage-backed securities) or the ABX (a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tradeable index referencing a basket of sub-prime mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities). The Fund may invest in newly developed mortgage related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives that may hereafter become available.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivative mortgage-backed securities (such as principal-only (&#8220;POs&#8221;), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest-only (&#8220;IOs&#8221;) or inverse floating rate securities) are particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposed to call and extension risks. Small changes in mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prepayments can significantly impact the cash flows and the market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of these derivative instruments. In general, the risk of faster than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated prepayments adversely affects IOs, super floaters and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">premium priced mortgage-backed securities. The risk of slower than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated prepayments generally affects POs, floating-rate securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to interest rate caps, support tranches and discount priced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities. In addition, particular derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may be leveraged such that their exposure (i.e., price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitivity) to interest rate and/or prepayment risk is magnified. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related derivative instruments involve risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed instruments, privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, the mortgage market, the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry, derivatives and credit default swaps. See &#8220;Mortgage-Related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Default Swaps Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related derivative instruments involve risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed instruments, privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, the mortgage market, the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry, derivatives and credit default swaps. See &#8220;Mortgage-Related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Default Swaps Risk.&#8221;</div></div></div></ix:nonNumeric></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">69&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_33"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_10" continuedAt="TextSelectionAppend_137970552_11"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_PrivatelyIssuedMortgageRelatedSecuritiesRiskMembercefRiskAxis" escape="true" id="ixv-14338"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Privately-Issued Mortgage-Related Securities Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There are no direct or indirect government or agency guarantees of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments in pools created by non-governmental issuers. Privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities are also not subject to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underwriting requirements for the underlying mortgages that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to those mortgage-related securities that have a government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or government sponsored entity guarantee.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Privately-issued mortgage-related securities are not traded on an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange and there may be a limited market for the securities, especially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when there is a perceived weakness in the mortgage and real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market sectors. Without an active trading market, mortgage-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held in the Fund&#8217;s portfolio may be particularly difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value because of the complexities involved in assessing the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying mortgage loans.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_HighYieldSecuritiesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970643" id="ixv-14359"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High Yield Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests in high yield securities and unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of similar credit quality (commonly known as &#8220;high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of credit risk, call risk and liquidity risk than funds that do not invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities, which could have a negative effect on the NAV and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of the Fund&#8217;s Common Shares or Common Share </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends. These securities are considered predominantly speculative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to an issuer&#8217;s continuing ability to make principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest payments, and may be more volatile than other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. An economic downturn or individual corporate developments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the market for these securities and reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to sell these securities at an advantageous time or price. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could also generally lead to a higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment rate and, a high yield security may lose significant market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value before a default occurs. The Fund may purchase distressed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that are in default or the issuers of which are in bankruptcy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which involve heightened risks.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">High yield securities structured as zero-coupon bonds or pay-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities tend to be especially volatile as they are particularly sensitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to downward pricing pressures from rising interest rates or widening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads and may require the Fund to make taxable distributions of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imputed income without receiving the actual cash currency. Issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high yield securities may have the right to &#8220;call&#8221; or redeem the issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to maturity, which may result in the Fund having to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other high yield securities or similar instruments that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay lower interest rates. The Fund may also be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of liquidity risk than funds that do not invest in high yield securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, transactions in high yield securities may involve greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs than transactions in more actively traded securities. A lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly-available information, irregular trading activity and wide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bid/ask spreads among other factors, may, in certain circumstances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make high yield debt more difficult to sell at an advantageous time or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price than other types of securities or instruments. These factors may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in the Fund being unable to realize full value for these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or may result in the Fund not receiving the proceeds from a sale of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a high yield security for an extended period after such sale, each of </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_11" continuedAt="TextSelectionAppend_137970552_12"><ix:continuation id="TextSelection_137970643" continuedAt="TextSelectionAppend_137970643_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could result in losses to the Fund. Because of such risks involved </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in investing in high yield securities, an investment in the Fund should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered speculative.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general, lower rated debt securities carry a greater degree of risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer will lose its ability to make interest and principal payments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could have a negative effect on the Fund. Securities of below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade quality are regarded as having predominantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics with respect to capacity to pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay principal and are commonly referred to as &#8220;high yield&#8221; securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and their prices are generally more volatile and sensitive to actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived negative developments. Debt securities in the lowest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade category also may be considered to possess some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics by certain rating agencies. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase stressed or distressed securities that are in default or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers of which are in bankruptcy, which involve heightened risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could severely affect the ability of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly those that are highly leveraged) to service or repay their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligations. Lower-rated securities are generally less liquid than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher-rated securities, which may have an adverse effect on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of them. For example, under adverse market or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions, the secondary market for below investment grade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities could contract further, independent of any specific adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the condition of a particular issuer, and certain securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could find it more difficult to sell these securities or may be able to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell these securities only at prices lower than if such securities were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely traded. To the extent the Fund focuses on below investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and associated risks will be particularly important, and there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that PIMCO will be successful in this regard. Due to such risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in investing in high yield securities, an investment in the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should be considered speculative.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchased, and the Fund is not required to dispose of a security in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event that a rating agency or PIMCO downgrades its assessment of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit characteristics of a particular issue. In determining whether to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retain or sell such a security, PIMCO may consider factors including, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, PIMCO's assessment of the credit quality of the issuer of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such security, the price at which such security could be sold and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating, if any, assigned to such security by other rating agencies. Analysis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of creditworthiness may be more complex for issuers of high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities than that for issuers of higher quality debt securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Investment Objectives and Policies-Portfolio Contents-High Yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities&#8221; for additional information.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests in high yield securities and unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of similar credit quality (commonly known as &#8220;high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of credit risk, call risk and liquidity risk than funds that do not invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities, which could have a negative effect on the NAV and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of the Fund&#8217;s Common Shares or Common Share </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends. These securities are considered predominantly speculative </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">70</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_34"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_12" continuedAt="TextSelectionAppend_137970552_13"><ix:continuation id="TextSelectionAppend_137970643_1" continuedAt="TextSelectionAppend_137970643_2"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to an issuer&#8217;s continuing ability to make principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest payments, and may be more volatile than other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. An economic downturn or individual corporate developments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the market for these securities and reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to sell these securities at an advantageous time or price. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could also generally lead to a higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment rate and, a high yield security may lose significant market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value before a default occurs. The Fund may purchase distressed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that are in default or the issuers of which are in bankruptcy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which involve heightened risks.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">High yield securities structured as zero-coupon bonds or pay-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities tend to be especially volatile as they are particularly sensitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to downward pricing pressures from rising interest rates or widening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads and may require the Fund to make taxable distributions of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imputed income without receiving the actual cash currency. Issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high yield securities may have the right to &#8220;call&#8221; or redeem the issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to maturity, which may result in the Fund having to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other high yield securities or similar instruments that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay lower interest rates. The Fund may also be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of liquidity risk than funds that do not invest in high yield securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, transactions in high yield securities may involve greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs than transactions in more actively traded securities. A lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly-available information, irregular trading activity and wide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bid/ask spreads among other factors, may, in certain circumstances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make high yield debt more difficult to sell at an advantageous time or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price than other types of securities or instruments. These factors may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in the Fund being unable to realize full value for these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or may result in the Fund not receiving the proceeds from a sale of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a high yield security for an extended period after such sale, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could result in losses to the Fund. Because of such risks involved </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in investing in high yield securities, an investment in the Fund should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered speculative.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general, lower rated debt securities carry a greater degree of risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer will lose its ability to make interest and principal payments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could have a negative effect on the Fund. Securities of below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade quality are regarded as having predominantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics with respect to capacity to pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay principal and are commonly referred to as &#8220;high yield&#8221; securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and their prices are generally more volatile and sensitive to actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived negative developments. Debt securities in the lowest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade category also may be considered to possess some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics by certain rating agencies. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase stressed or distressed securities that are in default or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers of which are in bankruptcy, which involve heightened risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could severely affect the ability of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly those that are highly leveraged) to service or repay their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligations. Lower-rated securities are generally less liquid than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher-rated securities, which may have an adverse effect on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of them. For example, under adverse market or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions, the secondary market for below investment grade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities could contract further, independent of any specific adverse </div></div></div></ix:continuation></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_13" continuedAt="TextSelectionAppend_137970552_14"><ix:continuation id="TextSelectionAppend_137970643_2"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the condition of a particular issuer, and certain securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could find it more difficult to sell these securities or may be able to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell these securities only at prices lower than if such securities were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely traded. To the extent the Fund focuses on below investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and associated risks will be particularly important, and there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that PIMCO will be successful in this regard. Due to such risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in investing in high yield securities, an investment in the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should be considered speculative.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchased, and the Fund is not required to dispose of a security in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event that a rating agency or PIMCO downgrades its assessment of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit characteristics of a particular issue. In determining whether to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retain or sell such a security, PIMCO may consider factors including, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, PIMCO's assessment of the credit quality of the issuer of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such security, the price at which such security could be sold and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating, if any, assigned to such security by other rating agencies. Analysis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of creditworthiness may be more complex for issuers of high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities than that for issuers of higher quality debt securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Investment Objectives and Policies-Portfolio Contents-High Yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities&#8221; for additional information.</div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_DistressedAndDefaultedSecuritiesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970644" id="ixv-14593"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distressed and Defaulted Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in the securities of financially distressed issuers involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantial risks, including the risk of default. Distressed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally trade significantly below &#8220;par&#8221; or full value because </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in such securities and debt of distressed issuers or issuers in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default are considered speculative and involve substantial risks in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition to the risks of investing in high-yield bonds. Such investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be in default at the time of investment. In addition, these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may fluctuate more in price, and are typically less liquid. The Fund also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be subject to significant uncertainty as to when, and in what </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner, and for what value obligations evidenced by securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financially distressed issuers will eventually be satisfied. Defaulted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations might be repaid only after lengthy workout or bankruptcy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings, during which the issuer might not make any interest or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other payments. In any such proceeding relating to a defaulted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation, the Fund may lose its entire investment or may be required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to accept cash or securities with a value substantially less than its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">original investment. Moreover, any securities received by the Fund upon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of a workout or bankruptcy proceeding may be less liquid, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative or restricted as to resale. Similarly, if the Fund participates in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations with respect to any exchange offer or plan of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization with respect to the securities of a distressed issuer, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be restricted from disposing of such securities. To the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund becomes involved in such proceedings, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a more active participation in the affairs of the issuer than that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assumed generally by an investor. The Fund may incur additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses to the extent it is required to seek recovery upon a default in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the payment of principal or interest on its portfolio holdings.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">71&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_35"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_14" continuedAt="TextSelectionAppend_137970552_15"><ix:continuation id="TextSelection_137970644"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Also among the risks inherent in investments in a troubled issuer is that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it frequently may be difficult to obtain information as to the true </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition of such issuer. PIMCO's judgments about the credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality of a financially distressed issuer and the relative value of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may prove to be wrong.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_InflationIndexedSecurityRiskMembercefRiskAxis" escape="true" id="ixv-14659"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inflation-Indexed Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inflation-indexed debt securities are subject to the effects of actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated changes in market interest rates caused by factors other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than inflation (real interest rates). In general, the value of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed security, including Treasury Inflation-Protected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities (&#8220;TIPS&#8221;), tends to decrease when real interest rates increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and can increase when real interest rates decrease. Thus generally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during periods of rising inflation, the value of inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities will tend to increase and during periods of deflation, their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value will tend to decrease. Interest payments on inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are unpredictable and will fluctuate as the principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest are adjusted for inflation. There can be no assurance that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation index used (</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">i.e.,</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the CPI) will accurately measure the real rate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation in the prices of goods and services. Increases in the principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of TIPS due to inflation are considered taxable ordinary income for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the amount of the increase in the calendar year. Any increase in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal amount of an inflation-indexed debt security will be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable ordinary income, even though the Fund will not receive the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal until maturity. Additionally, a CPI swap can potentially lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value if the realized rate of inflation over the life of the swap is less than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the fixed market implied inflation rate (fixed breakeven rate) that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor agrees to pay at the initiation of the swap. With municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed securities, the inflation adjustment is integrated into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the coupon payment, which is federally tax exempt (and may be state </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax exempt). For municipal inflation-indexed securities, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adjustment to the principal value. Because municipal inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are a small component of the municipal bond market, they </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less liquid than conventional municipal bonds.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_SeniorDebtRiskMembercefRiskAxis" escape="true" id="ixv-14696"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Senior Debt Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may be subject to greater levels of credit risk than funds that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">do not invest in below investment grade senior debt. The Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to greater levels of liquidity risk than funds that do not invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in senior debt. Restrictions on transfers in loan agreements, a lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly available information and other factors may, in certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instances, make senior debt more difficult to sell at an advantageous </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time or price than other types of securities or instruments. Additionally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if the issuer of senior debt prepays, the Fund will have to consider </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reinvesting the proceeds in other senior debt or similar instruments that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may pay lower interest rates.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970647" id="ixv-14713"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Loans and Other Indebtedness; Loan Acquisitions, </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Participations and Assignments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loan interests may take the form of (i) direct interests acquired during a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">primary distribution or other purchase of a loan or (ii) assignments of, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">novations of or participations in all or a portion of a loan acquired in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary markets. In addition to credit risk and interest rate risk, the </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_15" continuedAt="TextSelectionAppend_137970552_16"><ix:continuation id="TextSelection_137970647" continuedAt="TextSelectionAppend_137970647_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s exposure to loan interests may be subject to additional risks. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, purchasers of loans and other forms of direct indebtedness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend primarily upon the creditworthiness of the borrower for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of principal and interest. Loans are subject to the risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled interest or principal payments will not be made in a timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner or at all, either of which may adversely affect the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan. If the Fund does not receive scheduled interest or principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on such indebtedness, the Fund&#8217;s share price and yield could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be adversely affected. Loans that are fully secured may offer the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more protection than an unsecured loan in the event of non-payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled interest or principal if the Fund is able to access and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetize the collateral. However, the collateral underlying a loan, if any, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unavailable or insufficient to satisfy a borrower&#8217;s obligation. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund becomes owner, whole or in part, of any collateral after a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is foreclosed, the Fund may incur costs associated with owning and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetizing its ownership of the collateral.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of deteriorating economic conditions, such as recessions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or periods of rising unemployment, or changing interest rates (notably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases), delinquencies and losses generally increase, sometimes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatically, with respect to obligations under such loans. An economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturn or individual corporate developments could adversely affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market for these instruments and reduce a Fund&#8217;s ability to sell </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these instruments at an advantageous time or price. An economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturn could also generally lead to a higher nonpayment rate and, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan may lose significant market value before a default occurs.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in loans through a purchase of a loan or a direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assignment of a financial institution&#8217;s interests with respect to a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may involve additional risks to the Fund. For example, if a loan is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreclosed, the Fund could become owner, in whole or in part, of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral, which could include, among other assets, real estate or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real or personal property, and would bear the costs and liabilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with owning and holding or disposing of the collateral. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment typically succeeds to all the rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations under the loan agreement with the same rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations as the assigning lender. Assignments may, however, be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arranged through private negotiations between potential assignees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential assignors, and the rights and obligations acquired by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment may differ from, and be more limited than, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those held by the assigning lender.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In connection with purchasing loan participations, the Fund generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have no right to enforce compliance by the borrower with the terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the loan agreement relating to the loan, nor any rights of set-off </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the borrower, and the Fund may not directly benefit from any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral supporting the loan in which it has purchased the loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participation. As a result, the Fund will be subject to the credit risk of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both the borrower and the lender that is selling the participation. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of the insolvency of the lender selling a participation, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be treated as a general creditor of the lender and may not benefit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from any set-off between the lender and the borrower. Certain loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations may be structured in a manner designed to prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasers of participations from being subject to the credit risk of the </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">72</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_36"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_16" continuedAt="TextSelectionAppend_137970552_17"><ix:continuation id="TextSelectionAppend_137970647_1" continuedAt="TextSelectionAppend_137970647_2"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lender, but even under such a structure, in the event of the lender&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insolvency, the lender&#8217;s servicing of the participation may be delayed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the assignability of the participation impaired.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may have difficulty disposing of loans and loan participations. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because there is no liquid market for many such investments, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipates that such investments could be sold only to a limited number </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of institutional investors. The lack of a liquid secondary market may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an adverse impact on the value of such investments and the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of particular loans and loan participations when that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would be desirable, including in response to a specific economic event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as a deterioration in the creditworthiness of the borrower. The lack </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a liquid secondary market for loans and loan participations also may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make it more difficult for the Fund to assign a value to these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for purposes of valuing the Fund&#8217;s portfolio. Investments in loans may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include participations in bridge loans, which are loans taken out by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers for a short period (typically less than one year) pending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arrangement of more permanent financing through, for example, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuance of bonds, frequently high yield bonds issued for the purpose of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquisitions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in loans may include acquisitions of, or participation in, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed draw and delayed funding loans and revolving credit facilities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These commitments may have the effect of requiring the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase its investment in a borrower at a time when it might not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise decide to do so (including at a time when the company&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition makes it unlikely that such amounts will be repaid). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Delayed draw and delayed funding loans and revolving credit facilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to restrictions on transfer, and only limited opportunities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may exist to resell such instruments. As a result, a Fund may be unable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to sell such investments at an opportune time or may have to resell </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">them at less than fair market value. Further, the Fund may need to hold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquid assets in order to provide funding for these types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments, meaning the Fund may not be able to invest in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attractive investments, or the Fund may need to liquidate existing assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in order to provide such funding.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in loans used to finance the cost of construction, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquisition, development, and/ or rehabilitation of a property, including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to, development of single-family for-sale homes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multi-family rentals and/or commercial facilities. Such construction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending may expose the Fund to increased risk of non-payment and loss </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because the loan is not backed by a finished project. Such risk may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend on the nature of the construction and the relevant counterparty </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or counterparties, which may include, but not be limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">homebuilders, private developers and/or entities with limited capital. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Repayment of these types of loans may depend on the borrower&#8217;s ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to secure permanent &#8220;take-out&#8221; financing, which requires the successful </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of the project, or operation of the property with an income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stream sufficient to meet operating and loan expenses. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these types of loans are subject to the risk of errors in estimations of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property&#8217;s value at completion of construction and the estimated cost of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">construction, as well as the risk that the projects may not be completed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and have limited liquidity.</div></div></div></ix:continuation></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_17" continuedAt="TextSelectionAppend_137970552_18"><ix:continuation id="TextSelectionAppend_137970647_2" continuedAt="TextSelectionAppend_137970647_3"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Fund invests in loans, including, but not limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank loans, non-syndicated loans, the residual or equity tranches of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed securities, which may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as subordinate mortgage-backed or asset-backed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and interest-only mortgage-backed or asset-backed securities, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, the Fund may be subject to greater levels of credit risk, call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, settlement risk and liquidity risk. These instruments are considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predominantly speculative with respect to an issuer&#8217;s continuing ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to make principal and interest payments and may be more volatile than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other types of securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also be subject to greater levels of liquidity risk than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">funds that do not invest in loans. In addition, the loans in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund invests may not be listed on any exchange and a secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for such loans may be comparatively illiquid relative to markets for other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more liquid fixed income securities. Consequently, transactions in loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may involve greater costs than transactions in more actively traded </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. In connection with certain loan transactions, transaction costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are borne by the Fund may include the expenses of third parties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are retained to assist with reviewing and conducting diligence, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiating, structuring and servicing a loan transaction, and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">providing other services in connection therewith. Furthermore, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may incur such costs in connection with loan transactions that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursued by the Fund but not ultimately consummated (so-called </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;broken deal costs&#8221;).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Restrictions on transfers in loan agreements, a lack of publicly available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information, irregular trading activity and wide bid/ask spreads, among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors, may, in certain circumstances, make loans more difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell at an advantageous time or price than other types of securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments. These factors may result in the Fund being unable to realize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">full value for the loans and/or may result in the Fund not receiving the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds from a sale of a loan for an extended period after such sale, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each of which could result in losses to the Fund. Some loans may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extended trade settlement periods, including settlement periods of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater than seven days, which may result in cash not being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">immediately available to the Fund. If an issuer of a loan prepays or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redeems the loan prior to maturity, the Fund may have to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other loans or similar instruments that may pay lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Because of such risks involved in investing in loans, an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund should be considered speculative.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in subordinated and unsecured loans generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to similar risks as those associated with investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured loans. Subordinated or unsecured loans are lower in priority of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment to secured loans and are subject to the additional risk that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flow of the borrower and property securing the loan or debt, if any, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be insufficient to meet scheduled payments after giving effect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the senior secured obligations of the borrower. This risk is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher for subordinated unsecured loans or debt, which are not backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by a security interest in any specific collateral. Subordinated and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unsecured loans generally have greater price volatility than secured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans and may be less liquid. There is also a possibility that originators </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be able to sell participations in subordinated or unsecured </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">73&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_37"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_18" continuedAt="TextSelectionAppend_137970552_19"><ix:continuation id="TextSelectionAppend_137970647_3"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans, which would create greater credit risk exposure for the holders of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such loans. Subordinate and unsecured loans share the same risks as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other below investment grade securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There may be less readily available information about most loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the underlying borrowers than is the case for many other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Loans may be issued by companies that are not subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">SEC reporting requirements and therefore may not be required to file </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reports with the SEC or may file reports that are not required to comply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with SEC form requirements. In addition, such companies may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to a less stringent liability disclosure regime than companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to SEC reporting requirements. Loans may not be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;securities,&#8221; and purchasers, such as the Fund, therefore may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to rely on the anti-fraud protections of the federal securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws. Because there is limited public information available regarding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan investments, the Fund is particularly dependent on the analytical </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abilities of the Fund&#8217;s portfolio managers.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economic exposure to loan interests through the use of derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may involve greater risks than if the Fund had invested in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the loan interest directly during a primary distribution, through direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originations or through assignments of, novations of or participations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loan acquired in secondary markets since, in addition to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described above, certain derivative transactions may be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage risk and greater illiquidity risk, counterparty risk, valuation risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other risks.</div></div></div></ix:continuation></ix:continuation><ix:continuation id="TextSelectionAppend_137970552_19" continuedAt="TextSelectionAppend_137970552_20"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_CovenantLiteObligationsRiskMembercefRiskAxis" escape="true" id="ixv-15000"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8220;Covenant-lite&#8221; Obligations Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Covenant-lite obligations contain fewer maintenance covenants than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other obligations, or no maintenance covenants, and may not include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms that allow the lender to monitor the performance of the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and declare a default if certain criteria are breached. Covenant-lite </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans carry a risk that the borrower could transfer or encumber its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, which could reduce the amount of assets that can be used to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfy debts and result in losses for debtholders. Covenant-lite loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may carry more risk than traditional loans as they allow individuals and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporations to engage in activities that would otherwise be difficult or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impossible under a covenant-heavy loan agreement. In the event of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default, covenant-lite loans may exhibit diminished recovery values as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the lender may not have the opportunity to negotiate with the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to default.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_SubprimeRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970649" id="ixv-15020"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Subprime Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loans, and debt instruments collateralized by loans&#160;(including Alt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lending ABS), acquired by the Fund may be subprime in quality, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become subprime in quality. Although there is no specific legal or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market definition of &#8220;subprime,&#8221; subprime loans are generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">understood to refer to loans made to borrowers that display poor credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">histories and other characteristics that correlate with a higher default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Accordingly, subprime loans, and debt instruments secured by such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans&#160;including Alt Lending ABS), have speculative characteristics and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to heightened risks, including the risk of nonpayment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest or repayment of principal, and the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in high yield securities. In addition, these instruments could </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_20" continuedAt="TextSelectionAppend_137970552_21"><div style="line-height:12.0pt;text-align:left"><ix:continuation id="TextSelection_137970649"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to increased regulatory scrutiny. The Fund is not restricted by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any particular borrower credit risk criteria and/or qualifications when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquiring loans or debt instruments collateralized by loans.</div></ix:continuation></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_PrivacyAndDataSecurityRiskMembercefRiskAxis" escape="true" id="ixv-15045"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Privacy and Data Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The GLBA and other laws limit the disclosure of certain non-public </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">personal information about a consumer to non- affiliated third parties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and require financial institutions to disclose certain privacy policies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">practices with respect to information sharing with both affiliates and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-affiliated third parties. Many states and a number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. jurisdictions have enacted privacy and data security laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requiring safeguards on the privacy and security of consumers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">personally identifiable information. Other laws deal with obligations to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">safeguard and dispose of private information in a manner designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Commission and SEC implement GLBA and other requirements and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">govern the disclosure of consumer financial information by certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial institutions, ranging from banks to private investment funds. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. platforms following certain models generally are required to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">privacy policies that conform to these GLBA and other requirements. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, such platforms typically have policies and procedures intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to maintain platform participants&#8217; personal information securely and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dispose of it properly.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund generally does not intend to obtain or hold borrowers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-public personal information, and the Fund has implemented </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">procedures reasonably designed to prevent the disclosure of borrowers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-public personal information to the Fund. However, service providers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the Fund, including their custodians and the platforms acting as loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicers for the Fund, may obtain, hold or process such information. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund cannot guarantee the security of non-public personal information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the possession of such a service provider and cannot guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service providers have been and will continue to comply with the GLBA, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other data security and privacy laws and any other related regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements. Violations of GLBA and other laws could subject the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to litigation and/or fines, penalties or other regulatory action, which, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individually or in the aggregate, could have an adverse effect on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. The Fund may also face regulations related to privacy and data </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security in the other jurisdictions in which the Fund invests.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_PlatformRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970651" id="ixv-15087"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Platform Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Alt Lending ABS in which the Fund may invest are typically not listed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on any securities exchange and not registered under the Securities Act. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund anticipates that these instruments may only be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold to a limited number of investors and may have a limited or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-existent secondary market. Accordingly, the Fund currently expects </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that certain of the investments it may make in Alt Lending ABS will face </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened levels of liquidity risk. Although currently there is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no reliable, active secondary market for certain Alt Lending ABS, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market for these Alt Lending ABS may develop. If the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases Alt Lending ABS on an alternative lending platform, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have the right to receive principal and interest payments due on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans underlying the Alt Lending ABS only if the platform servicing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans receives the borrower&#8217;s payments on such loans and passes such </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">74</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_38"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_21" continuedAt="TextSelectionAppend_137970552_22"><ix:continuation id="TextSelection_137970651" continuedAt="TextSelectionAppend_137970651_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments through to the Fund. If a borrower is unable or fails to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on a loan for any reason, the Fund may be greatly limited in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its ability to recover any outstanding principal or interest due, as (among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other reasons) the Fund may not have direct recourse against the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower or may otherwise be limited in its ability to directly enforce its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights under the loan, whether through the borrower or the platform </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through which such loan was originated, the loan may be unsecured or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under-collateralized and/or it may be impracticable to commence a legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeding against the defaulting borrower.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may have limited knowledge about the underlying loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is dependent upon the platform for information regarding underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans. Although PIMCO may conduct diligence on the platforms, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund generally does not have the ability to independently verify the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information provided by the platforms, other than payment information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regarding loans underlying the Alt Lending ABS owned by the Fund, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund observes directly as payments are received. With respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to Alt Lending ABS that the Fund purchases in the secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i.e., not directly from an alternative lending platform), the Fund may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform the same level of diligence on such platform or at all. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not review the particular characteristics of the loans collateralizing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an Alt Lending ABS, but rather negotiate in advance with platforms the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">general criteria of the underlying loans. As a result, the Fund is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent on the platforms&#8217; ability to collect, verify and provide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information to the Fund about each loan and borrower.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund relies on the borrower&#8217;s credit information, which is provided </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the platforms. However, such information may be out of date, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incomplete or inaccurate and may, therefore, not accurately reflect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower&#8217;s actual creditworthiness. Platforms may not have an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation to update borrower information, and, therefore, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be aware of any impairment in a borrower&#8217;s creditworthiness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subsequent to the making of a particular loan. The platforms&#8217; credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decisions and scoring models may be based on algorithms that could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially contain programming or other errors or prove to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ineffective or otherwise flawed. This could adversely affect loan pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">data and approval processes and could cause loans to be mispriced or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">misclassified, which could ultimately have a negative impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s performance.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the underlying loans, in some cases, may be affected by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">success of the platforms through which they are facilitated. Therefore, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions in the businesses of such platforms may also negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the value of the Fund&#8217;s investments. In addition, disruption in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business of a platform could limit or eliminate the ability of the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in loans originated by that platform, and therefore the Fund could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lose some or all of the benefit of its diligence effort with respect to that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms are for-profit businesses that, as a general matter, generate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">revenue by collecting fees on funded loans from borrowers and by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessing a loan servicing fee on investors, which may be a fixed annual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount or a percentage of the loan or amounts collected. This business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be disrupted in multiple ways; for example, a platform could file </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for bankruptcy or a platform might suffer reputational harm from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative publicity about the platform or alternative lending more </div></div></div></ix:continuation></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_22" continuedAt="TextSelectionAppend_137970552_23"><ix:continuation id="TextSelectionAppend_137970651_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally and the loss of investor confidence in the event that a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facilitated through the platform is not repaid and the investor loses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">money on its investment. Many platforms and/or their affiliates have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurred operating losses since their inception and may continue to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur net losses in the future, particularly as their businesses grow and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">they incur additional operating expenses Platforms may also be forced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defend legal action taken by regulators or governmental bodies. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Alternative lending is a newer industry operating in an evolving legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environment. Platforms may be subject to risk of litigation alleging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">violations of law and/or regulations, including, for example, consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection laws, whether in the United States or in foreign jurisdictions. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms may be unsuccessful in defending against such lawsuits or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other actions and, in addition to the costs incurred in fighting any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actions, platforms may be required to pay money in connection with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">judgments, settlements or fines or may be forced to modify the terms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its borrower loans, which could cause the platform to realize a loss or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive a lower return on a loan than originally anticipated. Platforms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be parties to litigation or other legal action in an attempt to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protect or enforce their rights or those of affiliates, including intellectual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property rights, and may incur similar costs in connection with any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">efforts.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in Alt Lending ABS may expose the Fund to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk of the issuer. Generally, such instruments are unsecured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of the issuer; an issuer that becomes subject to bankruptcy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings may be unable to make full and timely payments on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations to the Fund, even if the payments on the underlying loan or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans continue to be made timely and in full. In addition, when the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">owns Alt Lending ABS, the Fund and its custodian generally does not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a contractual relationship with, or personally identifiable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information regarding, individual borrowers, so the Fund will not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">able to enforce underlying loans directly against borrowers and may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be able to appoint an alternative servicing agent in the event that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform or third-party servicer, as applicable, ceases to service the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying loans. Therefore, the Fund is more dependent on the platform </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for servicing than if the Fund had owned whole loans through the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform. Where such interests are secured, the Fund relies on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform to perfect the Fund&#8217;s security interest. In addition, there may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a delay between the time the Fund commits to purchase an instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued by a platform, its affiliate or a special purpose entity sponsored </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the platform or its affiliate and the issuance of such instrument and, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during such delay, the funds committed to such an investment will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earn interest on the investment nor will they be available for investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in other alternative lending-related instruments, which will reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">effective rate of return on the investment. The Fund&#8217;s investments in Alt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lending ABS may be illiquid.</div></div></div></ix:continuation></ix:continuation><ix:continuation id="TextSelectionAppend_137970552_23" continuedAt="TextSelectionAppend_137970552_24"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_RiskRetentionInvestmentRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970592" id="ixv-15251"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Risk Retention Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in risk retention tranches of commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities (&#8220;CMBS&#8221;) or other eligible securitizations, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any (&#8220;risk retention tranches&#8221;), which are eligible residual interests </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically held by the sponsors of such securitizations pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the&#160;final rules implementing the credit risk retention requirements of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 941 of the Dodd-Frank Act (the &#8220;U.S. Risk Retention Rules&#8221;). In </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">75&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_39"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_24" continuedAt="TextSelectionAppend_137970552_25"><ix:continuation id="TextSelection_137970592"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the case of CMBS transactions, for example, the U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules permit all or a portion of the retained credit risk associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain securitizations (i.e., retained risk) to be held by an unaffiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;third party purchaser,&#8221; such as the Fund, if, among other requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the third-party purchaser holds its retained interest, unhedged, for at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">least five years following the closing of the CMBS transaction, after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which it is entitled to transfer its interest in the securitization to another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">person that meets the requirements for a third-party purchaser. Even </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">after the required holding period has expired, due to the generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid nature of such investments, no assurance can be given as to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">what, if any, exit strategies will ultimately be available for any given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, there is limited guidance on the application of the final </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Risk Retention Rules to specific securitization structures. There can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance that the applicable federal agencies charged with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the final U.S. Risk Retention Rules (the Federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Deposit Insurance Corporation, the Comptroller of the Currency, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Reserve Board, the SEC, the Department of Housing and Urban </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Development, and the Federal Housing Finance Agency) could not take </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions in the future that differ from the interpretation of such rules </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taken or embodied in such securitizations, or that the final U.S. Risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Retention Rules will not change.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, in situations where the Fund invests in risk retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches of securitizations structured by third parties, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to execute one or more letters or other agreements, the exact </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form and nature of which will vary (each, a &#8220;Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221;) under which it will make certain undertakings designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ensure such securitization complies with the final U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules. Such Risk Retention Agreements may include a variety of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representations, warranties, covenants and other indemnities, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may run to various transaction parties. If the Fund breaches any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undertakings in any Risk Retention Agreement, it will be exposed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims by the other parties thereto, including for any losses incurred as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of such breach, which could be significant and exceed the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments.</div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_ReinvestmentRiskMembercefRiskAxis" escape="true" id="ixv-15330"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income from the Fund&#8217;s portfolio will decline if and when the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests the proceeds from matured, traded or called debt obligations at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market interest rates that are below the portfolio&#8217;s current earnings rate. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#160;For instance, during periods of declining interest rates, an issuer of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations may exercise an option to redeem securities prior to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity, forcing the Fund to invest in lower-yielding securities. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also may choose to sell higher yielding portfolio securities and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase lower yielding securities to achieve greater portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">diversification, because the portfolio managers believe the current </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holdings are overvalued or for other investment-related reasons. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in income received by the Fund from its investments is likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a negative effect on dividend levels and the market price, NAV </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or overall return of the Common Shares.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_25" continuedAt="TextSelectionAppend_137970552_26"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_SecuritiesLendingRiskMembercefRiskAxis" escape="true" id="ixv-15352"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the purpose of achieving income, the Fund may lend its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities to brokers, dealers, and other financial institutions provided a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of conditions are satisfied, including that the loan is fully </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio Securities&#8221; in the Statement of Additional Information for more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">details. When the Fund lends portfolio securities, its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance will continue to reflect changes in the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities loaned, and the Fund will also receive a fee or interest on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral. Securities lending involves the risk of loss of rights in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral or delay in recovery of the collateral if the borrower fails to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return the security loaned or becomes insolvent. The Fund may pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending fees to a party arranging the loan, which may be an affiliate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. Cash collateral received by the Fund in securities lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may be invested in short-term liquid fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments or in money market or short-term mutual funds, or similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles, including affiliated money market or short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mutual funds. The Fund bears the risk of such investments.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_CallRiskMembercefRiskAxis" escape="true" id="ixv-15375"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Call Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Call risk refers to the possibility that an issuer may exercise its right to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redeem a fixed income security earlier than expected. Issuers may call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding securities prior to their maturity for a number of reasons </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(e.g., declining interest rates, changes in credit spreads and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">improvements in the issuer's credit quality). If an issuer calls a security in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund has invested, the Fund may not recoup the full amount </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its initial investment or may not realize the full anticipated earnings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the investment and may be forced to reinvest in lower-yielding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, securities with greater credit risks or securities with other, less </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">favorable features.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_ForeignNonUSInvestmentRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970558" id="ixv-15392"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Foreign (Non-U.S.) Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign (non-U.S.) securities may experience more rapid and extreme </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in value than securities of U.S. issuers or securities that trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exclusively in U.S. markets. The securities markets of many foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries are relatively small, with a limited number of companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing a small number of industries. Additionally, issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) securities are usually not subject to the same degree </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of regulation as U.S. issuers. Reporting, legal, accounting, auditing and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custody standards of foreign countries differ, in some cases significantly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from U.S. standards. Global economies and financial markets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becoming increasingly interconnected, and conditions and events in one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country, region or financial market may adversely impact issuers in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different country, region or financial market. Foreign (non-U.S.) market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading hours, clearance and settlement procedures, and holiday </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">schedules may limit the Fund&#8217;s ability to buy and sell securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in foreign (non-U.S.) markets may also be adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by governmental actions such as the imposition of capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">controls, nationalization of companies or industries, expropriation of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets or the imposition of punitive taxes. The governments of certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries may prohibit or impose substantial restrictions on foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(non-U.S.) investing in their capital markets or in certain sectors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industries. In addition, a foreign (non-U.S.) government may limit or </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">76</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_40"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_26" continuedAt="TextSelectionAppend_137970552_27"><ix:continuation id="TextSelection_137970558" continuedAt="TextSelectionAppend_137970558_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause delay in the convertibility or repatriation of its currency which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would adversely affect the U.S. dollar value and/or liquidity of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments denominated in that currency. Certain foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may become less liquid in response to market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments or adverse investor perceptions, or become illiquid after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase by the Fund, particularly during periods of market turmoil. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction in trading in securities of issuers located in countries whose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economies are heavily dependent upon trading with key partners may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have an adverse impact on a Fund&#8217;s investments.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Also, nationalization, expropriation or confiscatory taxation, unstable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments, decreased market liquidity, currency blockage, market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, political changes, security suspensions or diplomatic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments or the imposition of sanctions or other similar measures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the Fund&#8217;s investments in a foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country. In the event of nationalization, expropriation or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">confiscation, the Fund could lose its entire investment in foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(non-U.S.) securities. The type and severity of sanctions and other similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measures, including counter sanctions and other retaliatory actions, that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be imposed could vary broadly in scope, and their impact is difficult </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to ascertain. These types of measures may include, but are not limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to, banning a sanctioned country or certain persons or entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with such country from global payment systems that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facilitate cross-border payments, restricting the settlement of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions by certain investors, and freezing the assets of particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries, entities or persons. The imposition of sanctions and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar measures could, among other things, result in a decline in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value and/or liquidity of securities issued by the sanctioned country or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies located in or economically tied to the sanctioned country, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downgrades in the credit ratings of the sanctioned country's securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or those of companies located in or economically tied to the sanctioned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country, currency devaluation or volatility, and increased market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility and disruption in the sanctioned country and throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">world. Sanctions and other similar measures could directly or indirectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limit or prevent a Fund from buying and selling securities (in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctioned country and other markets), significantly delay or prevent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">settlement of securities transactions, and adversely impact a Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity and performance. Adverse conditions in a certain region can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect securities of other countries whose economies appear </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be unrelated. To the extent that the Fund invests a significant portion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its assets in a specific geographic region or in securities denominated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a particular foreign (non-U.S.) currency, the Fund will generally have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more exposure to regional economic risks, including weather </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emergencies and natural disasters, associated with foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. Foreign (non-U.S.) securities may also be less liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly during market closures due to local holidays or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reasons) and more difficult to value than securities of U.S. issuers.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities and instruments that are economically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tied to Russia. Investments in Russia are subject to various risks such as, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to political, economic, legal, market and currency risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The risks include uncertain political and economic policies, short term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market volatility, poor accounting standards, corruption and crime, an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inadequate regulatory system, regional armed conflict and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unpredictable taxation. Investments in Russia are particularly subject to </div></div></div></ix:continuation></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_27" continuedAt="TextSelectionAppend_137970552_28"><ix:continuation id="TextSelectionAppend_137970558_1" continuedAt="TextSelectionAppend_137970558_2"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that further economic sanctions, export and import controls, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other similar measures may be imposed by the United States and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other countries. Other similar measures may include, but are not limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to, banning or expanding bans on Russia or certain persons or entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with Russia from global payment systems that facilitate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cross-border payments, restricting the settlement of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions by certain investors, and freezing Russian assets or those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular countries, entities or persons with ties to Russia (e.g. Belarus). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such sanctions and other similar measures &#8212; which may impact </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies in many sectors, including energy, financial services, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology, accounting, quantum computing, shipping, aviation, metals </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and mining, defense, architecture, engineering, construction, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manufacturing and transportation, among others &#8212; and Russia&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countermeasures may negatively impact the Fund&#8217;s performance and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to achieve its investment objectives. For example, certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may be prohibited and/or existing investments may become </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid (e.g., in the event that transacting in certain existing investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is prohibited, securities markets close, or market participants cease </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transacting in certain investments in light of geopolitical events, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctions or related considerations), which could render any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund unmarketable for an indefinite period of time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or cause the Fund to sell other portfolio holdings at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantageous time or price or to continue to hold investments that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund no longer seeks to hold. In addition, such sanctions or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar measures, and the Russian government's response, could result </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a downgrade of Russia's credit rating or of securities of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">located in or economically tied to Russia, devaluation of Russia's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency and/or increased volatility with respect to Russian securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the ruble. Moreover, disruptions caused by Russian military action </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other actions (including cyberattacks, espionage or other asymmetric </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measures) or resulting actual or threatened responses to such activity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may impact Russia's economy and Russian and other issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities in which the Fund is invested. Such resulting actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threatened responses may include, but are not limited to, purchasing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and financing restrictions, withdrawal of financial intermediaries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">boycotts or changes in consumer or purchaser preferences, sanctions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">export and import controls, tariffs or cyberattacks on the Russian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government, Russian companies or Russian individuals, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">politicians. Any actions by Russia made in response to such sanctions or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retaliatory measures could further impair the value and liquidity of Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. Sanctions and other similar measures have resulted in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaults on debt obligations by certain corporate issuers and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Russian Federation that could lead to cross-defaults or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cross-accelerations on other obligations of these issuers.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Russian securities market is characterized by limited volume of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading, resulting in difficulty in obtaining accurate prices and trading. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These issues can be magnified as a result of sanctions and other similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measures that may be imposed and the Russian government's response. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Russian securities market, as compared to U.S. markets, has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant price volatility, less liquidity, a smaller market capitalization </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and a smaller number of traded securities. There may be little publicly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available information about issuers. Settlement, clearing and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration of securities transactions are subject to risks. Prior to the </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">77&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_41"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_28" continuedAt="TextSelectionAppend_137970552_29"><div style="line-height:12.0pt;text-align:left"><ix:continuation id="TextSelectionAppend_137970558_2"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the National Settlement Depository (&#8220;NSD&#8221;), a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recognized central securities depository, there was no central </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration system for equity share registration in Russia, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration was carried out by either the issuers themselves or by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registrars located throughout Russia. Title to Russian equities held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through the NSD is now based on the records of the NSD and not the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registrars. Although the implementation of the NSD has enhanced the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">efficiency and transparency of the Russian securities market, issues </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resulting in loss can still occur. In addition, sanctions by the European </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Union against the NSD, as well as the potential for sanctions by other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments, could make it more difficult to conduct or confirm </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions involving Russian securities. Ownership of securities issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by Russian companies that are not held through depositories such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NSD may be recorded by companies themselves and by registrars. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such cases, the risk is increased that the Fund could lose ownership </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights through fraud, negligence or oversight. While applicable Russian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulations impose liability on registrars for losses resulting from their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">errors, it may be difficult for the Fund to enforce any rights it may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the registrar or issuer of the securities in the event of loss of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">share registration. In addition, issuers and registrars are still prominent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the validation and approval of documentation requirements for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate action processing in Russia. Because the documentation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements and approval criteria vary between registrars and issuers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there remain unclear and inconsistent market standards in the Russian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market with respect to the completion and submission of corporate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">action elections. In addition, sanctions or Russian countermeasures may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prohibit or limit a Fund&#8217;s ability to participate in corporate actions, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">therefore require the Fund to forego voting on or receiving funds that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would otherwise be beneficial to the Fund. To the extent that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">suffers a loss relating to title or corporate actions relating to its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, it may be difficult for the Fund to enforce its rights or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise remedy the loss. Russian securities laws may not recognize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign nominee accounts held with a custodian bank, and therefore the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodian may be considered the ultimate owner of securities they hold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for their clients. Adverse currency exchange rates are a risk and there </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be a lack of available currency hedging instruments. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Russia may be subject to the risk of nationalization or expropriation of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets. Oil, natural gas, metals, minerals and timber account for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant portion of Russia&#8217;s exports, leaving the country vulnerable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swings in world prices and to sanctions or other actions that may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directed at the Russian economy as a whole or at Russian oil, natural </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gas, metals, minerals or timber industries.</div></ix:continuation></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_EmergingMarketsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970559" id="ixv-15637"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Emerging Markets Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign (non-U.S.) investment risk may be particularly high to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund invests in securities of issuers based in or doing business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in emerging market countries or invests in securities denominated in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies of emerging market countries. Investing in securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers based in or doing business in emerging markets entails all of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks of investing in foreign securities noted above, but to a heightened </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">degree.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_29" continuedAt="TextSelectionAppend_137970552_30"><ix:continuation id="TextSelection_137970559" continuedAt="TextSelectionAppend_137970559_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in emerging market countries pose a greater degree of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systemic risk (i.e., the risk of a cascading collapse of multiple institutions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">within a country, and even multiple national economies). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inter-relatedness of economic and financial institutions within and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among emerging market economies has deepened over the years, with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effect that institutional failures and/or economic difficulties that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of initially limited scope may spread throughout a country, a region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all or most emerging market countries. This may undermine any attempt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund to reduce risk through geographic diversification of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is a heightened possibility of imposition of withholding or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxes on interest or dividend income or capital gains generated from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market securities. Governments of emerging market countries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may engage in confiscatory taxation or expropriation of income and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets to raise revenues or to pursue a domestic political agenda. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">past, emerging market countries have nationalized assets, companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and even entire sectors, including the assets of foreign investors (like </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund), with inadequate or no compensation to the prior owners. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that the Fund will not suffer a loss of any or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of its investments, or interest or dividends thereon, due to adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fiscal or other policy changes in emerging market countries.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is also a greater risk that an emerging market government may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take action that impedes or prevents the Fund from taking income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or capital gains earned in the local currency and converting into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. dollars (i.e., &#8220;repatriating&#8221; local currency investments or profits). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain emerging market countries have sought to maintain foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange reserves and/or address the economic volatility and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dislocations caused by the large international capital flows by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">controlling or restricting the conversion of the local currency into other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies. This risk tends to become more acute when economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions otherwise worsen. There can be no assurance that if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earns income or capital gains in an emerging market currency or PIMCO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise seeks to withdraw the Fund&#8217;s investments from a given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market country, capital controls imposed by such country will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not prevent, or cause significant expense, or delay in, doing so.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bankruptcy law and creditor reorganization processes may differ </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially from those in the United States, resulting in greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainty as to the rights of creditors, the enforceability of such rights, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization timing and the classification, seniority and treatment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims. In certain emerging market countries, although bankruptcy laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have been enacted, the process for reorganization remains highly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertain. In addition, it may be impossible to seek legal redress against </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer that is a sovereign state.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Emerging market countries typically have less established regulatory, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disclosure, legal, accounting, recordkeeping and financial reporting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systems than those in more developed markets, which may increase the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential for market manipulation or reduce the scope or quality of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial information available to investors. Governments in emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market countries are often less stable and more likely to take extra-legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">action with respect to companies, industries, assets, or foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ownership than those in more developed markets. Moreover, it can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more difficult for investors to bring litigation or enforce judgments </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">78</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_42"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_30" continuedAt="TextSelectionAppend_137970552_31"><ix:continuation id="TextSelectionAppend_137970559_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against issuers in emerging markets or for U.S. regulators to bring </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforcement actions, or obtain information needed to pursue or enforce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such judgments, against such issuers. In addition, foreign companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with securities listed on U.S. exchanges may be delisted if they do not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meet U.S. accounting standards and auditor oversight requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may decrease the liquidity and value of the securities. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be subject to emerging markets risk if it invests in derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other securities or instruments whose value or return are related to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value or returns of emerging markets securities.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other heightened risks associated with emerging markets investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include, without limitation: (i) risks due to less social, political and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic stability; (ii) the smaller size of the market for such securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and a lower volume of trading, resulting in a lack of liquidity and in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price volatility; (iii) certain national policies which may restrict the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities, including sanctions and restrictions on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing in issuers or industries deemed sensitive to relevant national </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests and requirements that government approval be obtained prior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to investment by foreign persons; (iv) certain national policies that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrict the Fund&#8217;s repatriation of investment income, capital or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds of sales of securities, including temporary restrictions on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign capital remittances; (v) the lack of uniform accounting and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">auditing standards and/or standards that may be significantly different </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the standards required in the United States; (vi) less publicly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available financial and other information regarding issuers; (vii) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential difficulties in enforcing contractual obligations; and (viii) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher rates of inflation, higher interest rates and other economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerns. The Fund may invest to a substantial extent in emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market securities that are denominated in local currencies, subjecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to a greater degree of foreign currency risk. Also, investing in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries may entail purchases of securities of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are insolvent, bankrupt or otherwise of questionable ability to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfy their payment obligations as they become due, subjecting the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to a greater amount of credit risk and/or high yield risk. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy of some emerging markets may be particularly exposed to or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by a certain industry or sector, and therefore issuers and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of such emerging markets may be more affected by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance of such industries or sectors.</div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_CurrencyRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970560" id="ixv-15789"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Currency Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Fund invests directly in foreign (non-U.S.) currencies or in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that trade in, and receive revenues in, foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies, or in derivatives or other instruments that provide exposure </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to foreign (non-U.S.) currencies, it will be subject to the risk that those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies will decline in value relative to the U.S. dollar, or, in the case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of hedging positions, that the U.S. dollar will decline in value relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the currency being hedged. Although the Fund may attempt to hedge its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency exposure into the U.S. dollar, it may not be successful in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reducing the effects of currency fluctuations. The Fund may also hedge </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from one foreign currency to another. In addition, the Fund's use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency hedging may not be successful and the use of such strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may lower the Fund's potential returns.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_31" continuedAt="TextSelectionAppend_137970552_32"><ix:continuation id="TextSelection_137970560" continuedAt="TextSelectionAppend_137970560_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments denominated in foreign (non-U.S.) currencies or that trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in and receive revenues in, foreign (non-U.S.) currencies, derivatives or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments that provide exposure to foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies, are subject to the risk that those currencies will decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value relative to the U.S. dollar, or, in the case of hedging positions, that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the U.S. dollar will decline in value relative to the currency being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedged.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Currency rates in foreign (non-U.S.) countries may fluctuate significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over short periods of time for a number of reasons, including changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, rates of inflation, balance of payments and governmental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">surpluses or deficits, intervention (or the failure to intervene) by U.S. or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) governments, central banks or supranational entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the International Monetary Fund, or by the imposition of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency controls or other political developments in the United States or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abroad. These fluctuations may have a significant adverse impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s portfolio and/or the level of Fund distributions made </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to Common Shareholders. There is no assurance that a hedging strategy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if used, will be successful. Moreover, currency hedging techniques may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be unavailable with respect to emerging market currencies.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The local emerging market currencies in which the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invested from time to time may experience substantially greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility against the U.S. dollar than the major convertible currencies of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developed countries. Some of the local currencies in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may invest are neither freely convertible into one of the major currencies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nor internationally traded. The local currencies may be convertible into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other currencies only inside the relevant emerging market where the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited availability of such other currencies may tend to inflate their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values relative to the local currency in question. Such internal exchange </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets can therefore be said to be neither liquid nor competitive. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, many of the currencies of emerging market countries in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may invest have experienced steady devaluation relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">freely convertible currencies.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Continuing uncertainty as to the status of the euro and the European </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Monetary Union (&#8220;EMU&#8221;) has created significant volatility in currency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and financial markets generally. Any partial or complete dissolution of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the EMU could have significant adverse effects on currency and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, and on the values of the Fund&#8217;s portfolio investments. If one or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more EMU countries were to stop using the euro as its primary currency, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments in such countries may be redenominated into a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different or newly adopted currency. As a result, the value of those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments could decline significantly and unpredictably. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or other investments that are redenominated may be subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to foreign currency risk, liquidity risk and valuation risk to a greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent than similar investments currently denominated in euros. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent a currency used for redenomination purposes is not specified in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect of certain EMU-related investments, or should the euro cease to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be used entirely, the currency in which such investments are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denominated may be unclear, making such investments particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value or dispose of. The Fund may incur additional expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent it is required to seek judicial or other clarification of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denomination or value of such securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">79&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_43"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_32" continuedAt="TextSelectionAppend_137970552_33"><ix:continuation id="TextSelectionAppend_137970560_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that if the Fund earns income or capital gains </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments from a given country, capital controls imposed by such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country will not prevent, or cause significant expense in, doing so.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_USGovernmentSecuritiesRiskMembercefRiskAxis" escape="true" id="ixv-15902"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">U.S. Government Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain U.S. government securities, such as U.S. Treasury bills, notes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds and mortgage-related securities guaranteed by the GNMA, are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supported by the full faith and credit of the United States; others, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as those of FHLBs or the FHLMC, are supported by the right of the issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to borrow from the U.S. Treasury; others, such as those of the FNMA, are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supported by the discretionary authority of the U.S. government to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase the agency&#8217;s obligations; and still others are supported only by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the credit of the agency, instrumentality or corporation. U.S. government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are subject to market risk, interest rate risk and credit risk. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although legislation has been enacted to support certain government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sponsored entities, including the FHLBs, FHLMC and FNMA, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the obligations of such entities will be satisfied in full, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that such obligations will not decrease in value or default. It is difficult, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if not impossible, to predict the future political, regulatory or economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes that could impact the government sponsored entities and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values of their related securities or obligations. In addition, certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental entities, including FNMA and FHLMC, have been subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to regulatory scrutiny regarding their accounting policies and practices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other concerns that may result in legislation, changes in regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">oversight and/or other consequences that could adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit quality, availability or investment character of securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these entities. Yields available from U.S. government debt securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally lower than the yields available from other debt securities. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values of U.S. government securities change as interest rates fluctuate.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Periodically, uncertainty regarding the status of negotiations in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government to increase the statutory debt ceiling could increase the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the U.S. government may default on payments on certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government securities, cause the credit rating of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government to be downgraded, increase volatility in the stock and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond markets, result in higher interest rates, reduce prices of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury and other securities, and/or increase the costs of various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">kinds of debt. If a government-sponsored entity is negatively impacted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by legislative or regulatory action (or lack thereof), is unable to meet its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, or its creditworthiness declines, the performance of a fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that holds securities of the entity will be adversely impacted.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_ConvertibleSecuritiesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970562" id="ixv-15946"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convertible securities are fixed income securities, preferred securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities that are convertible into or exercisable for common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock of the issuer (or cash or securities of equivalent value) at either a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stated price or a stated rate. Convertible debt securities pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible preferred stocks pay dividends until they mature or are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">converted, exchanged or redeemed. The market values of convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline as interest rates increase and, conversely, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase as interest rates decline. A convertible security&#8217;s market value, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">however, tends to reflect the market price of the common stock of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuing company when that stock price approaches or is greater than </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_33" continuedAt="TextSelectionAppend_137970552_34"><ix:continuation id="TextSelection_137970562"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the convertible security&#8217;s &#8220;conversion price.&#8221; The conversion price is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defined as the predetermined price at which the convertible security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be exchanged for the associated stock. Certain types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities may decline in value or lose their value entirely in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the event the issuer&#8217;s financial condition becomes significantly impaired. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As the market price of the underlying common stock declines, the price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the convertible security tends to be influenced more by the yield of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the convertible security. Thus, it may not decline in price to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent as the underlying common stock. In the event of a liquidation of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuing company, holders of convertible securities may be paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">before the company&#8217;s common stockholders but after holders of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior debt obligations of the company. Consequently, the issuer&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities generally entail less risk than its common stock </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but more risk than its other debt obligations. Convertible securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often rated below investment grade or not rated.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_SyntheticConvertibleSecuritiesRiskMembercefRiskAxis" escape="true" id="ixv-15982"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Synthetic Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Synthetic convertible securities involve the combination of separate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that possess the two principal characteristics of a traditional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible security (i.e., an income-producing component and a right to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquire an equity security). Synthetic convertible securities are often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieved, in part, through investments in warrants or options to buy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common stock (or options on a stock index), and therefore are subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the risks associated with derivatives. The value of a synthetic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible security will respond differently to market fluctuations than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a traditional convertible security because a synthetic convertible is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">composed of two or more separate securities or instruments, each with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its own market value. Because the convertible component is typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieved by investing in warrants or options to buy common stock at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain exercise price, or options on a stock index, synthetic convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are subject to the risks associated with derivatives. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, if the value of the underlying common stock or the level of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">index involved in the convertible component falls below the exercise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price of the warrant or option, the warrant or option may lose all value.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_ContingentConvertibleSecuritiesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970564" id="ixv-16006"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Contingent Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos have no stated maturity, have fully discretionary coupons and are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically issued in the form of subordinated debt instruments. CoCos </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally either convert into equity or have their principal written down </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including potentially to zero) upon the occurrence of certain triggering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events linked to regulatory capital thresholds or regulatory actions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relating to the issuer&#8217;s continued viability. As a result, an investment by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund in CoCos is subject to the risk that coupon (i.e., interest) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments or the entire principal may be cancelled by the issuer or a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory authority in order to help the issuer absorb losses and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of total loss. If such an event occurs, an investor may not have any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights to repayment of the principal amount of the securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, an investor may not be able to collect interest payments or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends on such securities. An investment by the Fund in CoCos is also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to the risk that, in the event of the liquidation, dissolution or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">winding-up of an issuer prior to a trigger event, the Fund&#8217;s rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims will generally rank junior to the claims of holders of the issuer&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other debt obligations and CoCos may also be treated as junior to an </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">80</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_44"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_34" continuedAt="TextSelectionAppend_137970552_35"><ix:continuation id="TextSelection_137970564"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s other obligations and securities. In addition, if CoCos held by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund are converted into the issuer&#8217;s underlying equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">following a trigger event, the Fund&#8217;s holding may be further </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated due to the conversion from a debt to equity instrument. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, the value of an investment in CoCos is unpredictable and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be influenced by many factors and risks, including interest rate risk, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk, market risk and liquidity risk. An investment by the Fund in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos may result in losses to the Fund.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_ValuationRiskMembercefRiskAxis" escape="true" id="ixv-16069"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Valuation Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain securities in which the Fund invests may be less liquid and more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value than other types of securities. Investments for which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market quotations are not readily available are valued at fair value as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined in good faith pursuant to Rule 2a-5 under the 1940 Act. Fair </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value pricing may require subjective determinations about the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security or other asset. As a result, there can be no assurance that fair </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value pricing will result in adjustments to the prices of securities or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets or that fair value pricing will reflect actual market value, and it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible that the fair value determined for a security or other asset will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be materially different from quoted or published prices, from the prices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used by others for the same security or other asset and/or from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value that actually could be or is realized upon the sale of that security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other asset.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_RealEstateRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970566" id="ixv-16089"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Real Estate Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests directly or indirectly in real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including investments in equity or debt securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private and public REITs, real estate operating companies (&#8220;REOCs&#8221;), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private or public real estate-related loans and real estate-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments, it will be subject to the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">owning real estate and with the real estate industry generally. These </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments carry increased risks, which include, but are not limited to: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the burdens of ownership of real property; general and local economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions (such as an oversupply of space or a reduction in demand for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">space); the supply and demand for properties (including competition </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">based on rental rates); energy and supply shortages; fluctuations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average occupancy and room rates; the attractiveness, type and location </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the properties and changes in the relative popularity of commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties as an investment; the financial condition and resources of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenants, buyers and sellers of properties; increased mortgage defaults; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the quality of maintenance, insurance and management services; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the availability of debt financing which may render the sale </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or refinancing of properties difficult or impracticable; changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">building, environmental and other laws and/or regulations (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those governing usage and improvements), fiscal policies and zoning </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws; changes in real property tax rates; changes in interest rates and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the availability of mortgage funds which may render the sale or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">refinancing of properties difficult or impracticable; changes in operating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs and expenses; energy and supply shortages; uninsured losses or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays from casualties or condemnation; negative developments in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy that depress travel or leasing activity; environmental liabilities; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contingent liabilities on disposition of assets; uninsured or uninsurable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">casualties; acts of God, including earthquakes, hurricanes and other </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_35" continuedAt="TextSelectionAppend_137970552_36"><ix:continuation id="TextSelection_137970566" continuedAt="TextSelectionAppend_137970566_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">natural disasters; social unrest and civil disturbances, epidemics, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pandemics or other public crises; terrorist attacks and war; risks and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating problems arising out of the presence of certain construction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">materials, structural or property level latent defects, work stoppages, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shortages of labor, strikes, union relations and contracts, fluctuating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices and supply of labor and/or other labor-related factors; and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors which are beyond the control of PIMCO and its affiliates. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the Fund&#8217;s investments will be subject to various risks which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could cause fluctuations in occupancy, rental rates, operating income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses or which could render the sale or financing of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties difficult or unattractive. For example, following the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination or expiration of a tenant&#8217;s lease, there may be a period of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time before receiving rental payments under a replacement lease. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During that period, the Fund would continue to bear fixed expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as interest, real estate taxes, maintenance and other operating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses. In addition, declining economic conditions may impair the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to attract replacement tenants and achieve rental rates equal to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or greater than the rents paid under previous leases. Increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">competition for tenants may require capital improvements to properties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which would not have otherwise been planned.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ultimately, to the extent it is not possible to renew leases or re-let space </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as leases expire, decreased cash flow from tenants will result, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely impact the Fund&#8217;s operating results.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Real estate values have historically been cyclical. As the general </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy grows, demand for real estate increases and occupancies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rents may increase. As occupancies and rents increase, property values </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase, and new development occurs. As development may occur, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occupancies, rents and property values may decline. Because leases are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">usually entered into for long periods and development activities often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require extended times to complete, the real estate value cycle often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lags the general business cycle. Because of this cycle, real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may incur large swings in their profits and the prices of their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Developments following the onset of COVID-19 have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impacted certain commercial real estate markets, causing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deferral of mortgage payments, renegotiated commercial mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans, commercial real estate vacancies or outright mortgage defaults, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and potential acceleration of macro trends such as work-from-home </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and online shopping which may negatively impact certain industries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as brick-and-mortar retail.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The total returns available from investments in real estate generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend on the amount of income and capital appreciation generated by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the related properties. The performance of real estate, and thereby the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, will be reduced by any related expenses, such as expenses paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly at the property level and other expenses that are capitalized or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise embedded into the cost basis of the real estate.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Separately, certain service providers to the Fund and/or its Subsidiaries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as applicable, with respect to its real estate or real estate-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may be owned by, employed by, or otherwise related to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO, Allianz SE, their affiliates and/or their respective employees, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consultants and other personnel. PIMCO may, in its sole discretion, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine to provide, or engage or recommend an affiliate of PIMCO to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide, certain services to the Fund, instead of engaging or </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">81&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_45"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_36" continuedAt="TextSelectionAppend_137970552_37"><ix:continuation id="TextSelectionAppend_137970566_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommending one or more third parties to provide such services. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the governance requirements of a particular fund and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable law, PIMCO or its affiliates, as applicable, will receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compensation in connection with the provision of such services. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, PIMCO faces a conflict of interest when selecting or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommending service providers for the Fund. Fees paid to an affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service provider will be determined in PIMCO's commercially reasonable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discretion. Although PIMCO has adopted various policies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">procedures intended to mitigate or otherwise manage conflicts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest with respect to affiliated service providers, there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantee that such policies and procedures (which may be modified or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terminated at any time in PIMCO's sole discretion) will be successful.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_LeverageRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970567" id="ixv-16227"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Leverage Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s use of leverage (as described under &#8220;Use of Leverage&#8221; in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">body of this prospectus) creates the opportunity for increased Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Share net income, but also creates special risks for Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders (including an increased risk of loss). To the extent used, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there is no assurance that the Fund&#8217;s leveraging strategies will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successful. Leverage is a speculative technique that may expose the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to greater risk and increased costs. The Fund&#8217;s assets attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to leverage, if any, will be invested in accordance with the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and policies. Interest expense payable by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to derivatives and other forms of leverage, and dividends </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payable with respect to any preferred shares outstanding, if any, will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally be based on shorter-term interest rates that would be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periodically reset. So long as the Fund&#8217;s portfolio investments provide a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher rate of return (net of applicable Fund expenses) than the interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses and other costs to the Fund of such leverage, the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the proceeds thereof will generate more income than will be needed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to pay the costs of the leverage. If so, and all other things being equal, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the excess may be used to pay higher dividends to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders than if the Fund were not so leveraged. There can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance these circumstances will occur. If, however, shorter-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rise relative to the rate of return on the Fund&#8217;s portfolio, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the interest and other costs to the Fund of leverage could exceed the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate of return on the debt obligations and other investments held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, thereby reducing return to Common Shareholders. Leveraging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions pursued by the Fund may increase its duration and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitivity to interest rate movements. In addition, fees and expenses of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any form of leverage used by the Fund will be borne entirely by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders (and not by preferred shareholders, if any) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will reduce the investment return of the Common Shares. Therefore, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there can be no assurance that the Fund&#8217;s use of leverage will result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher yield on the Common Shares, and it may result in losses. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, any preferred shares issued by the Fund are expected to pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cumulative dividends, which may tend to increase leverage risk. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage creates several major types of risks for Common Shareholders, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including:</div></div></div></ix:nonNumeric></ix:continuation><ix:continuation id="TextSelectionAppend_137970552_37" continuedAt="TextSelectionAppend_137970552_38"><ix:continuation id="TextSelection_137970567" continuedAt="TextSelectionAppend_137970567_1"><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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of NAV and market price of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, and of the investment return to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders, than a comparable portfolio without leverage;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the possibility either that Common Share dividends will fall if the </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div></ix:continuation></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_38" continuedAt="TextSelectionAppend_137970552_39"><ix:continuation id="TextSelectionAppend_137970567_1" continuedAt="TextSelectionAppend_137970567_2"><div style="line-height:12.0pt;margin-left:22pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest and other costs of leverage rise, or that dividends paid on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares will fluctuate because such costs vary over time; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and</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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effects of leverage in a declining market or a rising interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate environment, as leverage is likely to cause a greater decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NAV of the Common Shares than if the Fund were not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div></ix:continuation></ix:continuation><ix:continuation id="TextSelectionAppend_137970552_39" continuedAt="TextSelectionAppend_137970552_40"><ix:continuation id="TextSelectionAppend_137970567_2" continuedAt="TextSelectionAppend_137970567_3"><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any preferred shareholders of the Fund will have priority of payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over the Fund&#8217;s Common Shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reverse repurchase agreements involve the risks that the interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income earned on the investment of the proceeds will be less than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest expense and Fund expenses associated with the repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement, that the market value of the securities sold by the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline below the price at which the Fund is obligated to repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities and that the securities may not be returned to the Fund. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is no assurance that reverse repurchase agreements can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successfully employed. Dollar roll/buyback transactions involve the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the market value of the securities the Fund is required to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may decline below the agreed upon purchase price of those securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Successful use of dollar rolls/buybacks may depend upon the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager&#8217;s ability to correctly predict interest rates and prepayments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is no assurance that dollar rolls/buybacks can be successfully </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employed. In connection with reverse repurchase agreements and dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolls/buybacks, the Fund will also be subject to counterparty risk with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to the purchaser of the securities. If the broker/dealer to whom </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or repurchase securities may be restricted.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in total return swaps, reverse repurchases, loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of portfolio securities, short sales and when-issued, delayed delivery and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward commitment transactions, credit default swaps, basis swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other swap agreements, purchases or sales of futures and forward </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts (including foreign currency exchange contracts), call and put </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">options or other derivatives. The Fund&#8217;s use of such transactions gives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise to associated leverage risks described above, and may adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s income, distributions and total returns to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders. To the extent that any offsetting positions do not behave </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in relation to one another as expected, the Fund may perform as if it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged through use of these derivative strategies.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any total return swaps, reverse repurchases, loans of portfolio securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short sales and when-issued, delayed delivery and forward commitment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, credit default swaps, basis swaps and other swap </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements, purchases or sales of futures and forward contracts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including foreign currency exchange contracts), call and put options or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other derivatives by the Fund or counterparties to the Fund&#8217;s other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraging transactions, if any, would have seniority over the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">82</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_46"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_40" continuedAt="TextSelectionAppend_137970552_41"><ix:continuation id="TextSelectionAppend_137970567_3"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the fees received by the Investment Manager may increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depending on the types of leverage utilized by the Fund, the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager has a financial incentive for the Fund to use certain forms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage, which may create a conflict of interest between the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager, on the one hand, and the Common Shareholders, on the other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hand.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_ShortExposureRiskMembercefRiskAxis" escape="true" id="ixv-16392"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short Exposure Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s short sales and short positions, if any, are subject to special </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks. A short sale involves the sale by the Fund of a security that it does </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not own with the hope of purchasing the same security at a later date at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a lower price. The Fund may also enter into a short position through a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward commitment or a short derivative position through a futures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract or swap agreement. If the price of the security or derivative has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased during this time, then the Fund will incur a loss equal to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in price from the time that the short sale was entered into plus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any transaction costs (i.e., premiums and interest) paid to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broker-dealer to borrow securities. Therefore, short sales involve the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that losses may be exaggerated, potentially losing more money than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual cost of the investment. By contrast, a loss on a long position </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arises from decreases in the value of the security and is limited by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fact that a security&#8217;s value cannot decrease below zero. By investing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds received from selling securities short, the Fund could be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deemed to be employing a form of leverage, which creates special risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage may increase the Fund&#8217;s exposure to long security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions and make any change in the Fund&#8217;s NAV greater than it would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be without the use of leverage. This could result in increased volatility of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns. There is no guarantee that any leveraging strategy the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employs will be successful during any period in which it is employed.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In times of unusual or adverse market, economic, regulatory, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environmental or political conditions, the Fund may not be able, fully or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">partially, to implement its short selling strategy. Periods of unusual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse market, economic, environmental, regulatory or political </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions generally may exist for long periods of time. In response to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market events, the SEC and regulatory authorities in other jurisdictions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may adopt (and in certain cases, have adopted) bans on, and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reporting requirements for, short sales of certain securities, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short positions on such securities acquired through swaps. Also, there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that the third party to the short sale or short position will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fulfill its contractual obligations, causing a loss to the Fund.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_SmallerCompanyRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970569" id="ixv-16433"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Smaller Company Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The general risks associated with debt instruments or equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are particularly pronounced for securities issued by companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small market capitalizations. Small capitalization companies involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain special risks. They are more likely than larger companies to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited product lines, markets or financial resources, or to depend on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small, inexperienced management group. Securities of smaller </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may trade less frequently and in lesser volume than more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely held securities and their values may fluctuate more sharply than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities. They may also have limited liquidity. These securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may therefore be more vulnerable to adverse developments than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of larger companies, and the Fund may have difficulty </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_41" continuedAt="TextSelectionAppend_137970552_42"><ix:continuation id="TextSelection_137970569"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasing or selling securities positions in smaller companies at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prevailing market prices. Also, there may be less publicly available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information about smaller companies or less market interest in their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities as compared to larger companies. Companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">medium-sized market capitalizations may have risks similar to those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">smaller companies.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_DerivativesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970570" id="ixv-16461"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Derivatives Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may, but is not required to, utilize a variety of derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments (both long and short positions) for investment or risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management purposes. Derivatives or other similar instruments (referred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to collectively as &#8220;derivatives&#8221;) are financial contracts whose value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depends on, or is derived from, the value of an underlying asset, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference rate or index. For example, the Fund may use derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments for purposes of increasing liquidity, providing efficient </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio management, broadening investment opportunities (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taking short or negative positions), implementing a tax or cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management strategy, gaining exposure to a particular security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">segment of the market, modifying the effective duration of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio investments and/or enhancing total return. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives may take the form of buying and/or writing (selling) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives, and/or the Fund may otherwise become an obligor under a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives transaction. These transactions may produce current income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the form of premiums or other returns for the Fund (which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">support, constitute and/or increase the distributions paid by, or the yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of, the Fund) but create the risk of losses that can significantly exceed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such current income or other returns. For example, the premium received </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for writing a put option may be dwarfed by the losses the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur if the put option is exercised, and derivative transactions where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund is an obligor can produce an up-front benefit, but the potential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for leveraged losses. The distributions, or distribution rate, paid by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund should not be viewed as the total returns or overall performance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund. These strategies may also produce adverse tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences (for example, the Fund&#8217;s income and gain-generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies may generate current income and gains taxable as ordinary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income) and limit the Fund&#8217;s opportunity to profit or otherwise benefit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from certain gains. The Fund may enter into opposing derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, or otherwise take opposing positions. Such transactions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can generate distributable gains (which, as noted elsewhere, may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxed as ordinary income) and create the risk of losses and NAV </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declines.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in investment strategies, including the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives, to, among other things, generate current, distributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income, even if such strategies could potentially result in declines in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s net asset value. The Fund&#8217;s income and gain-generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies, including certain derivatives strategies, may generate current </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and gains taxable as ordinary income sufficient to support </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions, even in situations when the Fund has experienced a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in net assets due to, for example, adverse changes in the broad </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. or non-U.S. securities markets or the Fund&#8217;s portfolio of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, or arising from its use of derivatives. Consequently, Fund </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">83&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_47"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_42" continuedAt="TextSelectionAppend_137970552_43"><ix:continuation id="TextSelection_137970570" continuedAt="TextSelectionAppend_137970570_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders may receive distributions subject to tax at ordinary income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates at a time when their investment in the Fund has declined in value, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may be economically similar to a taxable return of capital.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The use of derivatives involves risks different from, or possibly greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than, the risks associated with investing directly in securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">traditional investments. Derivatives may increase market exposure and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to a number of risks, including leverage risk, liquidity risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(which may be heightened for highly-customized derivatives), interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate risk, market risk, counterparty (including credit) risk, operational </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk (such as documentation issues, settlement issues and systems </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failures), legal risk (such as insufficient documentation, insufficient </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity or authority of a counterparty, and issues with the legality or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforceability of a contract), counterparty risk, tax risk and management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, as well as risks arising from changes in applicable requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks arising from margin requirements and risks arising from mispricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or valuation complexity. They also involve the risk that changes in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of a derivative instrument may not correlate perfectly with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying asset, rate or index. By investing in a derivative instrument, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund could lose more than the initial amount invested, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives may increase the volatility of the Fund, especially in unusual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or extreme market conditions. Certain derivatives have the potential for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unlimited loss, regardless of the size of the initial investment. The 1940 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Act and related rules no longer require asset segregation for derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, however asset segregation and posting of collateral may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">still be utilized for risk management or other purposes. The Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to hold additional cash or sell other investments in order to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtain cash to close out a position and changes in the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative may also create margin delivery or settlement payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations for the Fund. Also, suitable derivative transactions may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be available in all circumstances and there can be no assurance that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will engage in these transactions to reduce exposure to other risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when that would be beneficial or that, if used, such strategies will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successful. The Fund&#8217;s use of derivatives may increase or accelerate the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of taxes payable by Common Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Non-centrally-cleared over-the counter (&#8220;OTC&#8221;) derivatives are also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to the risk that a counterparty to the transaction will not fulfill </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its contractual obligations to the other party, as many of the protections </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">afforded to centrally-cleared derivative transactions might not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available for non-centrally-cleared OTC derivatives. The primary credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk on derivatives that are exchange-traded or traded through a central </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clearing counterparty resides with the Fund&#8217;s clearing broker, or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clearinghouse itself.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Participation in the markets for derivative instruments also involves </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment risks and transaction costs to which the Fund may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject absent the use of these strategies. The skills needed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successfully execute derivative strategies may be different from those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">needed for other types of transactions. If the Fund incorrectly forecasts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value and/or credit-worthiness of securities, currencies, interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, counterparties or other economic factors involved in a derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction, the Fund might have been in a better position if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">had not entered into such derivative transaction. In evaluating the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and contractual obligations associated with particular derivative </div></div></div></ix:continuation></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_43" continuedAt="TextSelectionAppend_137970552_44"><ix:continuation id="TextSelectionAppend_137970570_1" continuedAt="TextSelectionAppend_137970570_2"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, it is important to consider that certain derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may be modified or terminated only by mutual consent of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund and its counterparty.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, it may not be possible for the Fund to modify, terminate, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offset the Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with a derivative transaction prior to its scheduled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination or maturity date, which may create a possibility of increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility and/or decreased liquidity to the Fund. Hedges are sometimes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to imperfect matching between the derivative and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying instrument, and there can be no assurance that the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedging transactions will be effective. Derivatives used for hedging or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk management may not operate as intended and may expose the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to additional risks. In such case, the Fund may lose money.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the markets for certain derivative instruments (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets located in foreign countries) are relatively new and still </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developing, appropriate derivative transactions may not be available in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all circumstances for risk management or other purposes. Upon the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expiration of a particular contract, the Fund may wish to retain the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s position in the derivative instrument by entering into a similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract, but may be unable to do so if the counterparty to the original </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract is unwilling to enter into the new contract and no other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appropriate counterparty can be found. When such markets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unavailable, the Fund will be subject to increased liquidity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into opposite sides of interest rate swap and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives for the principal purpose of generating distributable gains on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the one side (characterized as ordinary income for tax purposes) that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not part of the Fund&#8217;s duration or yield curve management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies (&#8220;paired swap transactions&#8221;), and with a substantial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possibility that the Fund will experience a corresponding capital loss </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and decline in NAV with respect to the opposite side transaction (to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent it does not have corresponding offsetting capital gains). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, Common Shareholders may receive distributions and owe </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax on amounts that are effectively a taxable return of the shareholder&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund, at a time when their investment in the Fund has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declined in value, which tax may be at ordinary income rates. The tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treatment of certain derivatives in which the Fund invests may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unclear and thus subject to recharacterization. Any recharacterization of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments made or received by the Fund pursuant to derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially could affect the amount, timing or character of Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions. In addition, the tax treatment of such investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies may be changed by regulation or otherwise.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When a derivative is used as a hedge against a position that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holds, any loss generated by the derivative generally should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially offset by gains on the hedged investment, and vice versa. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although hedging can reduce or eliminate losses, it can also reduce or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">eliminate gains. Hedges are sometimes subject to imperfect matching </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">between the derivative and the underlying instrument, and there can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no assurance that the Fund&#8217;s hedging transactions will be effective. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives used for hedging or risk management may not operate as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intended or may expose the Fund to additional risks. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives used for hedging may partially protect the Fund from the </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">84</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_48"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_44" continuedAt="TextSelectionAppend_137970552_45"><ix:continuation id="TextSelectionAppend_137970570_2"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks they were intended to hedge yet not fully mitigate the impact of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such risks. The regulation of the derivatives markets has increased over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the past several years, and additional future regulation of the derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets may make derivatives more costly, may limit the availability or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduce the liquidity of derivatives, or may otherwise adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value or performance of derivatives. Any such adverse future </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments could impair the effectiveness or raise the costs of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s derivative transactions, impede the employment of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives strategies, or adversely affect the Fund&#8217;s performance and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause the Fund to lose value.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_CreditDefaultSwapsRiskMembercefRiskAxis" escape="true" id="ixv-16710"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Default Swaps Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit default swap agreements may involve greater risks than if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund had invested in the reference obligation directly since, in addition </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to general market risks, credit default swaps are subject to leverage risk, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquidity risk, counterparty risk and credit risk. A buyer generally also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will lose its investment and recover nothing should no credit event occur </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the swap is held to its termination date. If a credit event were to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occur, the value of any deliverable obligation received by the seller (if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any), coupled with the upfront or periodic payments previously received, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less than the full notional value it pays to the buyer, resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loss of value to the seller. When the Fund acts as a seller of a credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swap, it is exposed to many of the same risks of leverage. As the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seller, the Fund would receive a stream of payments over the term of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap agreement provided that no event of default has occurred with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to the referenced debt obligation upon which the swap is based. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund would effectively add leverage to its portfolio because, if a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default occurs, the stream of payments may stop and the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligated to pay the buyer the full notional value of the reference </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may seek to realize gains by selling credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps that increase in value, to realize gains on selling credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, an active secondary market for such instruments must exist or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund must otherwise be able to close out these transactions at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advantageous times. In addition to the risk of losses described above, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no such secondary market exists or the Fund is otherwise unable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">close out these transactions at advantageous times, selling credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swaps may not be profitable for the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market for credit default swaps has become more volatile as the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of certain counterparties has been questioned and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downgraded. The Fund will be subject to credit risk with respect to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties to the credit default swap contract (whether a clearing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporation or another third party). If a counterparty&#8217;s credit becomes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly impaired, multiple requests for collateral posting in a short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of time could increase the risk that the Fund may not receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adequate collateral. The Fund may exit its obligations under a credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swap only by terminating the contract and paying applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breakage fees, or by entering into an offsetting credit default swap </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position, which may cause the Fund to incur more losses.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_45" continuedAt="TextSelectionAppend_137970552_46"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_CounterpartyRiskMembercefRiskAxis" escape="true" id="ixv-16760"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Counterparty Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will be subject to credit risk with respect to the counterparties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the derivative contracts and other instruments entered into by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund or held by special purpose or structured vehicles in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests. For example, if a bank at which the Fund or issuer has an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account fails, any cash or other assets in bank or custody accounts, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may be substantial in size, could be temporarily inaccessible or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">permanently lost by the Fund or issuer. In the event that the Fund enters </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into a derivative transaction with a counterparty that subsequently </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becomes insolvent or becomes the subject of a bankruptcy case, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative transaction may be terminated in accordance with its terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the Fund&#8217;s ability to realize its rights under the derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument and its ability to distribute the proceeds could be adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected. If a counterparty becomes bankrupt or otherwise fails to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform its obligations under a derivative contract due to financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulties, the Fund may experience significant delays in obtaining any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recovery (including recovery of any collateral it has provided to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty) in a dissolution, assignment for the benefit of creditors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation, winding-up, bankruptcy or other analogous proceeding. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, in the event of the insolvency of a counterparty to a derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction, the derivative transaction would typically be terminated at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its fair market value. If the Fund is owed this fair market value in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination of the derivative transaction and its claim is unsecured, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will be treated as a general creditor of such counterparty and will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have any claim with respect to any underlying security or asset. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may obtain only a limited recovery or may obtain no recovery in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such circumstances. Counterparty credit risk also includes the related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of having concentrated exposure to a single counterparty, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may increase potential losses if the counterparty were to become </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insolvent.&#160;While the Fund may seek to manage its counterparty risk by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transacting with a number of counterparties, concerns about the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">solvency of, or a default by, one large market participant could lead to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant impairment of liquidity and other adverse consequences for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other counterparties.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_EquitySecuritiesAndRelatedMarketRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970574" id="ixv-16799"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities and Related Market Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market price of common stocks and other equity securities may go </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">up or down, sometimes rapidly or unpredictably. Equity securities may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in value due to factors affecting equity securities markets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally, particular industries represented in those markets, or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer itself. The values of equity securities may decline due to real or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived adverse economic conditions, changes in the general outlook </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for corporate earnings, changes in interest or currency rates or adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor sentiment generally. They may also decline due to labor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shortages or increased production costs and competitive conditions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">within an industry. Equity securities generally have greater price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility than bonds and other debt securities.</div></div></div></ix:nonNumeric></ix:continuation><ix:continuation id="TextSelectionAppend_137970552_46" continuedAt="TextSelectionAppend_137970552_47"><ix:continuation id="TextSelection_137970574" continuedAt="TextSelectionAppend_137970574_1"><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Different types of equity securities provide different voting and dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights and priority in the event of the bankruptcy and/or insolvency of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer. In addition to common stock, equity securities may include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred securities, convertible securities and warrants. Equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other than common stock are subject to many of the same risks as </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">85&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_49"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_47" continuedAt="TextSelectionAppend_137970552_48"><ix:continuation id="TextSelectionAppend_137970574_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common stock, although possibly to different degrees. The risks of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity securities are generally magnified in the case of equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in distressed companies.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_PreferredSecuritiesRiskMembercefRiskAxis" escape="true" id="ixv-16856"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Preferred Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to equity securities risk, credit risk and possibly high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, investment in preferred securities involves certain other risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain preferred securities contain provisions that allow an issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under certain conditions to skip or defer distributions. If the Fund owns </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a preferred security that is deferring its distribution, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to include the amount of the deferred distribution in its taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income for tax purposes although it does not currently receive such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount in cash. In order to receive the special treatment accorded to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RICs and their shareholders under the Code and to avoid U.S. federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and/or excise taxes at the Fund level, the Fund may be required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to distribute this income to shareholders in the tax year in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income is recognized (without a corresponding receipt of cash by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund). Therefore, the Fund may be required to pay out as an income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution in any such tax year an amount greater than the total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of cash income the Fund actually received and to sell portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, including at potentially disadvantageous times or prices, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtain cash needed for these income distributions. Preferred securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often are subject to legal provisions that allow for redemption in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of certain tax or legal changes or at the issuer&#8217;s call. In the event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of redemption, the Fund may not be able to reinvest the proceeds at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">comparable rates of return. Preferred securities are subordinated to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds and other debt securities in an issuer&#8217;s capital structure in terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of priority for corporate income and liquidation payments, and therefore </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be subject to greater credit risk than those debt securities. Preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may trade less frequently and in a more limited volume and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to more abrupt or erratic price movements than many </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_InsuranceLinkedandOtherInstrumentsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970576" id="ixv-16890"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Insurance-Linked and Other Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in insurance-linked instruments and similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments (which may include, for example, exposure to reinsurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts (through sidecars or otherwise), event-linked bonds, such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">catastrophe and resilience bonds, and securities relating to life </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance policies, annuity contracts and premium finance loans). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could lose a portion or all of the principal it has invested in these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of investments, and the right to additional interest and/or dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments with respect to the investments, upon the occurrence of one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more trigger events, as defined within the terms of an investment. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Trigger events may include natural or other perils of a specific size or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">magnitude that occur in a designated geographic region during a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified time period, and/or that involve losses or other metrics that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceed a specific amount. The Fund may also invest in insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are subject to &#8220;indemnity triggers.&#8221; An indemnity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trigger is a mechanism where the payout to the investor is based on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual losses incurred by the insurer and come into play when losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from a specified event exceed a designated level. Insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments subject to indemnity triggers are often regarded as being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to potential moral hazard, since such insurance-linked </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_48" continuedAt="TextSelectionAppend_137970552_49"><ix:continuation id="TextSelection_137970576" continuedAt="TextSelectionAppend_137970576_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments are triggered by actual losses of the ceding sponsor and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ceding sponsor may have an incentive to take actions and/or risks that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would have an adverse effect on the Fund. There is no way to accurately </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict whether a trigger event will occur and, accordingly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked instruments and similar investments carry significant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. In addition to the specified trigger events, these types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may expose the Fund to other risks, including but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to issuer (credit) default, adverse regulatory or jurisdictional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interpretations and adverse tax consequences.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also gain exposure to reinsurance contracts (through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked securities, sidecars or otherwise). This exposure may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include &#8220;excess of loss&#8221; contracts, wherein liability arises only if and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when losses exceed a specified amount, and proportional reinsurance, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wherein a pro rata portion of the premiums and liabilities of the cedant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with a specified business or a portfolio if insurance contracts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are linked to the investment. Investments linked to reinsurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may involve significant insurance brokerage fees, fronting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees and other transaction costs.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A series of major triggering events could cause the failure of a reinsurer. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Similarly, to the extent the Fund invests in reinsurance-related securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for which a triggering event occurs, losses associated with such event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will result in losses to the Fund and a series of major triggering events </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affecting a large portion of the reinsurance-related securities held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may result in substantial losses to the Fund. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected events such as natural disasters or terrorist attacks could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lead to government intervention. Political, judicial and legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments affecting the reinsurance industry could also create new </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expanded theories of liability or regulatory or other requirements; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such changes could have a material adverse effect on the Fund. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the litigation environment in catastrophe-exposed states or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regions could impact the frequency and severity of insurance claims, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation costs could decrease the value of the Fund&#8217;s investment in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products linked to reinsurance contracts. In recent years, capital market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants have been increasingly active in the reinsurance market and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets for related risks. Increased competition could result in fewer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">submissions, lower premium rates and less favorable policy terms and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain insurance-linked instruments and similar investments may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited liquidity, or may be illiquid. The Fund has limited transparency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into the individual contracts underlying certain insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments and similar investments, which may make the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of them more difficult. These types of investments may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The aforementioned instruments may include longevity and mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including indirect investment in pools of insurance-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longevity and mortality investments, including life insurance policies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">annuity contracts and premium finance loans. Such investments are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to &#8220;longevity risk&#8221; and/or &#8220;mortality risk.&#8221; Longevity risk is the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that members of a reference population will live longer, on average, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than anticipated. Mortality risk is the risk that members of a reference </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">population will live shorter, on average, than anticipated. Changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these rates can significantly affect the liabilities and cash needs of life </div></div></div></ix:continuation></ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">86</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_50"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_49" continuedAt="TextSelectionAppend_137970552_50"><ix:continuation id="TextSelectionAppend_137970576_1"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurers, annuity providers and pension funds. The terms of a longevity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond typically provide that the investor in the bond will receive less than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the bond&#8217;s par amount at maturity if the actual average longevity (life </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">span) of a specified population of people observed over a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of time (typically measured by a longevity index) is higher than a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified level. If longevity is higher than expected, the bond will return </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">less than its par amount at maturity. A mortality bond, in contrast to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longevity bond, typically provides that the investor in the bond will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive less than the bond&#8217;s par amount at maturity if the mortality rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a specified population of people observed over a specified period of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time (typically measured by a mortality index) is higher than a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">level.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During their term, both longevity bonds and mortality bonds typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay a floating rate of interest to investors. Longevity and mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments purchased by the Fund involve the risk of incorrectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predicting the actual level of longevity or mortality, as applicable, for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference population of people. With respect to mortality investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">held by the Fund, there is also the risk that an epidemic or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">catastrophic event could strike the reference population, resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortality rates exceeding expectations. The Fund may also gain this type </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of exposure through event-linked derivative instruments, such as swaps, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are contingent on or formulaically related to longevity or mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk.</div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_ConfidentialInformationAccessRiskMembercefRiskAxis" escape="true" id="ixv-17037"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Confidential Information Access Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In managing the Fund (and other PIMCO clients), PIMCO may from time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to time have the opportunity to receive material, non-public information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;Confidential Information&#8221;) about the issuers of certain investments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, without limitation, senior floating rate loans, other loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related investments being considered for acquisition by the Fund or held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund&#8217;s portfolio. For example, an issuer of privately placed loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered by the Fund may offer to provide PIMCO with financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information and related documentation regarding the issuer that is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly available. Pursuant to applicable policies and procedures, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may (but is not required to) seek to avoid receipt of Confidential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Information from the issuer so as to avoid possible restrictions on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to purchase and sell investments on behalf of the Fund and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clients to which such Confidential Information relates. In such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances, the Fund (and other PIMCO clients) may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantaged in comparison to other investors, including with respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the price the Fund pays or receives when it buys or sells an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">desirability of proposed consents, waivers or amendments with respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to certain investments may be compromised if they are not privy to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available Confidential Information. PIMCO may also determine to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive such Confidential Information in certain circumstances under its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable policies and procedures. If PIMCO intentionally or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unintentionally comes into possession of Confidential Information, it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unable, potentially for a substantial period of time, to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sell investments to which such Confidential Information relates.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_50" continuedAt="TextSelectionAppend_137970552_51"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_PrivatePlacementsAndRestrictedSecuritiesRiskMembercefRiskAxis" escape="true" id="ixv-17071"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Private Placements and Restricted Securities&#160;Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A private placement involves the sale of securities that have not been </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registered under the Securities Act or relevant provisions of applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. law to certain institutional and qualified individual purchasers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the Fund. In addition to the general risks to which all securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject, securities received in a private placement generally are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to strict restrictions on resale, and there may be no liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market or ready purchaser for such securities. See &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund &#8211; Liquidity Risk.&#8221; Therefore, the Fund may be unable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to dispose of such securities when it desires to do so, or at the most </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">favorable time or price. Private placements may also raise valuation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks. See &#8220;Principal Risks of the Fund &#8211; Valuation Risk.&#8221; Restricted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are often purchased at a discount from the market price of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unrestricted securities of the same issuer reflecting the fact that such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may not be readily marketable without some time delay. Such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are often more difficult to value and the sale of such securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often requires more time and results in higher brokerage charges or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer discounts and other selling expenses than does the sale of liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities trading on national securities exchanges or in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over-the-counter markets. Until the Fund can sell such securities into the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">public markets, its holdings may be less liquid and any sales will need to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be made pursuant to an exemption under the Securities Act.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_InflationDeflationRiskMembercefRiskAxis" escape="true" id="ixv-17098"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inflation/Deflation Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inflation risk is the risk that the value of assets or income from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments will be worth less in the future as inflation decreases </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of payments at future dates. As inflation increases, the real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s portfolio could decline. Inflation rates may change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">frequently and significantly as a result of various factors, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected shifts in the domestic or global economy or changes in fiscal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or monetary policies. Deflation risk is the risk that prices throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy decline over time. Deflation may have an adverse effect on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of issuers and may make issuer default more likely, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may result in a decline in the value of the Fund&#8217;s portfolio and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_RegulatoryChangesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970501" id="ixv-17116"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Changes Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Financial entities, such as investment companies and investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advisers, are generally subject to extensive government regulation and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intervention. Government regulation and/or intervention may change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the way the Fund is regulated, affect the expenses incurred directly by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund and the value of its investments, and limit and/or preclude the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to achieve its investment objectives. Government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulation may change frequently and may have significant adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences. The Fund and the Investment Manager have historically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">been eligible for exemptions from certain regulations. However, there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no assurance that the Fund and the Investment Manager will continue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be eligible for such exemptions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moreover, government regulation may have unpredictable and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unintended effects. Legislative or regulatory actions to address </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived liquidity or other issues in fixed income markets generally, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in particular markets such as the municipal securities market, may alter </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">87&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_51"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_51" continuedAt="TextSelectionAppend_137970552_52"><ix:continuation id="TextSelection_137970501"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or impair the Fund&#8217;s ability to pursue its investment objectives or utilize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain investment strategies and techniques. While there continues to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be uncertainty about the full impact of these and other regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes, it is the case that the Fund will be subject to a more complex </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory framework, and may incur additional costs to comply with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">new requirements as well as to monitor for compliance in the future.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Current rules related to credit risk retention requirements for ABS may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the cost to originators, securitizers and, in certain cases, asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managers of SPEs in which the Fund may invest. The impact of the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retention rules on the securitization markets is uncertain. These </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements may increase the costs to originators, securitizers, and, in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain cases, collateral managers of SPEs in which the Fund may invest, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which costs could be passed along to the Fund as an investor in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vehicles. In addition, the costs imposed by the risk retention rules on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originators, securitizers and/or collateral managers may result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction of the number of new offerings of ABS and thus in fewer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities for the Fund. A reduction in the number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">new securitizations could also reduce liquidity in the markets for certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of financial assets, which in turn could negatively affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns on the Fund&#8217;s investment.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Actions by governmental entities may also impact certain instruments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund invests and reduce market liquidity and resiliency.</div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_RegulatoryRiskCommodityPoolOperatorMembercefRiskAxis" escape="true" id="ixv-17193"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk&#8212;Commodity Pool Operator</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The CFTC has adopted regulations that subject registered investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and their investment advisers to regulation by the CFTC if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the registered investment company invests more than a prescribed level </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its liquidation value in futures, options on futures or commodities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, or other financial instruments regulated under the CEA and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rules thereunder (&#8220;commodity interests&#8221;), or if the Fund markets itself </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as providing investment exposure to such instruments. &#160;The Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager is registered with the CFTC as a CPO. However, with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund, the Investment Manager has claimed an exclusion from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration as a CPO pursuant to CFTC Rule 4.5. For the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager to remain eligible for this exclusion, the Fund must comply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with certain limitations, including limits on its ability to use any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commodity interests and limits on the manner in which the Fund holds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">out its use of such commodity interests. These limitations may restrict </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s ability to pursue its investment objectives and strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the costs of implementing its strategies, result in higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses for the Fund, and/or adversely affect the Fund&#8217;s total return. To </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the extent the Investment Manager becomes ineligible for this exclusion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from CFTC regulation, the Investment Manager may consider steps in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">order to continue to qualify for exemption from CFTC regulation, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine to operate the Fund subject to CFTC regulation.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_InvestmentsInReitsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970503" id="ixv-17221"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investments in REITs Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs are pooled investment vehicles that own, and usually operate, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing real estate. Some REITs also finance real estate. If a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REIT meets certain requirements, including distributing to shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially all of its taxable income (other than net capital gains), then </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it is not typically taxed on the income distributed to shareholders.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_52" continuedAt="TextSelectionAppend_137970552_53"><ix:continuation id="TextSelection_137970503"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs are sometimes informally characterized as: equity REITs, mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs and hybrid REITs. Equity REITs invest the majority of their assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly in real property. They derive their income primarily from rents </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received and any profits on the sale of their properties. Equity REITs can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also realize capital gains by selling properties that have appreciated in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value. Mortgage REITs invest the majority of their assets in real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages and derive most of their income from mortgage interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments. As its name suggests, hybrid REITs combine characteristics of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both equity REITs and mortgage REITs.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An investment in a REIT, or in a real estate linked derivative instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">linked to the value of a REIT, is subject to the risks that impact the value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the underlying properties of the REIT. These risks include loss to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">casualty or condemnation, and changes in supply and demand, interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, zoning laws, regulatory limitations on rents, property taxes and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating expenses. Real estate income and values may also be affected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by demographic trends, such as population shifts or changing tastes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferences (such as remote work arrangements) and social values. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other factors that may adversely affect REITs include poor performance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by management of the REIT, changes to the tax laws, or failure by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REIT to qualify for favorable tax treatment. The securities of REITs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involve greater risks than those associated with larger, more established </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and may be subject to more abrupt or erratic price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">movements because of interest rate changes, economic conditions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real estate market conditions (such as oversupply of real estate for rent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sale or vacancies, potentially for extended periods), reduced demand </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for commercial and office space as well as increased maintenance or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenant improvement costs and costs to convert properties for other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uses, and default risk and credit quality of tenants and borrowers and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors. For example, the value of these securities may decline </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when interest rates rise and will also be affected by the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market and by the management or development of the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties. The underlying properties may be subject to mortgage loans, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may also be subject to the risks of default. REITs are also subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to default by borrowers and self-liquidation, and are heavily dependent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on cash flow. Some REITs lack diversification because they invest in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited number of properties, a narrow geographic area, or a single type </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of property. Mortgage REITs may be impacted by the quality of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit extended.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_LiquidityRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970504" id="ixv-17278"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Liquidity risk exists when particular investments are difficult to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sell. Illiquid investments are investments that the Fund reasonably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expects cannot be sold or disposed of in current market conditions in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seven calendar days or less without the sale or disposition significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changing the market value of the investment. Illiquid investments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become harder to value, especially in changing markets. The Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in illiquid investments may reduce the returns of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because it may be unable to sell the illiquid investments at an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advantageous time or price or possibly require the Fund to dispose of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investments at unfavorable times or prices in order to satisfy its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, which could prevent the Fund from taking advantage of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investment opportunities. Additionally, the market for certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may become illiquid under adverse market or economic </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">88</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_52"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_53" continuedAt="TextSelectionAppend_137970552_54"><ix:continuation id="TextSelection_137970504"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions independent of any specific adverse changes in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions of a particular issuer. Bond markets have consistently grown </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over the past three decades while the capacity for traditional dealer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties to engage in fixed income trading has not kept pace and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in some cases has decreased. As a result, dealer inventories of corporate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, which provide a core indication of the ability of financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediaries to &#8220;make markets,&#8221; are at or near historic lows in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relation to market size. Because market makers seek to provide stability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to a market through their intermediary services, a significant reduction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in dealer inventories could potentially lead to decreased liquidity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased volatility in the fixed income markets. Such issues may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exacerbated during periods of economic uncertainty. To the extent that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s principal investment strategies involve securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies with smaller market capitalizations, foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, Rule 144A securities, illiquid sectors of fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, derivatives or securities with substantial market and/or credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, the Fund will tend to have greater exposure to liquidity risk.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further fixed income securities with longer durations until maturity face </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened levels of liquidity risk as compared to fixed income securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with shorter durations until maturity. The risks associated with illiquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may be particularly acute in situations in which the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations require cash (such as in connection with repurchase offers) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and could result in the Fund borrowing to meet its short-term needs or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurring losses on the sale of illiquid instruments. It may also be the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">case that other market participants may be attempting to liquidate fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income holdings at the same time as the Fund, causing increased supply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the market and contributing to liquidity risk and downward pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pressure. See &#8220;Principal Risks of the Fund - Valuation Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Liquidity risk also refers to the risk that the Fund may be required to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hold additional cash or sell other investments in order to obtain cash to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">close out derivatives or meet the liquidity demands that derivatives can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">create to make payments of margin, collateral, or settlement payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to counterparties. The Fund may have to sell a security at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantageous time or price to meet such obligations.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The current direction of governments and regulators may have the effect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of reducing market liquidity, market resiliency and money supply, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as through higher rates, tighter financial regulations and proposals </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related to open-end fund liquidity that may prevent mutual funds and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange-traded funds from participating in certain markets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Alt Lending ABS in which the Fund invests are typically not listed on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any securities exchange and not registered under the Securities Act. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the Fund anticipates that these instruments may only be sold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to a limited number of investors and may have a limited or non-existent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market. Accordingly, the Fund currently expects that certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its investments in Alt Lending ABS will face heightened levels of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity risk. Although currently, there is generally no reliable, active </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market for certain Alt Lending ABS, a secondary market for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these alternative lending-related instruments may develop.</div></div></div></ix:continuation></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_54" continuedAt="TextSelectionAppend_137970552_55"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_TaxRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970505" id="ixv-17388"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Tax Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has elected to be treated as a &#8220;regulated investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company&#8221; (a &#8220;RIC&#8221;) under Subchapter M of the Code and intends each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">year to qualify and be eligible to be treated as such, so that it generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be subject to U.S. federal income tax on its net investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income or net short-term or long-term capital gains that are distributed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(or deemed distributed, as described below) to shareholders. In order to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">qualify and be eligible for such treatment, the Fund must meet certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset diversification tests, derive at least 90% of its gross income for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such year from certain types of qualifying income, and distribute to its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders at least 90% of the sum of its &#8220;investment company </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable income&#8221; as that term is defined in the Code (which includes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among other things, dividends, taxable interest and the excess of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">net short-term capital gains over net long-term capital losses, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduced by certain deductible expenses) and net tax-exempt income, for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such year.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investment strategy will potentially be limited by its intention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to continue qualifying as such. The tax treatment of certain of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments under one or more of the qualification or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution tests applicable to RICs is uncertain. An adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determination or future guidance by the IRS or a change in law might </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s ability to qualify or be eligible for treatment as a RIC. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income and gains from certain of the Fund&#8217;s&#160;activities, including fees </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received in connection with the origination of loans, may not constitute </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">qualifying income to a RIC for purposes of the 90% gross income test. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund were to treat income or gain from a particular investment or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activity as qualifying income and the income or gain were later </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined not to constitute qualifying income and, together with any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other nonqualifying income, caused the Fund&#8217;s nonqualifying income to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceed 10% of its gross income in any taxable year, the Fund would fail </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to qualify as a RIC unless it is eligible to and does pay a tax at the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">level. Income and gains from certain of the Fund&#8217;s activities may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">constitute qualifying income to a RIC for purposes of the 90% gross </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income test. If the Fund were to treat income or gain from a particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment or activity as qualifying income and the income or gain were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">later determined not to constitute qualifying income and, together with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any other nonqualifying income, caused the Fund&#8217;s nonqualifying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income to exceed 10% of its gross income in any taxable year, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would fail to qualify as a RIC unless it is eligible to and does pay a tax at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund level.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If, in any year, the Fund were to fail to qualify for treatment as a RIC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Code, and were ineligible to or did not otherwise cure such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failure, the Fund would be subject to tax on its taxable income at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate rates and, when such income is distributed, shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would be subject to further tax, on such distributions to the extent of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s current or accumulated earnings and profits.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of the Fund&#8217;s investments and its net asset value may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected by changes in tax rates and policies. Because interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income from municipal securities is normally not subject to regular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">federal in-come taxation, the attractiveness of municipal securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relation to other investment alternatives is affected by changes in </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">89&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_53"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_55" continuedAt="TextSelectionAppend_137970552_56"><ix:continuation id="TextSelection_137970505"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">federal income tax rates or changes in the tax-exempt status of interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income from municipal securities. Any proposed or actual changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such rates or exempt status, therefore, can significantly affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand for and supply, liquidity and marketability of municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. This could in turn affect the Fund&#8217;s net asset value and ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to acquire and dispose of municipal securities at desirable yield and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price levels. Additionally, the Fund is not a suitable investment for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individual retirement accounts, for other tax-exempt or tax-deferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accounts or for investors who are not sensitive to the federal income tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences of their investments.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_SubsidiaryRiskMembercefRiskAxis" escape="true" id="ixv-17489"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Subsidiary Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Fund invests through one or more of its wholly-owned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries, the Fund would be exposed to the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such Subsidiary&#8217;s investments. Such Subsidiaries would likely not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registered as investment companies under the 1940 Act and, except as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">noted in this prospectus, would not be subject to all of the investor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protections of the 1940 Act. Changes in the laws of the United States </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or the jurisdiction in which a Subsidiary is organized could result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the inability of the Fund and/or the Subsidiary to operate as intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and could adversely affect the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_PortfolioTurnoverRiskMembercefRiskAxis" escape="true" id="ixv-17506"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Turnover Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Manager manages the Fund without regard generally to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on portfolio turnover. The use of futures contracts and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments with relatively short maturities may tend to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exaggerate the portfolio turnover rate for the Fund. Trading in fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income securities does not generally involve the payment of brokerage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commissions, but does involve indirect transaction costs. The use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contracts and other derivative instruments may involve the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of commissions to futures commission merchants or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediaries. Higher portfolio turnover involves correspondingly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater expenses to the Fund, including brokerage commissions or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer mark-ups and other transaction costs on the sale of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and reinvestments in other securities. The higher the rate of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">turnover of the Fund, the higher these transaction costs borne by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund generally will be. Such sales may result in realization of taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital gains (including short-term capital gains, which are generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxed to shareholders at ordinary income tax rates when distributed net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of short-term capital losses and net long-term capital losses), and may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact the Fund&#8217;s after-tax returns. See &#8220;Tax Matters.&#8221;</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_OperationalRiskMembercefRiskAxis" escape="true" id="ixv-17531"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Operational Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An investment in the Fund, like any fund, can involve operational risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arising from factors such as processing errors, human errors, inadequate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or failed internal or external processes, failures in systems and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology, changes in personnel and errors caused by third-party </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service providers. The occurrence of any of these failures, errors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breaches could result in a loss of information, regulatory scrutiny, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reputational damage or other events, any of which could have a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">material adverse effect on the Fund. While the Fund seeks to minimize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such events through controls and oversight, there may still be failures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that could cause losses to the Fund.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_56" continuedAt="TextSelectionAppend_137970552_57"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_OtherInvestmentCompaniesRiskMembercefRiskAxis" escape="true" id="ixv-17550"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When investing in an investment company, the Fund will generally bear </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its ratable share of that investment company&#8217;s expenses and would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">remain subject to payment of the Fund&#8217;s investment management fees </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other expenses with respect to assets so invested. Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders would therefore be subject to duplicative expenses to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent the Fund invests in other investment companies. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these other investment companies may utilize leverage, in which case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an investment would subject a Fund to additional risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage. Due to its own financial interest or other business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerations, the Investment Manager may choose to invest a portion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a Fund&#8217;s assets in investment companies sponsored or managed by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Investment Manager or its related parties in lieu of investments by a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund directly in portfolio securities, or may choose to invest in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies over investment companies sponsored or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managed by others. Participation in a cash sweep program where the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's uninvested cash balance is used to purchase shares of affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or unaffiliated money market funds or cash management pooled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles at the end of each day subjects the Fund to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with the underlying money market funds or cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management pooled investment vehicles, including liquidity risk. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder of a money market fund or cash management pooled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicle, the Fund would indirectly bear the fees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses of the underlying fund or account which are in addition to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees the Fund pays its service providers. Applicable law may limit a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to invest in other investment companies.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_CyberSecurityRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970510" id="ixv-17581"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Cyber Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As the use of technology, including cloud-based technology, has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become more prevalent in the course of business, the Fund is potentially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more susceptible to operational and information security risks resulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from breaches in cyber security. A breach in cyber security refers to both </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intentional and unintentional cyber events from outside threat actors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">internal resources that may, among other things, cause the Fund to lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proprietary information, suffer data corruption and/or destruction, lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operational capacity, result in the unauthorized release or other misuse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of confidential information, or otherwise disrupt normal business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations. Geopolitical tensions can increase the scale and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sophistication of deliberate cyber security attacks, particularly those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from nation-states or from entities with nation-state backing, who may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">desire to use cyber security attacks to cause damage or create leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against geopolitical rivals. Cyber security breaches may involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unauthorized access to the Fund&#8217;s digital information systems (e.g., </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through &#8220;hacking&#8221; or malicious software coding), and may come from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multiple sources, including outside attacks such as denial-of-service </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attacks (i.e., efforts to make network services unavailable to intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">users) or cyber extortion, including exfiltration of data held for ransom </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or &#8220;ransomware&#8221; attacks that renders systems inoperable until </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ransom is paid, or insider actions (e.g., intentionally or unintentionally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">harmful acts of PIMCO personnel). In addition, cyber security breaches </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involving the Fund&#8217;s third party service providers (including but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to advisers, sub-advisers, administrators, transfer agents, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodians, vendors, suppliers, distributors and other third parties), </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">90</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_54"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_57" continuedAt="TextSelectionAppend_137970552_58"><ix:continuation id="TextSelection_137970510"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading counterparties or issuers in which the Fund invests can also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject the Fund to many of the same risks associated with direct cyber </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security breaches or extortion of company data. PIMCO's use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cloud-based service providers could heighten or change these risks. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, work-from-home arrangements by the Fund, the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager or their service providers could increase all of the above risks, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">create additional data and information accessibility concerns, and make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund, the Investment Manager or their service providers susceptible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to operational disruptions, any of which could adversely impact their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cyber security failures or breaches may result in financial losses to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its shareholders. For example, cyber security failures or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breaches involving trading counterparties or issuers in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests could adversely impact such counterparties or issuers and cause </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investment to lose value. These failures or breaches may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in disruptions to business operations, potentially resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial losses; interference with the Fund&#8217;s ability to calculate its NAV, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">process shareholder transactions or otherwise transact business with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders; impediments to trading; violations of applicable privacy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other laws; regulatory fines; penalties; third-party claims in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation; reputational damage; reimbursement or other compensation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs; additional compliance and cyber security risk management costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other adverse consequences. In addition, substantial costs may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurred in order to prevent any cyber incidents in the future.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Like with operational risk in general, the Fund has established business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">continuity plans and risk management systems designed to reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks associated with cyber security. However, there are inherent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitations in these plans and systems, including that certain risks may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have been identified, in large part because different or unknown </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threats may emerge in the future. As such, there is no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such efforts will succeed, especially because the Fund does not directly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">control the cyber security systems of issuers in which the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest, trading counterparties or third-party service providers to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Such entities have experienced cyber attacks and other attempts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to gain unauthorized access to systems from time to time, and there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no guarantee that efforts to prevent or mitigate the effects of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attacks or other attempts to gain unauthorized access will be successful. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is also a risk that cyber security breaches may not be detected. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its shareholders may suffer losses as a result of a cyber </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security breach related to the Fund, its service providers, trading </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties or the issuers in which the Fund invests.</div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_PotentialConflictsofInterestRiskAllocationofInvestmentOpportunitiesMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970511" id="ixv-17693"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest Risk&#8212;Allocation of Investment </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Opportunities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Manager and its affiliates are involved worldwide with a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broad spectrum of financial services and asset management activities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may engage in the ordinary course of business in activities in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their interests or the interests of their clients may conflict with those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. The Investment Manager may provide investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management services to other funds and discretionary managed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accounts that follow an investment program similar to that of the Fund. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the requirements of the 1940 Act, the Investment Manager </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intends to engage in such activities and may receive compensation from </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_58" continuedAt="TextSelectionAppend_137970552_59"><ix:continuation id="TextSelection_137970511"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">third parties for its services. The results of the Fund&#8217;s investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities may differ from those of&#160;the the Fund&#8217;s affiliates, or another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account managed by the Investment Manager or its affiliates, and it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible that the Fund could sustain losses during periods in which one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more of the Fund&#8217;s affiliates and/or other accounts managed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager or its affiliates, including proprietary accounts, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve profits on their trading.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_RepurchaseAgreementsRiskMembercefRiskAxis" escape="true" id="ixv-17722"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into repurchase agreements, in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases a security from a bank or broker-dealer, which agrees to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase the security at the Fund&#8217;s cost plus interest within a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time. If the party agreeing to repurchase should default, the Fund would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seek to sell the securities which it holds. This could involve costs or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays in addition to a loss on the securities if their value should fall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below their repurchase price. The security subject to a repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement may be or become illiquid. These events could also trigger </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse tax consequences for the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_SpecialPurposeAcquisitionCompaniesSPACsRiskMembercefRiskAxis" escape="true" id="ixv-17739"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Special Purpose Acquisition Companies (&#8220;SPACs&#8221;) Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities of SPACs or similar special purpose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities that pool funds to seek potential acquisition opportunities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unless and until an acquisition is completed, a SPAC generally invests its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets (less a portion retained to cover expenses) in U.S. government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, money market securities or holds cash. If an acquisition that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meets the requirements for the SPAC is not completed within a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pre-established period of time, the invested funds are returned to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entity&#8217;s shareholders unless shareholders approve alternative options. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because SPACs and similar entities are in essence blank check </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies without operating history or ongoing business other than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seeking acquisitions, the value of their securities is particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent on the ability of the entity&#8217;s management to identify and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">complete a profitable acquisition. A SPAC&#8217;s structure may result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant dilution of a shareholder's share value immediately upon the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of a business combination due to, among other reasons, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests held by the SPAC sponsor, conversion of warrants into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional shares, shares issued in connection with a business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">combination and/or certain embedded costs. There is no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the SPACs in which the Fund invests will complete an acquisition or that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any acquisitions that are completed will be profitable. Some SPACs may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursue acquisitions only within certain industries or regions, which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the volatility of their prices. In addition, these securities, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are typically traded in the over-the-counter market, may be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid and/or be subject to restrictions on resale.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_StructuredInvestmentsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970514" id="ixv-17770"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Structured Investments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Holders of structured products, including structured notes, credit-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">notes and other types of structured products, bear the risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying investments, index or reference obligation and are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty risk. The Fund may have the right to receive payments only </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the structured product, and generally does not have direct rights </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the issuer or the entity that sold the assets to be securitized. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While certain structured products enable the investor to acquire </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">91&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_55"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_59" continuedAt="TextSelectionAppend_137970552_60"><ix:continuation id="TextSelection_137970514"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests in a pool of securities without the brokerage and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses associated with directly holding the same securities, investors </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in structured products generally pay their share of the structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">product&#8217;s administrative and other expenses. Although it is difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict whether the prices of indices and securities underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured products will rise or fall, these prices (and, therefore, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices of structured products) are generally influenced by the same types </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of political and economic events that affect issuers of securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital markets generally. If the issuer of a structured product uses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shorter term financing to purchase longer term securities, the issuer may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be forced to sell its securities at below market prices if it experiences </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulty in obtaining such financing, which may adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the structured products owned by the Fund. Structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products generally entail risks associated with derivative instruments.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_CollateralizedBondObligationsCollateralizedLoanObligationsAndCollateralizedDebtObligationsRiskMembercefRiskAxis" escape="true" id="ixv-17825"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Collateralized Bond Obligations, Collateralized Loan </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Obligations and Collateralized Debt Obligations Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CBOs, CLOs and CDOs may charge management fees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">administrative expenses. For CBOs, CLOs and CDOs, the cash flows from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the trust are split into two or more portions, called tranches, varying in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk and yield. The riskiest portion is the equity tranche which generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bears losses in connection with the first defaults, if any, on the bonds or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans in the trust. A senior tranche from a CLO, CBO and CDO trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically has higher credit ratings and lower yields than the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. CLO tranches, CBO, and CDO, even senior ones, can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">experience substantial losses due to actual defaults, increased sensitivity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defaults due to collateral default and disappearance of protecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches, market anticipation of defaults and aversion to CLO, CBO or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other CDO securities. The risks of an investment in a CBO, CLO or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CDO vary depending on the type of collateral securities and the class of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the instrument in which the Fund invests, among other factors. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Normally, CLOs, CBOs and other CDOs are privately offered and sold, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and thus are not registered under the securities laws. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs, CBOs and CDOs may be or become illiquid. In addition to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">normal risks associated with debt instruments (e.g., interest rate risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and credit risk), CLOs, CBOs and CDOs carry additional risks including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to: (i) the possibility that distributions from the collateral </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be adequate to make interest or other payments; (ii) the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the quality of the collateral may decline in value or default; (iii) the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the Fund may invest in CBOs, CLOs or other CDOs that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinate to other classes; and (iv) the risk that the complex structure </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the security may not be fully understood at the time of investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may produce disputes with the issuer or others and may produce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected investment results.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_MarketDisruptionsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970652" id="ixv-17861"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Disruptions Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to investment and operational risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial, economic and other global market developments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, including those arising from war, military conflicts, terrorism, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">social unrest, recessions, supply chain disruptions, market manipulation, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government interventions, defaults and shutdowns, political changes or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">diplomatic developments, public health emergencies (such as the spread </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of infectious diseases, pandemics and epidemics), bank failures, </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_60" continuedAt="TextSelectionAppend_137970552_61"><ix:continuation id="TextSelection_137970652"><div style="line-height:12.0pt;text-align:left"><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">natural/environmental disasters, climate change and climate related </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">events which can all negatively impact the securities markets, interest </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">rates, auctions, secondary trading, ratings, credit risk, inflation, deflation </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">and other factors relating to the Fund&#8217;s investments or the Investment </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">Manager&#8217;s operations and the value of an investment in the Fund, its </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">distributions and its returns. These events can also impair the </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">technology and other operational systems upon which the Fund&#8217;s </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">service providers, including PIMCO as the Fund&#8217;s investment adviser, </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">rely, and could otherwise disrupt the Fund&#8217;s service providers&#8217; ability to </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">fulfill their obligations to the Fund. Furthermore, events involving limited </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">liquidity, defaults, non-performance or other adverse developments that </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">affect financial institutions or the financial services industry generally, or </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">concerns or rumors about any events of these kinds or other similar </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">risks, have in the past and may in the future lead to market-wide </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">liquidity problems.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_GeopoliticalConflictsMembercefRiskAxis" escape="true" id="ixv-17894"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Geopolitical Conflicts</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The occurrence of geopolitical conflicts, war or terrorist activities could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have adverse impacts on markets in various and unpredictable ways. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, following Russia&#8217;s large-scale invasion of Ukraine in February </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2022, Russia, and other countries, persons and entities that were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">viewed as having provided material aid to Russia&#8217;s aggression against </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ukraine, became the subject of economic sanctions and import and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">export controls imposed by countries throughout the world, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the United States. Such measures have had and may continue to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an adverse effect on the Russian, Belarusian and other securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economies. Additional examples include, but are not limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened concerns of trade disputes, which could result in increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tariffs, trade restrictions or other retaliatory countermeasures. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent, duration and impact of geopolitical conflicts and related market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacts are difficult to ascertain, but could be significant and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have significant adverse effects on regional and global economies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the markets for certain securities and commodities, such as oil, natural </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gas, steel and aluminum, as well as other sectors, and on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_FocusedInvestmentRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970654" id="ixv-17919"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Focused Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund focuses its investments in a particular sector, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it may be susceptible to loss due to adverse developments affecting that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sector, including (but not limited to): governmental regulation; inflation; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rising interest rates; cost increases in raw materials, fuel and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating expenses; technological innovations that may render existing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products and equipment obsolete; competition from new entrants; high </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">research and development costs; increased costs associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compliance with environmental or other governmental regulations; and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other economic, business or political developments specific to that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sector. Furthermore, the Fund may invest a substantial portion of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets in companies in related sectors that may share common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics, are often subject to similar business risks and regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">burdens, and whose securities may react similarly to the types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments described above, which will subject the Fund to greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. The Fund also will be subject to focused investment risk to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that it invests a substantial portion of its assets in a particular </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">92</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_56"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_61" continuedAt="TextSelectionAppend_137970552_62"><ix:continuation id="TextSelection_137970654"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer, market, asset class, country or geographic region. See &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund&#8212;Foreign (Non-U.S.) Investment Risk,&#8221; &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund&#8212;Emerging Markets Risk&#8221; and &#8220;Principal Risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8212;Currency Risk.&#8221;</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_ZeroCouponBondsStepUpsAndPaymentInKindSecuritiesRiskMembercefRiskAxis" escape="true" id="ixv-17977"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market prices of zero-coupon, step-ups and payment-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are generally more volatile than the prices of securities that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay interest periodically and in cash, and are likely to respond to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in interest rates to a greater degree than other types of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities with similar maturities and credit quality. Because </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon securities bear no interest, their prices are especially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatile. And because zero-coupon bondholders do not receive interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments, the prices of zero-coupon securities generally fall more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatically than those of bonds that pay interest on a current basis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when interest rates rise. The market for zero-coupon and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment-in-kind securities may suffer decreased liquidity. In addition, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these securities may not pay cash interest, the Fund&#8217;s investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure to these securities and their risks, including credit risk, will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase during the time these securities are held in the Fund&#8217;s portfolio. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, to maintain its qualification for treatment as a RIC and to avoid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund-level U.S. federal income and/or excise taxes, the Fund is required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to distribute to its shareholders any income it is deemed to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received in respect of such investments, notwithstanding that cash has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not been received currently, and the value of paid-in-kind interest. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, the Fund may have to dispose of portfolio securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under disadvantageous circumstances to generate the cash, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have to leverage itself by borrowing the cash to satisfy this distribution </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirement. The required distributions, if any, would result in an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in the Fund&#8217;s exposure to these securities. Zero coupon bonds, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">step-ups and payment-in-kind securities allow an issuer to avoid or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delay the need to generate cash to meet current interest payments and, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as a result, may involve greater credit risk than bonds that pay interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currently or in cash. The Fund would be required to distribute the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income on these instruments as it accrues, even though the Fund will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not receive the income on a current basis or in cash. Thus, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell other investments, including when it may not be advisable to do so, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to make income distributions to its shareholders.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_DebtSecuritiesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970656" id="ixv-18018"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Debt Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Debt securities are generally subject to the risks described below and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">further herein:</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Issuer risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of fixed income securities may decline for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of reasons that directly relate to the issuer, such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management performance, financial leverage, reduced demand for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s goods and services, historical and prospective earnings of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer and the value of the assets of the issuer. A change in the financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condition of a single issuer may affect securities markets as a whole. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These risks can apply to the Common Shares issued by the Fund and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuers of securities and other instruments in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_62" continuedAt="TextSelectionAppend_137970552_63"><ix:continuation id="TextSelection_137970656"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Interest rate risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market value of debt securities changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">response to interest rate changes and other factors. Interest rate risk is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that prices of debt securities will increase as interest rates fall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and decrease as interest rates rise, which would be reflected in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s NAV. The Fund may lose money if short-term or long-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rise sharply in a manner not anticipated by the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management. Moreover, because rates on certain floating rate debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities typically reset only periodically, changes in prevailing interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates (and particularly sudden and significant changes) can be expected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to cause some fluctuations in the NAV of the Fund to the extent that it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests in floating rate debt securities.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Prepayment risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of declining interest rates, borrowers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may prepay principal. This may force the Fund to reinvest in lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yielding securities, resulting in a possible decline in the Fund&#8217;s income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and distributions.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Credit risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit risk is the risk that one or more debt securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio will decline in price or fail to pay interest or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal when due because the issuer of the security experiences a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in its financial status. Credit risk is increased when a portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security is downgraded or the perceived creditworthiness of the issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deteriorates.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reinvestment risk is the risk that income from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s portfolio will decline if the Fund invests the proceeds from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">matured, traded or called fixed income securities at market interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are below the portfolio&#8217;s current earnings rate.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Duration and maturity risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may seek to adjust the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration or maturity of its investments in debt securities based on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of current and projected market conditions. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur costs in seeking to adjust the average duration or maturity of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio of debt securities. There can be no assurances that the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of current and projected market conditions will be correct or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that any strategy to adjust duration or maturity will be successful.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, from time to time, uncertainty regarding the status of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations in the U.S. government to increase the statutory debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ceiling could impact the creditworthiness of the United States and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the liquidity and value of U.S. Government and other securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and ultimately the Fund.</div></div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_SovereignDebtRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_137970657" id="ixv-18113"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Sovereign Debt Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to the other risks applicable to debt investments, sovereign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt may decline in value as a result of default or other adverse credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event resulting from an issuer&#8217;s inability or unwillingness to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal or interest payments in a timely fashion. A sovereign entity&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failure to make timely payments on its debt can result from many </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors, including, without limitation, insufficient foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency reserves or an inability to sufficiently manage fluctuations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative currency valuations, an inability or unwillingness to satisfy the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demands of creditors and/or relevant supranational entities regarding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt service or economic reforms, the size of the debt burden relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic output and tax revenues, cash flow difficulties, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political and social considerations. The risk of loss to the Fund in the </div></div></div></ix:nonNumeric> </ix:continuation></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">93&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_57"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_63" continuedAt="TextSelectionAppend_137970552_64"><ix:continuation id="TextSelection_137970657"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of a sovereign debt default or other adverse credit event is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened by the unlikelihood of any formal recourse or means to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforce its rights as a holder of the sovereign debt. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sovereign debt restructurings, which may be shaped by entities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors beyond the Fund&#8217;s control, may result in a loss in value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s sovereign debt holdings.</div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_CertainAffiliationsMembercefRiskAxis" escape="true" id="ixv-18165"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Certain Affiliations</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain broker-dealers may be considered to be affiliated persons of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and/or the Investment Manager due to their possible affiliations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with Allianz SE, the ultimate parent of the Investment Manager, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">another Allianz entity. Allianz Asset Management of America LP merged </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with Allianz Asset Management of America LLC (&#8220;Allianz Asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Management&#8221;), with the latter being the surviving entity, effective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">January 1, 2023. Following the merger, Allianz Asset Management is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO&#8217;s managing member and direct parent entity. Absent an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exemption from the SEC or other regulatory relief, the Fund is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">precluded from effecting certain principal transactions with affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokers, and its ability to purchase securities being underwritten by an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliated broker or a syndicate including an affiliated broker, or to utilize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliated brokers for agency transactions, is subject to restrictions. This </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could limit the Fund&#8217;s ability to engage in securities transactions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take advantage of market opportunities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The 1940 Act imposes significant limits on co-investment with affiliates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund. The Fund has received exemptive relief from the SEC that, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent a fund relies on such relief, permits it to (among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things) co-invest alongside certain other persons in privately negotiated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including certain affiliates of the Investment Manager and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain public or private funds managed by the Investment Manager and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its affiliates, subject to certain terms and conditions. The exemptive relief </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the SEC with respect to co-investments imposes a number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions on any co-investments made in reliance on such relief that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may limit or restrict a fund&#8217;s ability to participate in an investment or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require it to participate in an investment to a lesser extent, which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negatively impact a fund&#8217;s ability to execute its desired investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategy and its returns. Subject to applicable law, the Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest alongside other PIMCO managed funds and accounts, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private funds and affiliates of the Investment Manager, without relying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the exemptive relief. Pursuant to co-investment exemptive relief, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the extent a fund relies on such relief, the fund will be able to invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities in which PIMCO and/or its affiliates has an investment, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and PIMCO and/or its affiliates will be able to invest in opportunities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which a fund has made an investment.</div></div></div></ix:nonNumeric><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_AntiTakeoverProvisionsMembercefRiskAxis" escape="true" id="ixv-18209"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Declaration and the Bylaws include provisions that could limit the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability of other entities or persons to acquire control of the Fund or to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convert the Fund to open-end status. &#160;These provisions in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration and the Bylaws could have the effect of depriving the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders of opportunities to sell their Common Shares at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a premium over the then-current market price of the Common Shares or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at NAV.</div></div></div></ix:nonNumeric></ix:continuation></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><ix:continuation id="TextSelectionAppend_137970552_64"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P04_14_2025To04_14_2025_DistributionRateRiskMembercefRiskAxis" escape="true" id="ixv-18225"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distribution Rate Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution rates may be affected by numerous factors, including but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to changes in realized and projected market returns, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuations in market interest rates, Fund performance, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors. The Fund&#8217;s distributions may be comprised of a return of capital. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general terms, a return of capital would occur where a Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution (or portion thereof) represents a return of a portion of your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment, rather than net income or capital gains generated from your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment during a particular period. There can be no assurance that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in market conditions or other factors will not result in a change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund&#8217;s distribution rate or that the rate will be sustainable in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For instance, during periods of low or declining interest rates, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributable income and dividend levels may decline for many reasons. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For example, the Fund may have to deploy uninvested assets (whether </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from sales of Fund shares, proceeds from matured, traded or called debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations or other sources) in new, lower yielding instruments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, payments from certain instruments that may be held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund (such as variable and floating rate securities) may be negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by declining interest rates, which may also lead to a decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s distributable income and dividend levels.</div></div></div></ix:nonNumeric></ix:continuation><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">How the Fund Manages Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Limitations</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The investment restrictions set forth below are each a fundamental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">policy of the Fund that may not be changed without the approval of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holders of a majority of the Fund&#8217;s outstanding Common Shares and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any outstanding preferred shares of beneficial interest of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">voting together as a single class, and of the holders of a majority of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding preferred shares of beneficial interest voting as a separate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">class. The Fund may not:</div></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:9.97pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(1)</div></div><div style="float:left;line-height:12.0pt;margin-left:4.03pt;text-align:left;width:231.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Concentrate its investments in a particular &#8220;industry,&#8221; as that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">term is used in the Investment Company Act of 1940, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amended, and as interpreted, modified, or otherwise permitted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by regulatory authority having jurisdiction, from time to time.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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:9.97pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(2)</div></div><div style="float:left;line-height:12.0pt;margin-left:4.03pt;text-align:left;width:231.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">With respect to 75% of the Fund&#8217;s total assets, purchase the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of any issuer, except securities issued or guaranteed by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the U.S. Government or any of its agencies or instrumentalities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities issued by other investment companies, if, as a result, (i) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more than 5% of the Fund&#8217;s total assets would be invested in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of that issuer, or (ii) the Fund would hold more than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10% of the outstanding voting securities of that issuer. For the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purpose of this restriction, each state and each separate political </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subdivision, agency, authority or instrumentality of such state, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each multi-state agency or authority, and each obligor, if any, is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treated as a separate issuer of municipal bonds.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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:9.97pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(3)</div></div><div style="float:left;line-height:12.0pt;margin-left:4.03pt;text-align:left;width:231.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchase or sell real estate, although it may purchase securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured by real estate or interests therein, or securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies which invest in real estate, or interests therein.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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:9.97pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(4)</div></div><div style="float:left;line-height:12.0pt;margin-left:4.03pt;text-align:left;width:231.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchase or sell commodities or commodities contracts or oil, gas </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or mineral programs. This restriction shall not prohibit the Fund, </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">94</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_58"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;margin-left:24pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to restrictions described in the Prospectus and in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Statement of Additional Information, from purchasing, selling or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entering into futures contracts, options on futures contracts, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward contracts, or any interest rate, securities-related or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedging instrument, including swap agreements and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments, subject to compliance with any applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provisions of the federal securities or commodities laws.</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:9.97pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(5)</div></div><div style="float:left;line-height:12.0pt;margin-left:4.03pt;text-align:left;width:231.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Borrow money or issue any senior security, except to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">permitted under the Investment Company Act of 1940, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amended, and as interpreted, modified, or otherwise permitted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by regulatory authority having jurisdiction, from time to time.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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:9.97pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(6)</div></div><div style="float:left;line-height:12.0pt;margin-left:4.03pt;text-align:left;width:231.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Make loans, except to the extent permitted under the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Company Act of 1940, as amended, and as interpreted, modified, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or otherwise permitted by regulatory authority having </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">jurisdiction, from time to time.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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:9.97pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(7)</div></div><div style="float:left;line-height:12.0pt;margin-left:4.03pt;text-align:left;width:231.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Act as an underwriter of securities of other issuers, except to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that in connection with the disposition of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, it may be deemed to be an underwriter under the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">federal securities laws</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund would be deemed to &#8220;concentrate&#8221; its investments in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular industry if it invested more than 25% of its total assets in that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry. The Fund&#8217;s industry concentration policy does not preclude it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from focusing investments in issuers in a group of related industrial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sectors (such as different types of utilities). The Fund interprets its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry concentration policy to apply to direct investments in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of issuers in a particular industry, as defined by the Fund. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purposes of this restriction, a foreign government is considered to be an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry. Currency positions are not considered to be an investment in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign government for industry concentration purposes. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-backed securities that are issued or guaranteed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Government, its agencies or instrumentalities are not subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s industry concentration restrictions, by virtue of the exclusion from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that test available to all U.S. Government securities. Similarly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt municipal bonds issued by states, municipalities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political subdivisions, agencies, authorities and instrumentalities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">states and multi state agencies and authorities are not subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s industry concentration restrictions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, the Fund cannot change its investment objectives to seek </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high current income as a primary objective and capital appreciation as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary objective without the approval of the holders of a &#8220;majority </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the outstanding&#8221; Common Shares and any preferred shares voting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">together as a single class, and of the holders of a &#8220;majority of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding&#8221; preferred shares voting as a separate class. A &#8220;majority of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the outstanding&#8221; shares (whether voting together as a single class or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">voting as a separate class) means (i) 67% or more of such shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">present at a meeting, if the holders of more than 50% of those shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are present or represented by proxy, or (ii) more than 50% of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares, whichever is less.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Investment Objectives and Policies&#8221; and &#8220;Investment Restrictions&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Statement of Additional Information for a complete list of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fundamental investment policies of the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">From time to time, the Fund may voluntarily participate in actions (for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, rights offerings, conversion privileges, exchange offers, credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event settlements, etc.) where the issuer or counterparty offers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or instruments to holders or counterparties, such as the Fund, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the acquisition is determined to be beneficial to Fund shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;Voluntary Action&#8221;). Notwithstanding any percentage investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitation listed under this &#8220;Investment Limitations&#8221; section or any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">percentage investment limitation of the 1940 Act or rules thereunder, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a Fund has the opportunity to acquire a permitted security or instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through a Voluntary Action, and the Fund will exceed a percentage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment limitation following the acquisition, it will not constitute a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">violation if, prior to the receipt of the securities or instruments and after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">announcement of the offering, the Fund sells an offsetting amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets that are subject to the investment limitation in question at a price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at least equal to the value of the securities or instruments to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquired.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unless otherwise indicated, all percentage limitations on Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments (as stated herein) that are not: (i) specifically included in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this &#8220;Investment Limitations&#8221; section; or (ii) imposed by the 1940 Act, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rules thereunder, the Code or related regulations (the &#8220;Elective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Restrictions&#8221;), will apply only at the time of investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unless the acquisition is a Voluntary Action. For the avoidance of doubt, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unless otherwise stated, all percentage limitations on Fund investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are (i) specifically included in this &#8220;Investment Limitations&#8221; section; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or (ii) Elective Investment Restrictions, will apply at the time of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment. In addition, and notwithstanding the foregoing, for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purposes of this policy, certain Non-Fundamental Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Restrictions, as noted above, are also considered Elective Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Restrictions. The percentage limitations and absolute prohibitions with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to Elective Investment Restrictions are not applicable to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s acquisition of securities or instruments through a Voluntary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Action. Certain percentage limitations or absolute prohibitions stated in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain Elective Investment Restrictions by their terms apply only with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to specific securities or instruments as opposed to asset classes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or economic exposures represented by such securities or instruments; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for purposes of applying such limitations or prohibitions, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not count investments in derivatives or other instruments that are not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the specific securities or instruments limited or prohibited by the express </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms of the Elective Investment Restriction. In such cases, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtain greater economic exposure to asset classes represented by such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specific securities or instruments because such exposure is not restricted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the express terms of the Elective Investment Restriction.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in roll-timing strategies where the Fund seeks to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extend the expiration or maturity of a position, such as a forward </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract, futures contract or to-be-announced (&#8220;TBA&#8221;) transaction, on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an underlying asset by closing out the position before expiration and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contemporaneously opening a new position with respect to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying asset that has substantially similar terms except for a later </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expiration date. Such &#8220;rolls&#8221; enable the Fund to maintain continuous </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment exposure to an underlying asset beyond the expiration of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">initial position without delivery of the underlying asset. Similarly, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain standardized swap agreements transition from OTC trading to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mandatory exchange-trading and clearing due to the implementation of </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">95&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_6224ca15-fb3a-4dc6-80d7-f2f0f31f2359_59"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Dodd-Frank Act regulatory requirements, the Fund may &#8220;roll&#8221; an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">existing OTC swap agreement by closing out the position before </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expiration and contemporaneously entering into a new exchange-traded </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and cleared swap agreement on the same underlying asset with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially similar terms except for a later expiration date. These types </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of new positions opened contemporaneous with the closing of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">existing position on the same underlying asset with substantially similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms are collectively referred to as &#8220;Roll Transactions.&#8221; Elective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Restrictions (defined in the preceding paragraph), which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">normally apply at the time of investment, do not apply to Roll </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Transactions (although Elective Investment Restrictions will apply to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s entry into the initial position). In addition and notwithstanding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the foregoing, for purposes of this policy, those Non-Fundamental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Restrictions that are considered Elective Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Restrictions for purposes of the policy on Voluntary Actions (described in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the preceding paragraph) are also Elective Investment Restrictions for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purposes of this policy on Roll Transactions. The Fund will test for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compliance with Elective Investment Restrictions at the time of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s initial entry into a position, but the percentage limitations and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">absolute prohibitions set forth in the Elective Investment Restrictions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not applicable to the Fund&#8217;s subsequent acquisition of securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments through a Roll Transaction.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Management of Investment Portfolio and Capital Structure to </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Limit Leverage Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may take certain actions if short-term interest rates increase or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions otherwise change (or the Fund anticipates such an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase or change) and the Fund&#8217;s leverage begins (or is expected) to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect Common Shareholders. In order to attempt to offset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such a negative impact of leverage on Common Shareholders, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may shorten the average maturity or duration of its investment portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(by investing in short-term, high quality securities or implementing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain hedging strategies). Should the Fund issue preferred shares, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may also attempt to reduce leverage by redeeming or otherwise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasing any preferred shares that may be outstanding or by reducing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any holdings in instruments that create leverage. As explained above </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under &#8220;Principal Risks of the Fund&#8212;Leverage Risk,&#8221; the success of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such attempt to limit leverage risk depends on PIMCO&#8217;s ability to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accurately predict interest rate or other market changes. Because of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulty of making such predictions, the Fund may not be successful in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managing its interest rate exposure in the manner described above.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If market conditions suggest that additional leverage would be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">beneficial, the Fund may issue preferred shares or utilize other forms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage, such as reverse repurchase agreements, dollar rolls/buybacks, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit default swaps and other derivative instruments. See &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Objectives and Policies&#8212;Portfolio Contents&#8221; and &#8220;Principal Risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8212;Liquidity Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Use of Derivatives</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may use derivative instruments for other purposes, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to seek to increase liquidity, provide efficient portfolio management, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broaden investment opportunities (including taking short or negative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions), implement a tax or cash management strategy, gain </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure to a particular security or segment of the market, modify the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">effective duration of the Fund's portfolio investments and/or enhance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total return.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Hedging and Related Strategies</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may (but is not required to) use various investment strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to attempt to hedge exposure to reduce the risk of price fluctuations of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its portfolio securities, the risk of loss, and to preserve capital. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives strategies and instruments that the Fund may use include, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among others, reverse repurchase agreements; interest rate swaps; total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return swaps; credit default swaps; basis swaps; other types of swap </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements or options thereon; dollar rolls/buybacks; futures and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward contracts (including foreign currency exchange contracts); short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sales; options on financial futures; options based on either an index of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal securities or taxable debt securities whose prices, PIMCO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">believes, correlate with the prices of the Fund&#8217;s investments; other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative transactions; loans of portfolio securities and when-issued, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed delivery and forward commitment transactions. Income earned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund from its hedging and related transactions may be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">one or more special U.S. federal income tax rules that can affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount, timing and/or character of distributions to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders. For instance, many hedging activities will be treated as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital gain and, if not offset by net realized capital loss, will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributed to Common Shareholders in taxable distributions. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">effectively used, hedging strategies will offset in varying percentages </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses incurred on the Fund&#8217;s investments due to adverse interest rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes. There is no assurance that these hedging strategies will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available at any time or that PIMCO will determine to use them for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund or, if used, that the strategies will be successful. PIMCO may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine not to engage in hedging strategies or to do so only in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unusual circumstances or market conditions. In addition, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to certain restrictions on its use of hedging strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imposed by guidelines of one or more regulatory authorities or rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agencies that may issue ratings on any preferred shares issued by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">96</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_1"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Management of the Fund</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Trustees and Officers</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager. The Board is currently composed of seven Trustees of the Fund (&#8220;Trustees&#8221;), five of whom are not &#8220;interested persons&#8221; of the Fund (as that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund and to oversee the Fund&#8217;s activities, including its investment performance, compliance program and risks associated with its activities. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">names and business addresses of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are set forth under &#8220;Management of the Fund&#8221; in the Statement of Additional Information.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Manager</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO serves as the investment manager of the Fund. Subject to the supervision of the Board, PIMCO is responsible for managing the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities of the Fund and the Fund&#8217;s business affairs and other administrative matters.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, 92660. Organized in 1971, PIMCO provides investment management and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advisory services to private accounts of institutional and individual clients and to registered investment companies. PIMCO is a majority-owned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indirect subsidiary of Allianz SE, a publicly traded European insurance and financial services company. As of December 31, 2024, PIMCO had </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approximately $1.95 trillion in assets under management&#160;and $1.57 trillion in third party assets under management.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following individuals are jointly and primarily responsible for the day-to-day portfolio management of the Fund:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div></div><div style="line-height:0.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"> </div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
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<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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Manager</div></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:27.43pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Since</div></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:405.57pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Recent Professional Experience</div></div></div></div></td></tr>
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<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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Alfred T. Murata</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:27.43pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2014</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:405.57pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Managing Director, PIMCO. Mr. Murata is a portfolio manager on the mortgage credit team. Prior to joining PIMCO in 2001, he researched and </div></div><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">implemented exotic equity and interest rate derivatives at Nikko Financial Technologies.</div></div></div></td></tr>
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<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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Mohit Mittal</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:27.43pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2014</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:405.57pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">CIO Core Strategies and Managing Director, PIMCO. Mr. Mittal manages investment grade credit, total return and unconstrained bond portfolios </div></div><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">and is a member of the Americas Portfolio Committee. Previously, he was a specialist on PIMCO's interest rates and derivatives desk. Mr. Mittal </div></div><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">joined PIMCO in 2007 and holds an MBA in finance from the Wharton School of the University of Pennsylvania and an undergraduate degree in </div></div><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">computer science from Indian Institute of Technology (IIT) in Delhi, India.</div></div></div></td></tr>
<tr style="height:38.5pt">
<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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Giang Bui</div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:27.43pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2023</div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:405.57pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Executive Vice President, PIMCO. Ms. Bui is a portfolio manager and trader of securitized debt instruments, focusing on collateralized loan </div></div><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, asset-backed collateralized debt obligations, and off-the-run sectors within structured products. Ms. Bui joined PIMCO in 2000 and </div></div><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">was previously a member of the bank loan portfolio management team, responsible for bank loan investments and the management of </div></div><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO-issued CLOs. She has 24 years of investment experience and holds an MBA from the Anderson School of Management at the University of </div></div><div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">California, Los Angeles and an undergraduate degree from the University of California, San Diego.</div></div></div></td></tr></table></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Please see the Statement of Additional Information for additional information about the portfolio managers' compensation, other accounts managed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the portfolio managers and the portfolio managers&#8217; ownership of shares of the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Control Persons</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 March 31, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2025, the Fund did not know of any person or entity who &#8220;controlled&#8221; the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Additional Information</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Trustees are responsible generally for overseeing the management of the Fund. The Trustees authorize the Fund to enter into service agreements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the Investment Manager and other service providers in order to provide, and in some cases authorize service providers to procure through other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">parties, necessary or desirable services on behalf of the Fund. Shareholders are not intended to be third-party beneficiaries of such service </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service provider to the Fund, and/or the Trustees or officers of the Fund. The Trustees may amend this prospectus, the Statement of Additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Information, and any other contracts to which the Fund is a party, and interpret the investment objectives, policies, restrictions and contractual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provisions applicable to the Fund without shareholder input or approval, except in circumstances in which shareholder approval is specifically required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospectus or Statement of Additional Information.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">97&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_2"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Management Agreement</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to an investment management agreement between the Investment Manager and the Fund (the &#8220;Investment Management Agreement&#8221;), the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund has agreed to pay the Investment Manager an annual fee, payable monthly, in an amount equal to 0.76% of the Fund&#8217;s average daily net asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value (including daily net assets attributable to any preferred shares of the Fund that may be outstanding). Average daily net asset value includes total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding) minus accrued liabilities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to the Investment Management Agreement, PIMCO is required to provide to the Fund investment guidance and policy direction in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">connection with the management of the Fund, including oral and written research, analysis, advice and statistical and economic data and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information. In addition, under the terms of the Investment Management Agreement, subject to the general supervision of the Board, PIMCO provides </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or causes to be furnished all supervisory and administrative and other services reasonably necessary for the operation of the Fund under the unified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management fee structure, including but not limited to the supervision and coordination of matters relating to the operation of the Fund, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any necessary coordination among the custodian, transfer agent, dividend disbursing agent and recordkeeping agent (including pricing and valuation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund), accountants, attorneys, auction agents and other parties performing services or operational functions for the Fund; the provision of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adequate personnel, office space, communications facilities, and other facilities necessary for the effective supervision and administration of the Fund, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as well as the services of a sufficient number of persons competent to perform such supervisory and administrative and clerical functions as are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">necessary for compliance with federal securities laws and other applicable laws; the maintenance of the books and records of the Fund; the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preparation of all federal, state, local and foreign tax returns and reports for the Fund; the provision of administrative services to shareholders for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund including the maintenance of a shareholder information telephone number; the provision of certain statistical information and performance of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund, an internet website (if requested), and maintenance of privacy protection systems and procedures; the preparation and filing of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration statements and other documents with such authorities as may be required to register and maintain the listing of the shares of the Fund; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the taking of other such actions as may be required by applicable law (including establishment and maintenance of a compliance program for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund); and the preparation, filing and distribution of proxy materials, periodic reports to shareholders and other regulatory filings.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, under the Investment Management Agreement, PIMCO will procure, at its own expense, the following services, and will bear expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recordkeeping agent to maintain the portfolio accounting records for the Fund; a transfer agent for the Fund; a dividend disbursing agent and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registrar for the Fund; all audits by the Fund&#8217;s independent public accountant (except fees to auditors associated with satisfying rating agency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational documents); </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as noted below) notices and proxy statements, press releases and reports to its Shareholders, the filing of reports with regulatory bodies, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maintenance of the Fund&#8217;s existence and qualification to do business, the expense of issuing, redeeming, registering and qualifying for sale, Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares with the federal and state securities authorities, and the expense of qualifying and listing Shares with any securities exchange or other trading </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">system; legal services (except for extraordinary legal expenses); costs of printing certificates representing Shares of the Fund; the Fund&#8217;s pro rata </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portion of its fidelity bond and other insurance premiums; and association membership dues.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund (and not PIMCO) will be responsible for certain fees and expenses that are not covered by the all-in fee structure under the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Management Agreement. These include fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; the salaries and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compensation or expenses, including travel expenses, of any of the Fund&#8217;s executive officers and employees, if any, who are not officers, directors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; taxes and governmental fees, if any, levied against the Fund; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating, and structuring specialized loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investments made by the Fund and subject to specific or general authorization by the Fund&#8217;s Board of Trustees (for example, so-called </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;broken-deal costs&#8221; (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to unconsummated investments))); expenses of the Fund&#8217;s securities lending (if any), including any securities lending agent fees, as governed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by a separate securities lending agreement; costs, including interest expenses, of borrowing money or engaging in other types of leverage financing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facilities; costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokers, fees to auction agents, fees to transfer agents, fees to rating agencies and fees to auditors associated with satisfying rating agency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational documents) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with the Fund&#8217;s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purpose of incurring leverage; fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; dividend and interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses on short positions taken by the Fund; organizational and offering expenses of the Fund, including with respect to share offerings following </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s initial offering, such as rights and shelf offerings (including expenses associated with offerings made pursuant to this prospectus), and </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">98</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_3"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses associated with tender offers and other share repurchases and redemptions; extraordinary expenses, including extraordinary legal expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; and expenses of the Fund which are capitalized in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accordance with generally accepted accounting principles.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the fees received by PIMCO from the Fund are based on the average daily net asset value of the Fund (including daily net assets attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to any preferred shares of the Fund that may be outstanding), PIMCO has a financial incentive for the Fund to use certain forms of leverage, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may create a conflict of interest between PIMCO, on the one hand, and the Common Shareholders, on the other hand.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A discussion regarding the considerations of the Fund&#8217;s Board for approving the Investment Management Agreement between PIMCO and the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is available in the Fund&#8217;s annual report to shareholders for the fiscal year ended June 30, 2024.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net Asset Value</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The NAV of the Fund&#8217;s Common Shares is determined by dividing the total value of the Fund&#8217;s portfolio investments and other assets, less any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liabilities, by the total number of common shares outstanding.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On each day that the NYSE is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m. Eastern Time) (&#8220;NYSE </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Close&#8221;). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the normally scheduled close of regular trading </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the NYSE for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">day it would normally be open for business, the Fund may calculate its NAV as of the normally scheduled NYSE Close or such other time that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may determine. If regular trading on the NYSE closes earlier than scheduled, the Fund reserves the right to either (i) calculate its NAV as of the earlier </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Fund generally does not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may determine.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the valuation designee (&#8220;Valuation Designee&#8221;) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, &#8220;Pricing Sources&#8221;). Domestic and foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund&#8217;s assets that are invested in one or more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">open-end management investment companies (including those advised by PIMCO) (other than ETFs), the Fund&#8217;s NAV will be calculated based upon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NAVs of such investments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If a foreign (non-U.S.) equity security&#8217;s value has materially changed after the close of the security&#8217;s primary exchange or principal market but before </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">99&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_4"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by Pricing Sources and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indexes or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">application of the pricing model (effectively resulting in daily fair valuations.) Foreign (non-U.S.) exchanges may permit trading in foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity securities on days when the Fund is not open for business, which may result in the Fund&#8217;s portfolio investments being affected when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders are unable to buy or sell shares.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bid/ask prices in the market for such loans, as provided by a Pricing Source. Senior secured floating rate loans for which an active secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">does not exist to a reliable degree will be valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments of similar quality, rate, period until next interest rate reset and maturity.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, the value of such investments and, in turn, the NAV of the Fund&#8217;s shares may be affected by changes in the value of currencies in relation to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reflected in the Fund&#8217;s next calculated NAV.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">normally will be taken into account in calculating the NAV.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fair valuation may require subjective determinations about the value of a security. While the Fund&#8217;s policy and Valuation Designee's policies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">procedures are intended to result in a calculation of the Fund&#8217;s NAV that fairly reflects security values as of the time of pricing, the Fund cannot </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distributions</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund makes regular monthly cash distributions to Common Shareholders at a rate based on a variety of factors which may include one or more of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the following: past and projected net income of the Fund, fluctuations in market interest rates, Fund performance, and other factors. Subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable law, the Fund may fund a portion of its distributions with gains from the sale of portfolio securities and other sources, including return of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital. The dividend rate that the Fund pays on its Common Shares may vary as portfolio and market conditions change, and will depend on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of factors, including without limitation the amount of the Fund&#8217;s undistributed net investment income and net short- and long-term capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gains, as well as the costs of any leverage obtained by the Fund (including interest or other expenses on any reverse repurchase agreements, credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swaps, dollar rolls/buybacks and borrowings and dividends payable on any preferred shares issued by the Fund). As portfolio and market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions change, the rate of distributions on the Common Shares and the Fund&#8217;s dividend policy could change. There can be no assurance that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in market conditions or other factors will not result in a change in the Fund distribution rate or that the rate will be sustainable in the future. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Principal Risks of the Fund&#8212;Fund Distribution Rates.&#8221; For a discussion of factors that may cause the Fund&#8217;s income and capital gains (and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">therefore the dividend) to vary, see &#8220;Principal Risks of the Fund.&#8221; The Fund generally distributes each year all of its net investment income and net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short-term capital gains. In addition, at least annually, the Fund will generally distribute net realized long-term capital gains not previously </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributed, if any. The net investment income of the Fund consists of all income (other than net short-term and long-term capital gains) less all </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses of the Fund (after it pays accrued dividends on any outstanding preferred shares).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To permit the Fund to maintain a more level monthly distribution, the Fund may distribute less than the entire amount of net investment income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earned in a particular period. The undistributed net investment income would be available to supplement future distributions. As a result, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions paid by the Fund for any particular monthly period may be more or less than the amount of net investment income actually earned by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund during the period. Undistributed net investment income will be additive to the Fund&#8217;s NAV and, correspondingly, distributions from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undistributed net investment income will be deducted from the Fund&#8217;s NAV.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">100</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_5"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The tax treatment and characterization of the Fund&#8217;s distributions may vary significantly from time to time because of the varied nature of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. For example, the Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying reference instrument (e.g., a 10-year U.S. treasury) that have different effective dates with respect to interest accrual time periods for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of the Fund&#8217;s duration or yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">curve management strategies. In such a &#8220;paired swap transaction&#8221;, the Fund would generally enter into one or more interest rate swap agreements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">whereby the Fund agrees to make regular payments starting at the time the Fund enters into the agreements equal to a floating interest rate in return </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for payments equal to a fixed interest rate (the &#8220;initial leg&#8221;). The Fund would also enter into one or more interest rate swap agreements on the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying instrument, but take the opposite position (i.e., in this example, the Fund would make regular payments equal to a fixed interest rate in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">date following the commencement of the initial leg (the &#8220;forward leg&#8221;). The Fund may engage in investment strategies, including those that employ </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the use of derivatives, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declines in the Fund&#8217;s net asset value (&#8220;NAV&#8221;). The Fund&#8217;s income and gain-generating strategies, including certain derivatives strategies, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when the Fund has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or the Fund&#8217;s debt investments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or arising from its use of derivatives. Because some or all of these transactions may generate capital losses without corresponding offsetting capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gains, portions of the Fund&#8217;s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions) may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economically similar to a taxable return of capital when considered together with such capital losses. The tax treatment of certain derivatives in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by the Fund pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be changed by regulation or otherwise.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent required by the 1940 Act and other applicable laws, absent an exemption, a notice will accompany each monthly distribution with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to the estimated source (as between net income, gains or other capital source) of the distribution made. If the Fund determines that a portion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a distribution may be comprised of amounts from sources other than net investment income in accordance with its internal policies, accounting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">records and related accounting practices, the Fund will notify shareholders of record of the estimated composition of such distribution through a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 19 Notice. For these purposes, the Fund estimates the source or sources from which a distribution is paid, to the close of the period as of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would not be issued. It is important to note that differences exist between the Fund&#8217;s daily internal accounting records and practices, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund&#8217;s financial statements prepared later and in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital gains and/or a return of capital.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The tax characterization of the Fund&#8217;s distributions made in a taxable year cannot finally be determined until at or after the end of the year. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, there is a possibility that the Fund may make total distributions during a taxable year in an amount that exceeds the Fund&#8217;s net investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and net realized capital gains (including as reduced by any capital loss carry-forwards) for the relevant year. For example, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribute amounts early in the year that are derived from short-term capital gains, but incur net short-term capital losses later in the year, thereby </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offsetting short-term capital gains out of which distributions have already been made by the Fund. In such a situation, the amount by which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s total distributions exceed net investment income and net realized capital gains would generally be treated as a tax-free return of capital up to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the amount of a shareholder&#8217;s tax basis in his or her Common Shares, with any amounts exceeding such basis treated as gain from the sale of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares. In general terms, a return of capital would occur where the Fund distribution (or portion thereof) represents a return of a portion of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">your investment, rather than net income or capital gains generated from your investment during a particular period. A return of capital distribution is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not taxable, but it reduces a shareholder&#8217;s tax basis in the Common Shares, thus reducing any loss or increasing any gain on a subsequent taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disposition by the shareholder of the Common Shares. The Fund will prepare and make available to shareholders detailed tax information with respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the Fund&#8217;s distributions annually. See &#8220;Tax Matters.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The 1940 Act currently limits the number of times the Fund may distribute long-term capital gains in any tax year, which may increase the variability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund&#8217;s distributions and result in certain distributions being comprised more or less heavily than others of long-term capital gains currently </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">eligible for favorable income tax rates.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unless a Common Shareholder elects to receive distributions in cash, all distributions of Common Shareholders whose shares are registered with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">plan agent will be automatically reinvested in additional Common Shares of the Fund under the Plan (as defined below).</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">101&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_6"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Board may change the Fund&#8217;s distribution policy and the amount or timing of distributions, based on a number of factors, including the amount of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s undistributed net investment income and net short- and long-term capital gains and historical and projected net investment income and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">net short- and long-term capital gains, among other factors.</div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Dividend Reinvestment Plan</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001219360/000119312524223751/d823144dncsra.htm"><span style="font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The information contained under the heading &#8220;Dividend Reinvestment Plan&#8221; in the Fund's annual report to shareholders for the fiscal year ended </span></a><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001219360/000119312524223751/d823144dncsra.htm"><span style="font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 30, 2024, is incorporated herein by reference</span></a><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">.</div></div></div><ix:nonNumeric name="cef:CapitalStockTableTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" id="ixv-19185"><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Description of Capital Structure</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a brief description of the capital structure of the Fund. This description does not purport to be complete and is subject to and qualified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in its entirety by reference to the Declaration and the Fund&#8217;s Bylaws, as amended and restated through the date hereof (the &#8220;Bylaws&#8221;). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration and Bylaws are each exhibits to the registration statement of which this prospectus is a part.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is an unincorporated voluntary association with transferable shares of beneficial interest (commonly referred to as a &#8220;Massachusetts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business trust&#8221;) established under the laws of the Commonwealth of Massachusetts by the Declaration. The Declaration provides that the Board may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">authorize separate classes of shares of beneficial interest. However, as of the date of this prospectus, the Fund does not have any shares outstanding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other than the Common Shares.</div></div></div><ix:nonNumeric name="cef:OutstandingSecuritiesTableTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" continuedAt="TextSelection_137970661" id="ixv-19201"><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table shows the amount of Common Shares authorized and outstanding as of March 31, 2025.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div></div><div style="line-height:0.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"> </div></div></ix:nonNumeric><div style="margin-top:0.0pt"><ix:continuation id="TextSelection_137970661">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<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:399.52pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Title of Class</div></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: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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Amount Authorized</div></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: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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Amount Outstanding</div></div></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:399.52pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="cef:OutstandingSecurityTitleTextBlock" contextRef="P03_31_2025To03_31_2025_CommonSharesMemberusgaapStatementClassOfStockAxis" escape="true" id="ixv-37569">Common Shares</ix:nonNumeric></div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="P03_31_2025To03_31_2025_CommonSharesMemberusgaapStatementClassOfStockAxis" unitRef="Unit_shares" decimals="0" scale="0" format="ixt:num-dot-decimal" id="ixv-37570">171,030,439</ix:nonFraction></div></div></div></td></tr></table></ix:continuation></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Common Shares of the Fund commenced trading on the NYSE in April 2003, under the trading or &#8220;ticker&#8221; symbol &#8220;PHK.&#8221; As of the close of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading on the NYSE on March 31, 2025, the NAV per Common Share was $4.65, and the closing price per Common Share on the NYSE was $4.89.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonNumeric name="cef:SecurityDividendsTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" id="ixv-19248"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders are entitled to share equally in dividends declared by the Board to Common Shareholders and in the net assets of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available for distribution to Common Shareholders after payment of the preferential amounts payable to holders of any outstanding preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of beneficial interest.</div></ix:nonNumeric> <ix:nonNumeric name="cef:SecurityLiquidationRightsTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" id="ixv-37571">All Common Shares of the Fund have equal rights to the payment of dividends and the distribution of assets upon liquidation.</ix:nonNumeric></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div>Common Shares of the Fund are fully paid and, subject to matters discussed in &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bylaws,&#8221; non-assessable, and have no pre-emptive or conversion rights or rights to cumulative voting, and have no right to cause the Fund to redeem </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their shares. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preference with respect to any outstanding preferred shares of beneficial interest, and upon receipt of such releases, indemnities and refunding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#8217;s Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><ix:nonNumeric name="cef:SecurityVotingRightsTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" id="ixv-19261"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders of each class are entitled to one vote for each share held. Common Shareholders will vote with the holders of any outstanding preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares as a single class on each matter submitted to a vote of holders of Common Shares, except as otherwise provided by the Declaration, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bylaws or applicable law.</div></ix:nonNumeric><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will send unaudited reports at least semiannually and audited financial statements annually to all of its shareholders.</div></div></div></ix:nonNumeric><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Plan of Distribution</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may sell Common Shares to or through underwriters or dealers, directly to one or more purchasers (including existing shareholders in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights offering), through agents, or through a combination of any such methods of sale. The applicable prospectus supplement will identify any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underwriter or agent involved in the offer and sale of the Common Shares, any sales loads, discounts, commissions, fees or other compensation paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to any underwriter, dealer or agent, the offering price, net proceeds and use of proceeds and the terms of any sale.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The distribution of the Common Shares may be effected from time to time in one or more transactions at a fixed price or prices, which may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changed, at prevailing market prices at the time of sale, at prices related to such prevailing market prices, or at negotiated prices. The sale of Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares by the Fund (or the perception that such sales may occur), particularly if sold at a discount to the then-current market price of the Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares, may have an adverse effect on the market price of the Common Shares.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may sell the Common Shares directly to, and solicit offers from, institutional investors or others who may be deemed to be underwriters as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defined in the Securities Act for any resales of the securities. In this case, no underwriters or agents would be involved. The Fund may use electronic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">media, including the Internet, to sell offered securities directly.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">102</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_7"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In connection with the sale of the Common Shares, underwriters or agents may receive compensation from the Fund or from PIMCO or its affiliates in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the form of discounts, concessions or commissions. Underwriters may sell Common Shares to or through dealers, and such dealers may receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may act as agents. Underwriters, dealers and agents that participate in the distribution of the Common Shares may be deemed to be underwriters </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Securities Act, and any discounts and commissions they receive from the Fund and any profit realized by them on the resale of the Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares may be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will be identified and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any such compensation received from the Fund will be described in the applicable prospectus supplement. The maximum amount of compensation to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be received by any Financial Industry Regulatory Authority member or independent broker-dealer will not exceed 8% for the sale of any securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">being registered pursuant to Rule 415 under the Securities Act. The Fund will not pay any compensation to any underwriter or agent in the form of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">warrants, options, consulting or structuring fees or similar arrangements.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If a prospectus supplement so indicates, the Fund may grant the underwriters an option to purchase additional Common Shares at the public offering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price, less the underwriting discounts and commissions, within a certain number of days (often 30 to 45 days) from the date of the prospectus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supplement, to cover any over-allotments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under agreements into which the Fund may enter, underwriters, dealers and agents who participate in the distribution of the Common Shares may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to indemnification by the Fund against certain liabilities, including liabilities under the Securities Act. Underwriters, dealers and agents may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">engage in transactions with the Fund, or perform services for the Fund, in the ordinary course of business.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If so indicated in the applicable prospectus supplement, the Fund will, or will authorize underwriters or other persons acting as its agents to, solicit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offers by certain institutions to purchase Common Shares from the Fund pursuant to contracts providing for payment and delivery on a future date. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Institutions with which such contracts may be made include commercial and savings banks, insurance companies, pension funds, investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies, educational and charitable institutions and others, but in all cases such institutions must be approved by the Fund. The obligation of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser under any such contract will be subject to the condition that the purchase of the Common Shares shall not at the time of delivery be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not have any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">responsibility in respect of the validity or performance of such contracts. Such contracts will be subject only to those conditions set forth in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospectus supplement, and the prospectus supplement will set forth the commission payable for solicitation of such contracts.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent permitted under the 1940 Act and the rules and regulations promulgated thereunder, the underwriters may from time to time act as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokers or dealers and receive fees in connection with the execution of the Fund&#8217;s portfolio transactions after the underwriters have ceased to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underwriters and, subject to certain restrictions, each may act as a broker while it is an underwriter.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A prospectus and accompanying prospectus supplement in electronic form may be made available on the websites maintained by underwriters. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underwriters may agree to allocate a number of securities for sale to their online brokerage account holders. Such allocations of securities for Internet </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions will be made on the same basis as other allocations. In addition, securities may be sold by the underwriters to securities dealers who </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resell securities to online brokerage account holders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In order to comply with the securities laws of certain states, if applicable, Common Shares offered hereby will be sold in such jurisdictions only </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through registered or licensed brokers or dealers.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Information Regarding State Escheatment Laws</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Closed-end fund accounts can be considered abandoned property. States increasingly are looking at inactive closed-end fund accounts as possible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abandoned or unclaimed property. Under certain circumstances, the Fund may be legally obligated to escheat (or transfer) an investor's account to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the appropriate state's unclaimed property administrator. The Fund will not be liable to investors or their representatives for good faith compliance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with state unclaimed or abandoned property (escheatment) laws.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Escheatment laws vary by state, and states have different criteria for defining inactivity and abandoned property. Generally, a closed-end account may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to &#8220;escheatment&#8221; (i.e., considered to be abandoned or unclaimed property) if the account owner has not initiated any activity in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account or contacted the fund for an &#8220;inactivity period&#8221; as specified in applicable state laws. Typically, an investor's last known address of record </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determines the state that has jurisdiction.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The process described above, and the application of state escheatment laws, may vary depending on how shareholders hold their shares in the Fund.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market and Net Asset Value Information</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s Common Shares are listed on the NYSE under the trading or &#8220;ticker&#8221; symbol &#8220;PHK&#8221;. The Fund&#8217;s Common Shares commenced trading on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NYSE in April 2003. The Fund cannot predict whether its Common Shares will trade in the future at a premium or discount to NAV. The conduct of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any offering and the issuance of additional Common Shares pursuant to any offering may have an adverse effect on prices in the secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the Fund&#8217;s Common Shares by increasing the number of shares available, which may put downward pressure on the market price for the Common </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">103&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_8"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares. The NAV of the Fund&#8217;s Common Shares will be reduced immediately following an offering by the sales load, commissions and offering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses paid or reimbursed by the Fund in connection with such offering. The completion of an offering may result in an immediate dilution of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">NAV per Common Share for all existing Common Shareholders.</div></div><ix:nonNumeric name="cef:SharePriceTableTextBlock" contextRef="P04_14_2025To04_14_2025" escape="true" continuedAt="TextSelection_137970664" id="ixv-19421"><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund&#8217;s Common Shares on the NYSE, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share. See &#8220;Net Asset Value&#8221; for information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as to how the Fund&#8217;s NAV is determined.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div></div><div style="line-height:0.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"> </div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:21.25pt">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:368.21pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:49.44pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Common share</div></div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">market price</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(1)</div></div> <div style="clear:right"> </div></div></div></td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:49.84pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Common share</div></div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">net asset value</div></div></div></div></td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.52pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Premium (discount) as</div></div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">a % of net asset value</div></div></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:368.21pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Quarter</div></div></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:24.72pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></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:24.72pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></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:24.92pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></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:24.92pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></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:35.12pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></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:35.4pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></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:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended March 31, 2025</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P01_01_2025To03_31_2025" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970665">4.98</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P01_01_2025To03_31_2025" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970676">4.85</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P01_01_2025To03_31_2025" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37574">4.73</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P01_01_2025To03_31_2025" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37575">4.65</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2025To03_31_2025" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37576">5.52</ix:nonFraction>%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2025To03_31_2025" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37577">2.97</ix:nonFraction>%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended December 31, 2024</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P10_01_2024To12_31_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970666">5.16</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P10_01_2024To12_31_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970677">4.85</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P10_01_2024To12_31_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37580">4.76</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P10_01_2024To12_31_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37581">4.69</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2024To12_31_2024" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37582">8.63</ix:nonFraction>%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2024To12_31_2024" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37583">2.97</ix:nonFraction>%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended September 30, 2024</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P07_01_2024To09_30_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970667">5.00</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P07_01_2024To09_30_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970678">4.76</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P07_01_2024To09_30_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37586">4.75</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P07_01_2024To09_30_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37587">4.55</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2024To09_30_2024" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37588">6.81</ix:nonFraction>%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2024To09_30_2024" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37589">3.46</ix:nonFraction>%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended June 30, 2024</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P04_01_2024To06_30_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970668">5.00</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P04_01_2024To06_30_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970679">4.63</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P04_01_2024To06_30_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37592">4.66</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P04_01_2024To06_30_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37593">4.55</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2024To06_30_2024" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37594">7.53</ix:nonFraction>%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2024To06_30_2024" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37595">1.54</ix:nonFraction>%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended March 31, 2024</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P01_01_2024To03_31_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970669">5.01</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P01_01_2024To03_31_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970680">4.79</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P01_01_2024To03_31_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37598">4.68</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P01_01_2024To03_31_2024" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37599">4.58</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2024To03_31_2024" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37600">8.24</ix:nonFraction>%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2024To03_31_2024" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37601">4.59</ix:nonFraction>%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended December 31, 2023</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P10_01_2023To12_31_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970670">4.99</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P10_01_2023To12_31_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970681">4.16</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P10_01_2023To12_31_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37604">4.65</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P10_01_2023To12_31_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37605">4.26</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2023To12_31_2023" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37606">7.54</ix:nonFraction>%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2023To12_31_2023" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal" id="ixv-37607">2.35</ix:nonFraction>)%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended September 30, 2023</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P07_01_2023To09_30_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970671">5.13</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P07_01_2023To09_30_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970682">4.42</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P07_01_2023To09_30_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37610">4.52</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P07_01_2023To09_30_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37611">4.38</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2023To09_30_2023" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37612">14.51</ix:nonFraction>%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2023To09_30_2023" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37613">0.91</ix:nonFraction>%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended June 30, 2023</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P04_01_2023To06_30_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970672">5.00</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P04_01_2023To06_30_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970683">4.64</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P04_01_2023To06_30_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37616">4.59</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P04_01_2023To06_30_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37617">4.49</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2023To06_30_2023" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37618">10.38</ix:nonFraction>%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2023To06_30_2023" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37619">3.11</ix:nonFraction>%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended March 31, 2023</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P01_01_2023To03_31_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970673">5.35</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P01_01_2023To03_31_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970684">4.71</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P01_01_2023To03_31_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37622">4.81</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P01_01_2023To03_31_2023" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37623">4.54</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2023To03_31_2023" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37624">12.53</ix:nonFraction>%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2023To03_31_2023" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37625">1.94</ix:nonFraction>%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended December 31, 2022</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P10_01_2022To12_31_2022" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970674">5.05</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P10_01_2022To12_31_2022" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970685">4.58</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P10_01_2022To12_31_2022" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37628">4.71</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P10_01_2022To12_31_2022" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37629">4.55</ix:nonFraction></div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2022To12_31_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37630">7.91</ix:nonFraction>%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2022To12_31_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37631">0.44</ix:nonFraction>%</div></div></div></td></tr>
<tr style="height:8.5pt">
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended September 30, 2022</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P07_01_2022To09_30_2022" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970675">5.37</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P07_01_2022To09_30_2022" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="Fact_137970686">4.64</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P07_01_2022To09_30_2022" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37634">4.96</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P07_01_2022To09_30_2022" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37635">4.63</ix:nonFraction></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2022To09_30_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37636">9.40</ix:nonFraction>%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"></div>(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2022To09_30_2022" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal" id="ixv-37637">0.22</ix:nonFraction>)%</div></div></div></td></tr></table></div></ix:nonNumeric><div><div style="clear:both;margin-top:4pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:2.88pt"><ix:continuation id="TextSelection_137970664" continuedAt="TextSelectionAppend_137970664_1"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">1</div></ix:continuation></div><div style="float:left;line-height:10.0pt;margin-left:7.12pt;text-align:left;width:523.00pt"><ix:continuation id="TextSelectionAppend_137970664_1" continuedAt="TextSelectionAppend_137970664_2"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.</div></ix:continuation></div></div><ix:continuation id="TextSelectionAppend_137970664_2" continuedAt="TextSelectionAppend_137970664_3"><div style="clear: both; position: relative; max-height: 0px;"> </div></ix:continuation></div><ix:continuation id="TextSelectionAppend_137970664_3"><div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s NAV per Common Share at the close of business on March 31, 2025 was $<ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="PAsOn03_31_2025" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37638">4.65</ix:nonFraction> and the last reported sale price of a Common Share on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NYSE on that day was $<ix:nonFraction name="us-gaap:SharePrice" contextRef="PAsOn03_31_2025" unitRef="Unit_USD_per_Share" decimals="2" scale="0" format="ixt:num-dot-decimal" id="ixv-37639">4.89</ix:nonFraction>, representing a <ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="P03_31_2025To03_31_2025" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal" id="ixv-37640">5.16</ix:nonFraction>% premium to such NAV.</div></div></div></ix:continuation><div style="line-height:14.0pt;margin-top:10.0pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Anti-Takeover and Other Provisions in the Agreement and Declaration of Trust and Bylaws</div></div></div></div><div style="line-height:12.0pt;margin-top:2.0pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Declaration and the Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to open-end status. The Fund&#8217;s Trustees are divided into three classes. At each annual meeting of shareholders, the term of one class will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expire and each Trustee elected to that class will hold office until the third annual meeting thereafter. The classification of the Board of Trustees in this </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner could delay for an additional year the replacement of a majority of the Board of Trustees. In addition, the Declaration provides that a Trustee </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be removed only for cause and only (i) by action of at least seventy-five percent (75%) of the outstanding shares of the classes or series of shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to vote for the election of such Trustee, or (ii) by written instrument, signed by at least seventy-five percent (75%) of the remaining Trustees, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specifying the date when such removal shall become effective. Cause for these purposes shall require willful misconduct, dishonesty or fraud on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">part of the Trustee in the conduct of his or her office or such Trustee being convicted of a felony.</div></div></div><div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As described below, the Declaration grants special approval rights with respect to certain matters to members of the Board who qualify as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Continuing Trustees,&#8221; which term means a Trustee who either (i) has been a member of the Board of Trustees for a period of at least </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thirty-six months (or since the commencement of the Trust&#8217;s operations, if less than thirty-six months) or (ii) was nominated to serve as a member of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Board, or designated as a Continuing Trustee, by a majority of the Continuing Trustees then members of the Board.</div></div></div><div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Declaration requires the affirmative vote or consent of at least seventy-five percent (75%) of the Board and holders of at least seventy-five </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">percent (75%) of the Fund&#8217;s shares to authorize certain Fund transactions not in the ordinary course of business, including a merger or consolidation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or share exchange, any shareholder proposal as to specific investment decisions made or to be made with respect to the assets of the Fund, a sale, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lease, exchange, mortgage, pledge, transfer or other disposition by the Fund or any series or class of shares (in one or a series of transactions in any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">twelve-month period) to or with any person of any assets of the Fund or such series or class having an aggregate fair market value of $1,000,000 or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more, except for transactions in securities effected by the Fund or a series or class in the ordinary course of business, or issuance or transfer by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund of the Fund&#8217;s shares having an aggregate fair market value of $1,000,000 or more (except as may be made pursuant to a public offering, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Plan or upon exercise of any stock subscription rights), unless the transaction is authorized by both a majority of the Trustees and seventy-five percent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(75%) of the Continuing Trustees (in which case no shareholder authorization would be required by the Declaration, but may be required in certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cases under the 1940 Act). The Declaration also requires the affirmative vote or consent of holders of at least seventy-five percent (75%) of each class </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 open-end investment company, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unless the conversion is authorized by both a majority of the Trustees and seventy-five percent (75%) of the Continuing Trustees (in which case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders would have only the minimum voting rights required by the 1940 Act with respect to the conversion). Also, the Declaration provides that </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">104</div></div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_9"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may be terminated at any time by vote or consent of at least seventy-five percent (75%) of the Fund&#8217;s shares or, alternatively, by vote or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consent of both a majority of the Trustees and seventy-five percent (75%) of the Continuing Trustees. See &#8220;Anti-Takeover and Other Provisions in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration of Trust and Bylaws&#8221; in the Statement of Additional Information for a more detailed summary of these provisions.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Board may from time to time grant other voting rights to shareholders with respect to these and other matters in the Bylaws, certain of which are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required by the 1940 Act.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Forum for Adjudication of Disputes.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Bylaws provide that unless the Fund consents in writing to the selection of an alternative forum, the sole and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exclusive forum for (i) any action or proceeding brought on behalf of the Fund or one or more of the shareholders, (ii) any action asserting a claim of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breach of a fiduciary duty owed by any Trustee, officer, other employee of the Fund, or the Fund's investment adviser to the Fund or the Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders, (iii) any action asserting a breach of contract by the Fund, by any Trustee, officer or other employee of the Fund, or by the Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment adviser, (iv) any action asserting a claim arising pursuant to any provision of the Massachusetts Business Corporation Act, Chapter 182 of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Massachusetts General Laws or the Declaration or the Bylaws, (v) any action to interpret, apply, enforce or determine the validity of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration or the Bylaws or any agreement contemplated by any provision of the 1940 Act, the Declaration or the Bylaws, or (vi) any action asserting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a claim governed by the internal affairs doctrine shall be within the federal or state courts in the Commonwealth of Massachusetts. This forum </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">selection provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Trustees, officers or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other agents of the Fund and its service providers, which may discourage such lawsuits with respect to such claims and increase the costs for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder to pursue such claims. If a court were to find the forum selection provision contained in the Bylaws to be inapplicable or unenforceable in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions. This forum selection provision shall not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">apply to claims made under federal securities laws. See the Statement of Additional Information under &#8220;Anti-Takeover and Other Provisions in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration of Trust and Bylaws - Forum for Adjudication of Disputes&#8221; for additional information.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The overall effect of these provisions is to render more difficult the accomplishment of a merger or the assumption of control of the Fund by a third </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">party. These provisions also provide, however, the advantage of potentially requiring persons seeking control of the Fund to negotiate with its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management regarding the price to be paid and facilitating the continuity of the Fund&#8217;s investment objectives and policies. The provisions of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration and Bylaws described above could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a premium over the then-current market price of the Common Shares by discouraging a third party from seeking to obtain control of the Fund in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tender offer or similar transaction. The Board has considered the foregoing anti-takeover provisions and concluded that they are in the best interests </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund and its shareholders, including Common Shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The foregoing is intended only as a summary and is qualified in its entirety by reference to the full text of the Declaration and the Bylaws, both of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which are on file with the SEC.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Shareholder Liability</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under Massachusetts law, shareholders could, in certain circumstances, be held personally liable for the obligations of the Fund. However, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration contains an express disclaimer of shareholder liability for acts or obligations of the Fund and requires that notice of such limited liability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be given in each agreement, obligation or instrument entered into or executed by the Fund or the Trustees. The Declaration further provides for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indemnification out of the assets and property of the Fund for all loss and expense of any shareholder held personally liable for the obligations of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Fund would be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unable to meet its obligations. The Fund believes that the likelihood of such circumstances is remote.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Derivative and Direct Claims of Shareholders</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A shareholder may not bring or maintain any court action, proceeding or claim on behalf of the Fund or any series or class of shares without first </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall not be excused </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under any circumstances, including claims of alleged interest on the part of the Trustees, unless the plaintiff makes a specific showing that irreparable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nonmonetary injury to the Trust or series or class of shares would otherwise result. The Trustees shall consider such demand within 45 days of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receipt by the Fund. In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the Fund or a series or class of shares, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">submit the matter to a vote of shareholders shall be made by the Trustees in their business judgment and shall be binding upon the shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A shareholder&#160;or group of shareholders may not bring or maintain a direct action or claim for monetary damages against the Fund or the Trustees </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predicated upon an express or implied right of action under the Declaration (excepting rights of action permitted under Section 36(b) of the 1940 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Act), nor shall any single shareholder, who is similarly situated to one or more other shareholders with respect to the alleged injury, have the right to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bring such an action, unless such&#160;group of shareholders or shareholder has obtained authorization from the Trustees to bring the action. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Trustees shall consider such request within 45 days of its receipt by the Fund. In their sole discretion, the Trustees may submit the matter to a vote of </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">105&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_10"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders of the Fund or series or class of shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be made in their business judgment and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shall be binding on all shareholders.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Fund will be deemed to have notice of and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consented to the foregoing provisions. These provisions may limit a shareholder&#8217;s ability to bring a claim against the Trustees, officers or other agents </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund and its service providers, which may discourage such lawsuits with respect to such claims.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These provisions in the Declaration regarding derivative and direct claims of shareholders shall not apply to claims made under federal securities laws.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase of Common Shares; Conversion to Open-End Fund</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is a closed-end investment company and as such its shareholders will not have the right to cause the Fund to redeem their shares. Instead, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Common Shares will trade in the open market at a price that will be a function of factors relating to the Fund such as dividend levels and stability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(which will in turn be affected by Fund expenses, including the cost of reverse repurchase agreements, dollar rolls/buybacks, borrowings and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage used by the Fund, levels of dividend and interest payments by the Fund&#8217;s portfolio holdings, levels of appreciation/depreciation of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio holdings, regulation affecting the timing and character of the Fund&#8217;s distributions and other factors), portfolio credit quality, liquidity, call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection, market supply and demand and similar factors relating to the Fund&#8217;s portfolio holdings. The market price of the Common Shares may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be affected by general market or economic conditions, including market trends affecting securities values generally or values of closed-end fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares more specifically. Shares of a closed-end investment company may frequently trade at prices lower than NAV. The Fund&#8217;s Board of Trustees </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regularly monitors the relationship between the market price and NAV of the Common Shares. If the Common Shares were to trade at a substantial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discount to NAV for an extended period of time, the Board of Trustees may consider the repurchase of its Common Shares on the open market or in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private transactions, the making of a tender offer for such shares or the conversion of the Fund to an open-end investment company. The Fund cannot </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assure you that its Board of Trustees will decide to take or propose any of these actions, or that share repurchases or tender offers will actually reduce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any market discount. See &#8220;Tax Matters&#8221; for a discussion of the tax implications of a tender offer by the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Fund were to convert to an open-end company, the Common Shares likely would no longer be listed on the NYSE. In contrast to a closed-end </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment company, shareholders of an open-end investment company may require the company to redeem their shares at any time (except in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain circumstances as authorized by or under the 1940 Act) at their NAV, less any redemption charge that is in effect at the time of redemption.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Before deciding whether to take any action to convert the Fund to an open-end investment company, the Board of Trustees would consider all </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relevant factors, including the extent and duration of the discount, the liquidity of the Fund&#8217;s portfolio, the impact of any action that might be taken </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the Fund or its shareholders, and market considerations. Based on these considerations, even if the Common Shares should trade at a discount, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Board of Trustees may determine that, in the interest of the Fund and its shareholders, no action should be taken. See the Statement of Additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Information under &#8220;Repurchase of Common Shares; Conversion to Open-End Fund&#8221; for a further discussion of possible action to reduce or eliminate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any such discount to NAV.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Tax Matters</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This section summarizes some of the U.S. federal income tax consequences to U.S. persons of investing in the Fund; the consequences under other tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws and to non-U.S. shareholders may differ.&#160;This summary is based on the Code, U.S. Treasury regulations, and other applicable authority, all as of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the date of this prospectus. &#160;Shareholders should consult their tax advisors as to the possible application of federal, state, local or non-U.S. income tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws. Please see the Statement of Additional Information for additional information regarding the tax aspects of investing in the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Taxation of the Fund</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has elected to be treated, and intends each year to qualify and be eligible to be treated, as a RIC under Subchapter M of the Code. A RIC is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not subject to U.S. federal income tax at the corporate level on income and gains from investments that are distributed in a timely manner to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders in the form of dividends. The Fund&#8217;s failure to qualify as a RIC would result in corporate-level taxation, thereby reducing the return on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">your investment.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As described under &#8220;Use of Leverage&#8221; above, if at any time when preferred shares or other senior securities are outstanding the Fund does not meet </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable asset coverage requirements, it will be required to suspend distributions to Common Shareholders until the requisite asset coverage is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restored. Any such suspension may cause the Fund to pay a U.S. federal income and excise tax on undistributed income or gains and may, in certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances, prevent the Fund from qualifying for treatment as a RIC. The Fund may repurchase or otherwise retire preferred shares&#160;or other senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, as applicable, in an effort to comply with the distribution requirement applicable to RICs.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">106</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_11"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distributions</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund intends to make monthly distributions of net investment income. A shareholder subject to U.S. federal income tax will generally be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax on Fund distributions. For U.S. federal income tax purposes, Fund distributions will generally be taxable to a shareholder as either ordinary income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or capital gains. Fund dividends consisting of distributions of investment income generally are taxable to shareholders as ordinary income. A RIC may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">report certain dividends as derived from &#8220;qualified dividend income,&#8221; which, when received by a noncorporate shareholder, will be taxed at the rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to net capital gain, provided holding period and other requirements are met at both the shareholder and fund levels. The Fund does not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expect a significant portion of distributions to be derived from qualified dividend income. Federal taxes on Fund distributions of capital gains are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined by how long the Fund owned or is deemed to have owned the investments that generated the capital gains, rather than how long a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder has owned its shares of the Fund. Distributions of net capital gains (that is, the excess of net long-term capital gains over net short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital losses, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;Capital Gain Dividends&#8221;) generally will be treated as long-term capital gains includible in a shareholder&#8217;s net capital gains and taxed to individuals </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at reduced rates. The Fund does not expect a significant portion of its distributions to be treated as long-term capital gains. Distributions of net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short-term capital gains in excess of net long-term capital losses generally will be taxable to shareholders as ordinary income.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 1411 of the Code generally imposes a 3.8% Medicare contribution tax on the &#8220;net investment income&#8221; of certain individuals, trusts and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">estates to the extent their modified adjusted gross income exceeds certain threshold amounts. Net investment income generally includes for this </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purpose dividends paid by the Fund, including any capital gain dividends and including any net capital gains recognized on the sale, redemption or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange of shares of the Fund. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their investment in the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Distributions by the Fund to its shareholders that the Fund properly reports as &#8220;section 199A dividends,&#8221; as defined and subject to certain conditions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described in the Statement of Additional Information, are treated as qualified REIT dividends in the hands of non-corporate shareholders, for which a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deduction may be available. See &#8220;Fund Distributions&#8221; in the Statement of Additional Information for further details.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The ultimate tax characterization of the Fund&#8217;s distributions made in a taxable year cannot be determined finally until after the end of that taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">year. As a result, there is a possibility that the Fund may make total distributions during a taxable year in an amount that exceeds the Fund&#8217;s current </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and accumulated earnings and profits. In that case, the excess generally would be treated as return of capital and would reduce the shareholders&#8217; tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">basis in the applicable shares, with any amounts exceeding such basis treated as gain from the sale of such shares. A return of capital is not taxable, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but it reduces a shareholder&#8217;s tax basis in the shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder of the shares.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund distributions are taxable to shareholders as described above even if they are paid from income or gains earned by the Fund before a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder&#8217;s investment (and thus were included in the price the shareholder paid).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A shareholder whose distributions are reinvested in Common Shares of the Fund under the Plan will be treated as having received a dividend equal to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">either (i) if newly issued Common Shares are issued under the Plan, generally the fair market value of the newly issued Common Shares issued to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholder or (ii) if reinvestment is made through open-market purchases under the Plan, the amount of cash allocated to the Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholder for the purchase of Common Shares on its behalf in the open market. See &#8220;Dividend Reinvestment Plan&#8221; above.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The IRS currently requires a RIC that the IRS recognizes as having two or more &#8220;classes&#8221; of stock for U.S. federal income tax purposes to allocate to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends distributed to each class for the tax year. Accordingly, as and when applicable, the Fund intends each tax year to allocate capital gain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends between and among its Common Shares and each series of its preferred shares in proportion to the total dividends paid to each class with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to such tax year. Dividends qualifying and not qualifying for the dividends received deduction or as qualified dividend income will similarly be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocated between and among Common Shares and each series of preferred shares, as and when issued.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Taxes When You Dispose of Your Shares</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any gain resulting from the sale or other disposition of Fund shares that is treated as a sale or exchange for U.S. federal income tax purposes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally will be taxable to shareholders as capital gains for U.S. federal income tax purposes.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the event that the Fund repurchases a shareholder's Common Shares (as described above), shareholders who offer, and are able to sell all of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares they hold or are deemed to hold in response to such repurchase offer generally will be treated as having sold their shares and generally will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recognize a capital gain or loss. In the case of shareholders who tender or are able to sell fewer than all of their shares, it is possible that any amounts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the shareholder receives in such repurchase will be taxable as a dividend to such shareholder. Shares actually owned, as well as shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">constructively owned under Section 318 of the Code, will generally be taken into account for purposes of the foregoing rules. In addition, there is a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that shareholders who do not tender any of their shares for repurchase, or whose percentage interest in the Fund otherwise increases as a result </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the tender offer, will be treated for U.S. federal income tax purposes as having received a taxable dividend distribution as a result of their </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">107&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_12"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proportionate increase in the ownership of the Fund. The Fund&#8217;s use of cash to repurchase shares could adversely affect its ability to satisfy the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution requirements for treatment as a regulated investment company. The Fund could also recognize income in connection with its liquidation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of portfolio securities to fund share repurchases. Any such income would be taken into account in determining whether such distribution requirements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are satisfied.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Fund liquidates, shareholders generally will realize capital gain or loss upon such liquidation in an amount equal to the difference between the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of cash or other property received by the shareholder (including any property deemed received by reason of its being placed in a liquidating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trust) and the shareholder&#8217;s adjusted tax basis in its Common Shares. Any such gain or loss will be long-term if the shareholder is treated as having a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holding period in Fund shares of greater than one year, and otherwise will be short-term.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Foreign (Non-U.S.) Taxes</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will reduce the return on those investments. If, at the close of its taxable year, more than 50% of the value of the Fund&#8217;s total assets consists of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of foreign corporations including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would allow shareholders to claim a deduction or credit on their income returns for their pro rata portions of qualified foreign taxes paid by the Fund. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Fund does not qualify for or chooses not to make such an election, shareholders generally will not be entitled separately to claim a credit or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s taxable income. Even if the Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction. In addition, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments in non-U.S. securities (other than equity securities) or foreign currencies may increase or accelerate the Fund&#8217;s recognition of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ordinary income and may affect the timing or amount of the Fund&#8217;s distributions.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Certain Fund Investments</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s transactions in foreign currencies, foreign-currency denominated debt obligations, derivatives, short sales, or similar or related transactions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could affect the amount, timing, or character of distributions from the Fund, and could increase the amount and accelerate the timing for payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxes payable by shareholders. The Fund&#8217;s investments in certain debt instruments could cause the Fund to recognize taxable income in excess of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash generated by such investments (which may require the Fund to sell other investments in order to make required distributions, including when it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is not advantageous to do so). The Fund does not expect to qualify to pass through tax-exempt dividends to shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Backup Withholding</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is generally required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds, if any, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">paid to any shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest income, or who fails to certify to the Fund that he, she or it is not subject to such withholding. The backup withholding rules may also apply to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions that are properly reported as exempt-interest dividends.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Shares Purchased Through Tax-Advantaged Plans</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Special tax rules apply to investments through defined contribution plans and other tax-advantaged plans. Common Shareholders should consult </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their tax advisors to determine the suitability of the Fund&#8217;s Common Shares as an investment through such plans and the precise effect of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment on their particular tax situation.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">General</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The foregoing discussion relates solely to U.S. federal income tax laws. Dividends and distributions also may be subject to state and local taxes. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders are urged to consult their tax advisors regarding specific questions as to federal, state, local, and, where applicable, foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxes. Foreign investors should consult their tax advisors concerning the tax consequences of ownership of Common Shares of the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The foregoing is a general and abbreviated summary of the applicable provisions of the Code and related regulations currently in effect. For the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">complete provisions, reference should be made to the pertinent Code sections and regulations. The Code and regulations are subject to change by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">legislative or administrative actions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Please see &#8220;Taxation&#8221; in the Statement of Additional Information for additional information regarding the tax aspects of investing in Common Shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;</div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">108</div></div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_a6886085-1c89-487e-8f4d-92ab79826acb_13"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;min-height:642pt"><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Custodian and Transfer Agent</div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The custodian of the assets of the Fund is State Street Bank and Trust Company, 801 Pennsylvania Avenue, Kansas City, Missouri 64105. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodian performs custodial and fund accounting services as well as sub-administrative services on behalf of the Fund. State Street Bank and Trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Company will also serve as a custodian of certain assets held by the Fund&#8217;s Subsidiaries, as applicable.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Equiniti Trust Company, LLC, 48 Wall Street, Floor 23, New York, New York 10005, serves as the Fund&#8217;s transfer agent, registrar, dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disbursement agent and shareholder servicing agent, as well as agent for the Plan.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Independent Registered Public Accounting Firm</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), serves as independent registered public accounting firm for the Fund. PwC provides audit services, tax and </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">other audit related services to the Fund.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Legal Matters</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain legal matters will be passed on for the Fund by Ropes &amp; Gray LLP, 800 Boylston Street, Boston, Massachusetts &#160;02199.</div></div></div><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Incorporation by Reference</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As noted above, this prospectus is part of a registration statement filed with the SEC. The Fund is permitted to &#8220;incorporate by reference&#8221; the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information filed with the SEC, which means that the Fund can disclose important information to you by referring you to those documents.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, all documents subsequently filed by the Fund pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amended (the &#8220;Exchange Act&#8221;), (excluding any information furnished rather than filed) prior to the termination of the offering shall be deemed to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incorporated by reference into the prospectus and the Statement of Additional Information. The information incorporated by reference is an important </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">part of this prospectus. Any statement in a document incorporated by reference into this prospectus will be deemed to be automatically modified or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">superseded to the extent a statement contained in (1) this prospectus or (2) any other subsequently filed document that is incorporated by reference </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into this prospectus modifies or supersedes such statement. The documents incorporated by reference herein include:</div></div></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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:511.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s Statement of Additional Information, dated April 14, 2025, filed with this Prospectus;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:511.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s </div><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001219360/000119312525047431/d858377dncsrs.htm"><span style="font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Semiannual Report on Form N-CSR</span></a><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, filed on March 6, 2025;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:511.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s </div><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001219360/000119312524223751/d823144dncsra.htm"><span style="font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Annual Report on Form N-CSR</span></a><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, filed on September 23, 2024; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:511.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s </div><a href="https://www.sec.gov/Archives/edgar/data/1219360/000092701603001300/d8a12b.txt"><span style="font-family: &quot;Arial Narrow&quot;; font-size: 10pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Description of Common Shares on Form 8-A</span></a><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, filed on March 24, 2003</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You may obtain copies of any information incorporated by reference into this prospectus, at no charge, by calling toll-free (844)-337-4626 or by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">writing to the Fund at c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. The Fund&#8217;s periodic reports </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">filed pursuant to Section 30(b)(2) of the 1940 Act and Sections 13 and 15(d) of the Exchange Act, as well as this prospectus and the Statement of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additional Information, are available on the Fund&#8217;s website http://www.pimco.com/prospectuses. In addition, the SEC maintains a website at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">www.sec.gov, free of charge, that contains these reports, the Fund&#8217;s proxy and information statements, and other information relating to the Fund.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">109&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_1"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Appendix A</div></div></div><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Description of Securities Ratings</div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments may range in quality from securities rated in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lowest category in which the Fund is permitted to invest to securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rated in the highest category (as rated by Moody&#8217;s, Standard &amp; Poor&#8217;s or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fitch, or, if unrated, determined by PIMCO to be of comparable quality) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to securities so rated. The percentage of the Fund&#8217;s assets invested in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities in a particular rating category will vary. The following terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are generally used to describe the credit quality of fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities:</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">High Quality Debt Securities</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">&#8201;</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are those rated in one of the two highest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating categories (the highest category for commercial paper) or, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unrated, deemed comparable by PIMCO.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Investment Grade Debt Securities</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">&#8201;</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are those rated in one of the four </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">highest rating categories, or, if unrated, deemed comparable by PIMCO.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Below Investment Grade High Yield Securities (&#8220;Junk Bonds&#8221;),</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">&#8201;</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those rated lower than Baa by Moody&#8217;s, BBB by Standard &amp; Poor&#8217;s or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fitch, and comparable securities. They are deemed predominantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative with respect to the issuer&#8217;s ability to repay principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a description of Moody&#8217;s, Standard &amp; Poor&#8217;s and Fitch&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating categories applicable to fixed income securities.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Moody&#8217;s Ratings</div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Global Long-Term Rating Scale</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ratings assigned on Moody&#8217;s global long-term rating scales are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward-looking opinions of the relative credit risks of financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations issued by non-financial corporates, financial institutions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured finance vehicles, project finance vehicles, and public sector </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities. Long-term ratings are assigned to issuers or obligations with an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">original maturity of eleven months or more and reflect both on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">likelihood of a default or impairment on contractual financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations and the expected financial loss suffered in the event of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default or impairment.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Aaa: Obligations rated Aaa are judged to be of the highest quality, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to the lowest level of credit risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Aa: Obligations rated Aa are judged to be of high quality and are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to very low credit risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A: Obligations rated A are judged to be upper-medium grade and are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to low credit risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Baa: Obligations rated Baa are judged to be medium-grade and subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to moderate credit risk and as such may possess certain speculative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ba: Obligations rated Ba are judged to be speculative and are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantial credit risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">B: Obligations rated B are considered speculative and are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high credit risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Caa: Obligations rated Caa are judged to be speculative of poor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">standing and are subject to very high credit risk.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ca: Obligations rated Ca are highly speculative and are likely in, or very </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">near, default, with some prospect of recovery of principal and interest.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">C: Obligations rated C are the lowest rated and are typically in default, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with little prospect for recovery of principal or interest.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">classification from Aa through Caa. The modifier 1 indicates that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation ranks in the higher end of its generic rating category; the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ranking in the lower end of that generic rating category. Additionally, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;(hyb)&#8221; indicator is appended to all ratings of hybrid securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">banks, insurers, finance companies, and securities firms.*</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">* By their terms, hybrid securities allow for the omission of scheduled </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">dividends, interest, or principal payments, which can potentially result in </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">impairment if such an omission occurs. Hybrid securities may also be </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">subject to contractually allowable write-downs of principal that could </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">result in impairment. Together with the hybrid indicator, the long-term </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">obligation rating assigned to a hybrid security is an expression of the </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">relative credit risk associated with that security.</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Medium-Term Note Program Ratings</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s assigns provisional ratings to medium-term note (MTN) or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar programs and definitive ratings to the individual debt securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued from them (referred to as drawdowns or notes).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">MTN program ratings are intended to reflect the ratings likely to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assigned to drawdowns issued from the program with the specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">priority of claim (</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">e.g.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, senior or subordinated). To capture the contingent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nature of a program rating, Moody&#8217;s assigns provisional ratings to MTN </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">programs. A provisional rating is denoted by a (P) in front of the rating.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The rating assigned to a drawdown from a rated MTN or bank/deposit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">note program is definitive in nature, and may differ from the program </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating if the drawdown is exposed to additional credit risks besides the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s default, such as links to the defaults of other issuers, or has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other structural features that warrant a different rating. In some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances, no rating may be assigned to a drawdown.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s encourages market participants to contact Moody&#8217;s Ratings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Desks or visit www.moodys.com directly if they have questions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regarding ratings for specific notes issued under a medium-term note </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">program. Unrated notes issued under an MTN program may be assigned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an NR (not rated) symbol.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Global Short-Term Rating Scale</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ratings assigned on Moody&#8217;s global short-term rating scales are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward-looking opinions of the relative credit risks of financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations issued by non-financial corporates, financial institutions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured finance vehicles, project finance vehicles, and public sector </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities. Short-term ratings are assigned to obligations with an original </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity of thirteen months or less and reflect both on the likelihood of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a default or impairment on contractual financial obligations and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected financial loss suffered in the event of default or impairment.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s employs the following designations to indicate the relative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repayment ability of rated issuers:</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;A-1</div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_2"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">P-1: Ratings of Prime-1 reflect a superior ability to repay short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">P-2: Ratings of Prime-2 reflect a strong ability to repay short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">P-3: Ratings of Prime-3 reflect an acceptable ability to repay short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">NP: Issuers (or supporting institutions) rated Not Prime do not fall within </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any of the Prime rating categories.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">National Scale Long-Term Ratings</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s long-term National Scale Ratings (NSRs) are opinions of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative creditworthiness of issuers and financial obligations within a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular country. NSRs are not designed to be compared among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries; rather, they address relative credit risk within a given country. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s assigns national scale ratings in certain local capital markets in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which investors have found the global rating scale provides inadequate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differentiation among credits or is inconsistent with a rating scale </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">already in common use in the country.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In each specific country, the last two characters of the rating indicate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the country in which the issuer is located or the financial obligation was </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued (</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">e.g.,</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Aaa.ke for Kenya).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Aaa.n: Issuers or issues rated Aaa.n demonstrate the strongest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness relative to other domestic issuers and issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Aa.n: Issuers or issues rated Aa.n demonstrate very strong </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness relative to other domestic issuers and issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A.n: Issuers or issues rated A.n present above-average creditworthiness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative to other domestic issuers and issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Baa.n: Issuers or issues rated Baa.n represent average creditworthiness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative to other domestic issuers and issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ba.n: Issuers or issues rated Ba.n demonstrate below-average </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness relative to other domestic issuers and issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">B.n: Issuers or issues rated B.n demonstrate weak creditworthiness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative to other domestic issuers and issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Caa.n: Issuers or issues rated Caa.n demonstrate very weak </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness relative to other domestic issuers and issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ca.n: Issuers or issues rated Ca.n demonstrate extremely weak </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness relative to other domestic issuers and issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">C.n: Issuers or issues rated C.n demonstrate the weakest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness relative to other domestic issuers and issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">classification from Aa through Caa. The modifier 1 indicates that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation ranks in the higher end of its generic rating category; the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ranking in the lower end of that generic rating category.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">National Scale Short-Term Ratings</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moody&#8217;s short-term NSRs are opinions of the ability of issuers or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuances in a given country, relative to other domestic issuers or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuances, to repay debt obligations that have an original maturity not </div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceeding thirteen months. Short-term NSRs in one country should not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be compared with short-term NSRs in another country, or with Moody&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">global ratings. There are four categories of short-term national scale </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ratings, generically denoted N-1 through N-4 as defined below.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In each specific country, the first two letters indicate the country in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the issuer is located (</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">e.g.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, KE-1 through KE-4 for Kenya).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">N-1: N-1 issuers or issuances represent the strongest likelihood of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repayment of short-term debt obligations relative to other domestic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers or issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">N-2: N-2 issuers or issuances represent an above average likelihood of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repayment of short-term debt obligations relative to other domestic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers or issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">N-3: N-3 issuers or issuances represent an average likelihood of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repayment of short-term debt obligations relative to other domestic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers or issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">N-4: N-4 issuers or issuances represent a below average likelihood of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repayment of short-term debt obligations relative to other domestic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers or issuances.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The short-term rating symbols P-1.za, P-2.za, P-3.za and NP.za are used </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in South Africa.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Obligation Ratings</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Municipal Investment Grade (MIG) scale is used for U.S. municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flow notes, bond anticipation notes and certain other short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, which typically mature in three years or less.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">MIG 1: This designation denotes superior credit quality. Excellent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection is afforded by established cash flows, highly reliable liquidity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">support, or demonstrated broad-based access to the market for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">refinancing.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">MIG 2: This designation denotes strong credit quality. Margins of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection are ample, although not as large as in the preceding group.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">MIG 3: This designation denotes acceptable credit quality. Liquidity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash-flow protection may be narrow, and market access for refinancing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is likely to be less well-established.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">SG: This designation denotes speculative-grade credit quality. Debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in this category may lack sufficient margins of protection.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Demand Obligation Ratings</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the case of variable rate demand obligations (VRDOs), a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">two-component rating is assigned. The components are a long-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating and a short-term demand obligation rating. The long-term rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addresses the issuer&#8217;s ability to meet scheduled principal and interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments. The short-term payment obligation rating addresses the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability of the issuer or the liquidity provider to meet any purchase price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment obligation resulting from optional tenders (&#8220;on demand&#8221;) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or mandatory tenders of the VRDO. The short-term payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation rating uses the Variable Municipal Investment Grade (VMIG) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scale.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">A-2&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_3"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">VMIG 1: This designation denotes superior credit quality. Excellent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection is afforded by the superior short-term credit strength of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity provider and structural and legal protections.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">VMIG 2: This designation denotes strong credit quality. Good protection </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is afforded by the strong short-term credit strength of the liquidity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provider and structural and legal protections.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">VMIG 3: This designation denotes acceptable credit quality. Adequate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection is afforded by the satisfactory short-term credit strength of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the liquidity provider and structural and legal protections.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">SG: This designation denotes speculative-grade credit quality. Demand </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">features rated in this category may be supported by a liquidity provider </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that does not have a sufficiently strong short-term rating or may lack </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the structural or legal protections.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Standard &amp; Poor&#8217;s Ratings Services</div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Long-Term Issue Credit Ratings</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Issue credit ratings are based, in varying degrees, on S&amp;P Global </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ratings&#8217; (&#8220;S&amp;P&#8221;) analysis of the following considerations:</div></div></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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Likelihood of payment&#8212;capacity and willingness of the obligor to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meet its financial commitments on an obligation in accordance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the terms of the obligation;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Nature and provisions of the financial obligation and the promise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P imputes; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Protection afforded by, and relative position of, the financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation in the event of a bankruptcy, reorganization, or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arrangement under the laws of bankruptcy and other laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affecting creditors&#8217; rights.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Issue ratings are an assessment of default risk, but may incorporate an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of relative seniority or ultimate recovery in the event of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default. Junior obligations are typically rated lower than senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, to reflect lower priority in bankruptcy, as noted above. (Such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differentiation may apply when an entity has both senior and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated obligations, secured and unsecured obligations, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating company and holding company obligations.)</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Grade</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">AAA: An obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The obligor&#8217;s capacity to meet its financial commitments on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation is extremely strong.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">AA: An obligation rated &#8216;AA&#8217; differs from the highest-rated obligations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">only to a small degree. The obligor&#8217;s capacity to meet its financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments on the obligation is very strong.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A: An obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">effects of changes in circumstances and economic conditions than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations in higher-rated categories. However, the obligor&#8217;s capacity to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meet its financial commitments on the obligation is still strong.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">BBB: An obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">However, adverse economic conditions or changing circumstances are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more likely to weaken the obligor&#8217;s capacity to meet its financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments on the obligation.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Speculative Grade</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Obligations rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;, &#8216;CC&#8217;, and &#8216;C&#8217; are regarded as having </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant speculative characteristics. &#8216;BB&#8217; indicates the least degree of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculation and &#8216;C&#8217; the highest. While such obligations will likely have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">some quality and protective characteristics, these may be outweighed by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">large uncertainties or major exposure to adverse conditions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">BB: An obligation rated &#8216;BB&#8217; is less vulnerable to nonpayment than other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative issues. However, it faces major ongoing uncertainties or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure to adverse business, financial, or economic conditions that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could lead to the obligor&#8217;s inadequate capacity to meet its financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments on the obligation.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">B: An obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations rated &#8216;BB&#8217;, but the obligor currently has the capacity to meet </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its financial commitments on the obligation. Adverse business, financial, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or economic conditions will likely impair the obligor&#8217;s capacity or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">willingness to meet its financial commitments on the obligation.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CCC: An obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and is dependent upon favorable business, financial, and economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions for the obligor to meet its financial commitments on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation. In the event of adverse business, financial, or economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions, the obligor is not likely to have the capacity to meet its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial commitments on the obligation.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CC: An obligation rated &#8216;CC&#8217; is currently highly vulnerable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nonpayment. The &#8216;CC&#8217; rating is used when a default has not yet </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occurred, but S&amp;P expects default to be a virtual certainty, regardless of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the anticipated time to default.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">C: An obligation rated &#8216;C&#8217; is currently highly vulnerable to nonpayment, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the obligation is expected to have lower relative seniority or lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ultimate recovery compared with obligations that are rated higher.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">D: An obligation rated &#8216;D&#8217; is in default or in breach of an imputed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">promise. For non-hybrid capital instruments, the &#8216;D&#8217; rating category is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used when payments on an obligation are not made on the date due, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unless S&amp;P believes that such payments will be made within the next </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">five business days in the absence of a stated grace period or within the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earlier of the stated grace period or the next 30 calendar days. The &#8216;D&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating also will be used upon the filing of a bankruptcy petition or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taking of similar action and where default on an obligation is a virtual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certainty, for example due to automatic stay provisions. A rating on an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation is lowered to &#8216;D&#8217; if it is subject to a distressed debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restructuring.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">NR: This indicates that a rating has not been assigned or is no longer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assigned.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Plus (+) or minus (-): The ratings from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the addition of a plus (+) or minus (-) sign to show relative standing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">within the rating categories.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;A-3</div></div><div style="clear: both; max-height: 0px;"> </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></div></div></div> <div><div style="margin-top:0.0pt;width:625pt;"><div><div><a id="xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_4"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Issue Credit Ratings</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A-1: A short-term obligation rated &#8216;A-1&#8217; is rated in the highest category </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by S&amp;P. The obligor&#8217;s capacity to meet its financial commitments on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation is strong. Within this category, certain obligations are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">designated with a plus sign (+). This indicates that the obligor&#8217;s capacity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to meet its financial commitments on these obligations is extremely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strong.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A-2: A short-term obligation rated &#8216;A-2&#8217; is somewhat more susceptible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the adverse effects of changes in circumstances and economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions than obligations in higher rating categories. However, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligor&#8217;s capacity to meet its financial commitments on the obligation is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfactory.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A-3: A short-term obligation rated &#8216;A-3&#8217; exhibits adequate protection </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">parameters. However, adverse economic conditions or changing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances are more likely to weaken an obligor&#8217;s capacity to meet </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its financial commitments on the obligation.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">B: A short-term obligation rated &#8216;B&#8217; is regarded as vulnerable and has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant speculative characteristics. The obligor currently has the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity to meet its financial commitments; however, it faces major </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ongoing uncertainties that could lead to the obligor&#8217;s inadequate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity to meet its financial commitments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">C: A short-term obligation rated &#8216;C&#8217; is currently vulnerable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nonpayment and is dependent upon favorable business, financial, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions for the obligor to meet its financial commitments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the obligation.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">D: A short-term obligation rated &#8216;D&#8217; is in default or in breach of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imputed promise. For non-hybrid capital instruments, the &#8216;D&#8217; rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">category is used when payments on an obligation are not made on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">date due, unless S&amp;P believes that such payments will be made within </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any stated grace period. However, any stated grace period longer than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">five business days will be treated as five business days. The &#8216;D&#8217; rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also will be used upon the filing of a bankruptcy petition or the taking </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a similar action and where default on an obligation is a virtual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certainty, for example due to automatic stay provisions. A rating on an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation is lowered to &#8216;D&#8217; if it is subject to a distressed debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restructuring.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Dual Ratings: Dual ratings may be assigned to debt issues that have a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">put option or demand feature. The first component of the rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addresses the likelihood of repayment of principal and interest as due, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the second component of the rating addresses only the demand </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">feature. The first component of the rating can relate to either a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short-term or long-term transaction and accordingly use either </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short-term or long-term rating symbols. The second component of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating relates to the put option and is assigned a short-term rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">symbol (for example, &#8216;AAA/A-1+&#8216; or &#8216;A-1+/ A-1&#8217;). With U.S. municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short-term demand debt, the U.S. municipal short-term note rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">symbols are used for the first component of the rating (for example, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8216;SP-1+/A-1+&#8216;).</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Active Qualifiers</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P uses the following qualifiers that limit the scope of a rating. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structure of the transaction can require the use of a qualifier such as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8216;p&#8217; qualifier, which indicates the rating addresses the principal portion of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the obligation only. A qualifier appears as a suffix and is part of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">L: Ratings qualified with &#8216;L&#8217; apply only to amounts invested up to federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deposit insurance limits.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">p: This suffix is used for issues in which the credit factors, the terms, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both, that determine the likelihood of receipt of payment of principal are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different from the credit factors, terms or both that determine the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">likelihood of receipt of interest on the obligation. The &#8216;p&#8217; suffix indicates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the rating addresses the principal portion of the obligation only and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the interest is not rated.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prelim: Preliminary ratings, with the &#8216;prelim&#8217; suffix, may be assigned to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligors or obligations, including financial programs, in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances described below. Assignment of a final rating is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditional on the receipt by S&amp;P of appropriate documentation. S&amp;P </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reserves the right not to issue a final rating. Moreover, if a final rating is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued, it may differ from the preliminary rating.</div></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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Preliminary ratings may be assigned to obligations, most </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commonly structured and project finance issues, pending receipt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of final documentation and legal opinions.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Preliminary ratings may be assigned to obligations that will likely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be issued upon the obligor&#8217;s emergence from bankruptcy or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar reorganization, based on late-stage reorganization plans, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">documentation, and discussions with the obligor. Preliminary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ratings may also be assigned to the obligors. These ratings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consider the anticipated general credit quality of the reorganized </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or post-bankruptcy issuer as well as attributes of the anticipated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation(s).</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Preliminary ratings may be assigned to entities that are being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">formed or that are in the process of being independently </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">established when, in S&amp;P&#8217;s opinion, documentation is close to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">final. Preliminary ratings may also be assigned to the obligations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of these entities.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Preliminary ratings may be assigned when a previously unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entity is undergoing a well-formulated restructuring, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recapitalization, significant financing or other transformative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event, generally at the point that investor or lender commitments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are invited. The preliminary rating may be assigned to the entity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and to its proposed obligation(s). These preliminary ratings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consider the anticipated general credit quality of the obligor, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">well as attributes of the anticipated obligation(s), assuming </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successful completion of the transformative event. Should the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transformative event not occur, S&amp;P would likely withdraw these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preliminary ratings.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A preliminary recovery rating may be assigned to an obligation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that has a preliminary issue credit rating.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">A-4&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_5"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">t: This symbol indicates termination structures that are designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">honor their contracts to full maturity or, should certain events occur, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terminate and cash settle all their contracts before their final maturity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">date.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cir: This symbol indicates a Counterparty Instrument Rating (CIR), which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is a forward-looking opinion about the creditworthiness of an issuer in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securitization structure with respect to a specific financial obligation to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a counterparty (including interest rate swaps, currency swaps, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity facilities). The CIR is determined on an ultimate payment basis; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these opinions do not take into account timeliness of payment.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inactive Qualifiers (no longer applied or outstanding)</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">*: This symbol indicated that the rating was contingent upon S&amp;P </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receipt of an executed copy of the escrow agreement or closing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">documentation confirming investments and cash flows. Discontinued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">use in August 1998.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">c: This qualifier was used to provide additional information to investors </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the bank may terminate its obligation to purchase tendered bonds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if the long-term credit rating of the issuer was lowered to below an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment-grade level and/or the issuer&#8217;s bonds were deemed taxable. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Discontinued use in January 2001.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">G: The letter &#8216;G&#8217; followed the rating symbol when a fund&#8217;s portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consisted primarily of direct U.S. government securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">i: This suffix was used for issues in which the credit factors, terms, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both that determine the likelihood of receipt of payment of interest are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different from the credit factors, terms, or both that determine the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">likelihood of receipt of principal on the obligation. The 'i' suffix indicated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the rating addressed the interest portion of the obligation only. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">'i' suffix was always used in conjunction with the 'p' suffix, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addresses likelihood of receipt of principal. For example, a rated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation could have been assigned a rating of 'AAApNRi' indicating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the principal portion was rated 'AAA' and the interest portion of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the obligation was not rated.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pi: This qualifier was used to indicate ratings that were based on an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analysis of an issuer&#8217;s published financial information, as well as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional information in the public domain. Such ratings did not, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">however, reflect in-depth meetings with an issuer&#8217;s management and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">therefore, could have been based on less comprehensive information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than ratings without a &#8216;pi&#8217; suffix. Discontinued use as of December 2014 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and as of August 2015 for Lloyd&#8217;s Syndicate Assessments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pr: The letters &#8216;pr&#8217; indicate that the rating was provisional. A provisional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating assumed the successful completion of a project financed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt being rated and indicates that payment of debt service </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements was largely or entirely dependent upon the successful, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">timely completion of the project. This rating, however, while addressing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit quality subsequent to completion of the project, made no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">comment on the likelihood of or the risk of default upon failure of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">q: A &#8216;q&#8217; subscript indicates that the rating is based solely on quantitative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analysis of publicly available information. Discontinued use in April </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2001.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">r: The &#8216;r&#8217; modifier was assigned to securities containing extraordinary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks, particularly market risks, that are not covered in the credit rating. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The absence of an &#8216;r&#8217; modifier should not be taken as an indication that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an obligation would not exhibit extraordinary noncredit-related risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P discontinued the use of the &#8216;r&#8217; modifier for most obligations in June </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2000 and for the balance of obligations (mainly structured finance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions) in November 2002.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Fitch Ratings</div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Long-Term Credit Ratings</div></div> <br/><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Grade</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rated entities in a number of sectors, including financial and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-financial corporations, sovereigns, insurance companies and certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sectors within public finance, are generally assigned Issuer Default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ratings (&#8220;IDRs&#8221;). IDRs are also assigned to certain entities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enterprises in global infrastructure, project finance, and public finance. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">IDRs opine on an entity&#8217;s relative vulnerability to default (including by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">way of a distressed debt exchange) on financial obligations. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threshold default risk addressed by the IDR is generally that of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial obligations whose non-payment would best reflect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncured failure of that entity. As such, IDRs also address relative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vulnerability to bankruptcy, administrative receivership or similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concepts.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In aggregate, IDRs provide an ordinal ranking of issuers based on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agency&#8217;s view of their relative vulnerability to default, rather than a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prediction of a specific percentage likelihood of default.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">AAA: Highest credit quality. &#8216;AAA&#8217; ratings denote the lowest expectation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of default risk. They are assigned only in cases of exceptionally strong </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity for payment of financial commitments. This capacity is highly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unlikely to be adversely affected by foreseeable events.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">AA: Very high credit quality. &#8216;AA&#8217; ratings denote expectations of very low </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default risk. They indicate very strong capacity for payment of financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments. This capacity is not significantly vulnerable to foreseeable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A: High credit quality. &#8216;A&#8217; ratings denote expectations of low default risk. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The capacity for payment of financial commitments is considered strong. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This capacity may, nevertheless, be more vulnerable to adverse business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or economic conditions than is the case for higher ratings.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">BBB: Good credit quality. &#8216;BBB&#8217; ratings indicate that expectations of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default risk are currently low. The capacity for payment of financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments is considered adequate, but adverse business or economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions are more likely to impair this capacity.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Speculative Grade</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">BB: Speculative. &#8216;BB&#8217; ratings indicate an elevated vulnerability to default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, particularly in the event of adverse changes in business or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions over time; however, business or financial flexibility </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exists that supports the servicing of financial commitments.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;A-5</div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_6"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">B: Highly speculative. &#8216;B&#8217; ratings indicate that material default risk is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">present, but a limited margin of safety remains. Financial commitments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are currently being met; however, capacity for continued payment is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vulnerable to deterioration in the business and economic environment.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CCC: Substantial credit risk. Very low margin for safety. Default is a real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possibility.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CC: Very high levels of credit risk. Default of some kind appears </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">probable.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">C: Near default.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A default or default-like process has begun, or for a closed funding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vehicle, payment capacity is irrevocably impaired. Conditions that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indicative of a &#8216;C&#8217; category rating for an issuer include:</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a. the issuer has entered into a grace or cure period following </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment of a material financial obligation;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">b. the formal announcement by the issuer or their agent of a distressed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt exchange;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">c. a closed financing vehicle where payment capacity is irrevocably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impaired such that it is not expected to pay interest and/or principal in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">full during the life of the transaction, but where no payment default is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imminent.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RD: Restricted default. &#8216;RD&#8217; ratings indicate an issuer that in Fitch&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opinion has experienced an uncured payment default or distressed debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange on a bond, loan or other material financial obligation but has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not entered into bankruptcy filings, administration, receivership, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation or other formal winding-up procedure, and has not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise ceased operating. This would include:</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">i. the selective payment default on a specific class or currency of debt;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ii. the uncured expiry of any applicable original grace period, cure period </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or default forbearance period following a payment default on a bank </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan, capital markets security or other material financial obligation.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">D: Default. &#8216;D&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entered into bankruptcy filings, administration, receivership, liquidation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other formal winding-up procedure or that has otherwise ceased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business and debt is still outstanding. Default ratings are not assigned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospectively to entities or their obligations; within this context, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment on an instrument that contains a deferral feature or grace </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period will generally not be considered a default until after the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expiration of the deferral or grace period, unless a default is otherwise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">driven by bankruptcy or other similar circumstance, or by a distressed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt exchange.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In all cases, the assignment of a default rating reflects the agency&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opinion as to the most appropriate rating category consistent with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rest of its universe of ratings, and may differ from the definition of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default under the terms of an issuer&#8217;s financial obligations or local </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial practice.</div></div></div></div><div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The modifiers &#8220;+&#8221; or &#8220;-&#8221; may be appended to a rating to denote </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative status within major rating categories. For example, the rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">category &#8216;AA&#8217; has three notch-specific rating levels (&#8217;AA+&#8216;; &#8217;AA&#8217;; &#8216;AA-&#8217;; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each a rating level). Such suffixes are not added to &#8216;AAA&#8217; ratings and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ratings below the &#8216;CCC&#8217; category.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Recovery Ratings</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Recovery Ratings are assigned to selected individual securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, most frequently for individual obligations of corporate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">finance issuers with IDRs in speculative grade categories.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Among the factors that affect recovery rates for securities are the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral, the seniority relative to other obligations in the capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structure (where appropriate), and the expected value of the company </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or underlying collateral in distress.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Recovery Rating scale is based on the expected relative recovery </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics of an obligation upon the curing of a default, emergence </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from insolvency or following the liquidation or termination of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligor or its associated collateral.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Recovery Ratings are an ordinal scale and do not attempt to precisely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict a given level of recovery. As a guideline in developing the rating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessments, the agency employs broad theoretical recovery bands in its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ratings approach based on historical averages and analytical judgment, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but actual recoveries for a given security may deviate materially from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">historical averages.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RR1: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Outstanding recovery prospects given default.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> &#8216;RR1&#8217; rated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities have characteristics consistent with securities historically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recovering 91%-100% of current principal and related interest.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RR2: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Superior recovery prospects given default.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> &#8216;RR2&#8217; rated securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have characteristics consistent with securities historically recovering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">71%-90% of current principal and related interest.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RR3: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Good recovery prospects given default.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> &#8216;RR3&#8217; rated securities have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics consistent with securities historically recovering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">51%-70% of current principal and related interest.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RR4: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Average recovery prospects given default.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> &#8216;RR4&#8217; rated securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have characteristics consistent with securities historically recovering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">31%-50% of current principal and related interest.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RR5: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Below average recovery prospects given default.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> &#8216;RR5&#8217; rated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities have characteristics consistent with securities historically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recovering 11%-30% of current principal and related interest.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RR6: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Poor recovery prospects given default.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> &#8216;RR6&#8217; rated securities have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics consistent with securities historically recovering 0%-10% </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of current principal and related interest.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Credit Ratings</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A short-term issuer or obligation rating is based in all cases on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short-term vulnerability to default of the rated entity and relates to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity to meet financial obligations in accordance with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">documentation governing the relevant obligation. Short-term deposit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ratings may be adjusted for loss severity. Short-Term Ratings are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assigned to obligations whose initial maturity is viewed as &#8220;short term&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">based on market convention (a long-term rating can also be used to rate </div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">A-6&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_7"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:right"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">Base Prospectus</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issue with short maturity). Typically, this means a timeframe of up to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13 months for corporate, sovereign, and structured obligations, and up </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to 36 months for obligations in U.S. public finance markets.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">F1: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Highest short-term credit quality.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Indicates the strongest intrinsic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity for timely payment of financial commitments; may have an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">added &#8220;+&#8221; to denote any exceptionally strong credit feature.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">F2: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Good short-term credit quality.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Good intrinsic capacity for timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of financial commitments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">F3: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Fair short-term credit quality.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The intrinsic capacity for timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of financial commitments is adequate.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">B: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Speculative short-term credit quality.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Minimal capacity for timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of financial commitments, plus heightened vulnerability to near </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">term adverse changes in financial and economic conditions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">C: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">High short-term default risk.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Default is a real possibility.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RD: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Restricted default.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Indicates an entity that has defaulted on one or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more of its financial commitments, although it continues to meet other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial obligations. Typically applicable to entity ratings only.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">D: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Default.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Indicates a broad-based default event for an entity, or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default of a short-term obligation.</div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">April 14, 2025 | </div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;">&#8194;&#8194;A-7</div></div><div style="clear: both; max-height: 0px;"> </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 id="xx_840afc6b-d3e1-4a49-aa67-05fc71be4618_8"></a> <div style="page-break-after:always;position:relative"><div style="clear: both; max-height: 0px;"> </div><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:#333333;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; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt"><div style="line-height:19.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Times New Roman&quot;; font-size: 19pt; line-height: 19pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO High Income Fund</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;z-index:-1;min-height:642pt"><div style="text-align: center; background: none;">
<img alt="" src="g902387g2logo.jpg" style="width: 167px; height: 19px;"/><br/><div style="color: rgb(0, 0, 0); float: left; font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 1pt; margin-left: -209pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div></div><div style="line-height:14.0pt;margin-top:12pt;text-align:center"><div style="margin-top:12pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">PIMCO High Income Fund</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:center"><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Common Shares of Beneficial Interest</div></div></div></div><div style="line-height:12.5pt;margin-top:24pt;text-align:center"><hr style="background-color:#00687D;height:0.5pt;margin-bottom:2pt;margin-top:31.0pt;width:82pt"/><hr style="background-color:#00687D;height:0.5pt;margin-bottom:2pt;margin-top:13.0pt;width:82pt"/></div><div style="line-height:12.0pt;margin-top:12pt;text-align:center"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">April 14, 2025</div></div></div></div></div><div style="clear: both; max-height: 0px;"> </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:#333333;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt"/><div style="margin-top:2pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">A-8&#8194;&#8194;Base Prospectus</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; letter-spacing: 0px; top: 0px;display:inline;"> | PIMCO High Income Fund</div></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 id="xx_0aaf425f-fec0-4826-a6b3-5f4a3f2d635e_1"></a> <div style="position:relative; page-break: avoid"><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:24pt;width:538pt;z-index:-1;min-height:40pt"><div style="margin-top: 0pt; text-align: left; background: none;">
<img alt="" src="g902387g2img9d4ddc942.gif" style="width: 160px; height: 19px;"/><br/></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:-40pt;width:538pt;z-index:-1;min-height:40pt"><div style="margin-top: 0pt; text-align: right; background: none;">
<img alt="" src="g902387g2signup.gif" style="width: 180px; height: 48px;"/><br/><div style="color: rgb(0, 0, 0); float: left; font-family: &quot;Arial Narrow&quot;; font-size: 13.03pt; line-height: 1pt; margin-left: -403pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:30pt;margin-top:680pt;width:538pt;min-height:12pt;margin-bottom:24pt"><div style="line-height:14.21pt;margin-top:0.00pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 14.21pt; margin-left: 490pt; letter-spacing: 0px; top: 0px;display:inline;">CEF0023_041425</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></div></div>




<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%;clear:both"/> <div> <div><a id="xx_68b263e5-16e3-4bb8-a5bd-b56ac8c05d60_1"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:66pt;width:480pt;min-height:666pt"> <div style="line-height:14.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold">PIMCO HIGH INCOME FUND</span></div> <div style="line-height:14.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:12pt">Statement of Additional Information</span></div> </div> <div style="line-height:14.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:12pt">April 14, 2025</span></div> </div> <div style="line-height:12.0pt;margin-left:20pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO High Income Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Drive, Newport Beach, California 92660, is the investment manager to the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">prospectus relating thereto dated April 14, 2025 (the &#8220;Prospectus&#8221;) and any related prospectus supplement. This </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">supplement prior to purchasing such shares.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">A copy of the Prospectus and any related prospectus supplement or the annual or semi-annual reports for the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may be obtained without charge by calling (844) 33-PIMCO (844-337-4626). You may also obtain a copy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Prospectus or any related prospectus supplement on the website of the Securities and Exchange Commission (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;SEC&#8221;) at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">http://www.sec.gov</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Capitalized terms used but not defined in this Statement of Additional Information have the meanings ascribed to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">them in the Prospectus and any related prospectus supplement.</span></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 id="xx_489cacbb-ab8c-4f44-8e83-9223e7c42be2_sai-toc-lvl1_1"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:66pt;width:480pt;min-height:636pt"> <div style="line-height:10.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">Table of Contents</span> <br/><span style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold">&#8195;</span></div> <div style="margin-top:0.0pt">
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<td style="vertical-align:Bottom;width:461.45pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:3pt;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_1">THE FUND</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">1</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_1">INVESTMENT OBJECTIVES AND POLICIES</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">1</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_78">INVESTMENT RESTRICTIONS</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">78</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_81">Management of the Fund</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">81</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_98">Investment Manager</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">98</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_109">PORTFOLIO TRANSACTIONS AND BROKERAGE</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">109</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_112">DISTRIBUTIONS</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">112</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_112">DESCRIPTION OF SHARES</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">112</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_112">ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION OF TRUST AND BYLAWS</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">112</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_115">REPURCHASE OF COMMON SHARES;&#160;CONVERSION TO OPEN-END FUND</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">115</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_116">TAXATION</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">116</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_130">PERFORMANCE RELATED AND COMPARATIVE INFORMATION</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">130</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_130">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSEMENT AGENT</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">130</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_131">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">131</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_131">COUNSEL</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">131</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_131">REGISTRATION STATEMENT</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">131</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_131">FINANCIAL STATEMENTS</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">131</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_c83ed507-9226-4266-ab2f-074925d99011_132">INCORPORATION BY REFERENCE</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">132</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt"> </span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_cd1b42bf-edea-470e-9378-36f2b70f3fb0_1">Appendix</a></span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase"><a href="#xx_cd1b42bf-edea-470e-9378-36f2b70f3fb0_1"> A</a></span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">A</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">-</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">1</span></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"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:14.21pt">i</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_1"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">THE FUND</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund commenced operations on April 30, 2003, following the initial public offering of its Common Shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund was organized as a Massachusetts business trust on February 18, 2003. Prior to commencing operations on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">April 30, 2003, the Fund had no operations other than matters relating to its organization and registration as a </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Act&#8221;).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">INVESTMENT OBJECTIVES AND POLICIES</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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. </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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; </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">allocation of the Fund's assets to a Subsidiary will vary over time and will likely not include all of the different types </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of investments described herein at any given time.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span 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</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Ratings (&#8220;S&amp;P&#8221;), or Fitch Ratings, Inc. (&#8220;Fitch&#8221;)), or unrated but determined by PIMCO to be of comparable quality. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">However, the Fund will not normally invest more than 20% of its total assets in debt instruments to securities so rated, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other than mortgage-related and other asset-backed securities (&#8220;ABS&#8221;), that are, at the time of purchase, rated CCC+ or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">lower by S&amp;P and Fitch and Caa1 or lower by Moody&#8217;s, or that are unrated but determined by PIMCO to be of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">comparable quality to securities so rated. The Fund may invest without limitation in mortgage-related and other ABS </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">regardless of rating&#8212;i.e., of any credit quality. For purposes of applying the foregoing policies, in the case of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities with split ratings (i.e., a security receiving two different ratings from two different rating agencies), the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will apply the higher of the applicable ratings. Subject to the aforementioned investment restrictions, the Fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">invest in securities of stressed, distressed and/or defaulted issuers, which include securities in default or at risk of being </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are rated in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">lower rating categories by one or more nationally recognized statistical rating organizations (&#8220;NRSROs&#8221;) (for example, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Ca or lower by Moody&#8217;s or CC or lower by S&amp;P or Fitch) or, if unrated, are determined by PIMCO to be of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">comparable quality to securities so rated. Debt instruments of below investment grade quality are regarded as having </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">predominantly speculative characteristics with respect to capacity to pay interest and to repay principal, and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; Debt instruments in the lowest investment grade </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">category also may be considered to possess some speculative characteristics. A description of the ratings categories </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">used is set forth in Appendix A to the Prospectus.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 to securities so rated. Investments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in securities rated below investment grade are described as &#8220;speculative&#8221; by Moody&#8217;s, S&amp;P and Fitch, and are </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">1</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_2"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; Additional information about Moody&#8217;s, S&amp;P&#8217;s and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fitch&#8217;s securities ratings is included in Appendix A to the Prospectus.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Investments in lower rated corporate debt securities (&#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;) and securities of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">distressed companies generally provides greater income and increased opportunity for capital appreciation than </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments in higher quality securities, but they also typically entail greater price volatility and principal and income </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issuers of higher quality debt securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adverse economic and competitive industry conditions than investment grade securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 (&#8220;PIKs&#8221;), their </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities which pay interest periodically and in cash.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">High yield and distressed company securities may have the right to &#8220;call&#8221; or redeem the issue prior to maturity, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which may result in the Fund having to reinvest the proceeds in other high yield securities that may pay lower interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in these securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In addition, the high yield securities and securities of distressed companies in which the Fund invests may not be listed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on any exchange and a secondary market for such securities may be comparatively less liquid relative to markets for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other more liquid fixed income securities. Consequently, transactions in high yield and distressed company securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may involve greater costs than transactions in more actively traded securities, which could adversely affect the price at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which the Fund could sell a high yield or distressed company security, and could adversely affect the daily net asset </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">value of the shares. A lack of publicly-available information, irregular trading activity and wide bid/ask spreads among </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other factors, may, in certain circumstances, make high yield and distressed company debt more difficult to sell at an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">advantageous time or price than other types of securities or instruments. These factors may result in the Fund being </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unable to realize full value for these securities and/or may result in the Fund not receiving the proceeds from a sale of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a high yield or distressed company security for an extended period after such sale, each of which could result in losses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to the Fund. Because of the risks involved in investing in high yield securities and securities of distressed companies, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">an investment in the Fund should be considered speculative.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Analysis of the creditworthiness of issuers of debt securities that are high yield or debt securities of distressed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">companies may be more complex than that for issuers of higher quality debt securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">High yield securities structured as zero-coupon bonds or PIKs tend to be especially volatile as they are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">particularly sensitive to downward pricing pressures from rising interest rates or widening spreads and may require the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund to make taxable distributions of income greater than the total amount of cash interest the Fund has actually </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">received. Even though such securities do not pay current interest in cash, the Fund nonetheless is required to accrue </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest income on these investments and to distribute the interest income on a current basis. Thus, the Fund could be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">required at times to sell other investments in order to satisfy its distribution requirements (including when it is not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">advantageous to do so).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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. Additionally, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">while lower rated securities typically are less sensitive to interest rate changes than higher rated securities, the market </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">2</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_3"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">prices of high yield/high risk securities structured as zero coupon bonds or PIKs may be affected to a greater extent by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">interest rate changes. Futhermore, adverse publicity and investor perceptions, whether or not based on fundamental </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">analysis, may decrease the values and liquidity of high yield securities, especially in a thinly traded market. When </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">secondary markets for high yield and distressed company securities are less liquid than the market for other types of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">securities, it may be more difficult to value the securities because such valuation may require more research, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">elements of judgment may play a greater role in the valuation because there is less reliable, objective data available.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of a debt security, not the market value risk of the security. Also, credit rating agencies may fail to change credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ratings in a timely fashion to reflect events since the security was last rated. PIMCO does not rely solely on credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ratings when selecting, holding, or selling debt securities for the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Mortgage-Related and Other Asset-Backed Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage loans may include non-performing loans, which may include (but not be limited to) loans where a borrower </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">is delinquent in payments or loans that are in or close to default, and reperforming loans (&#8220;RPLs&#8221;), which are loans </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that have previously been delinquent but are current at the time securitized. Pools of mortgage loans are assembled as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities for sale to investors by various governmental, government-related and private organizations. The Fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">invest in a variety of mortgage-related and other ABS issued by government agencies or other governmental entities or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">by private originators or issuers.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities, collateralized mortgage obligations (&#8220;CMOs&#8221;), commercial or residential mortgage-backed securities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage dollar rolls/buybacks, CMO residuals, adjustable rate mortgage-backed securities (&#8220;ARMBS&#8221;), stripped </span><span 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 </span><span 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, </span><span 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;), </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">quality.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Through investments in mortgage-related assets, including those that are issued by private issuers, the Fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">have exposure to subprime loans as well as to the mortgage and credit markets generally. Private issuers include </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">special purpose finance entities (called special purpose vehicles or SPVs) and other entities that acquire and package </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage loans for resale as mortgage-related assets.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Mortgage Pass-Through Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mortgage pass-through securities are securities representing interests in </span><span 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 </span><span 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 </span><span 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 </span><span 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; </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(&#8220;GNMA&#8221;)) are described as &#8220;modified pass-through.&#8221; These securities entitle the holder to receive all interest and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">whether or not the mortgagor actually makes the payment.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">3</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_4"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">anticipated at the time of purchase. Early repayment of principal on some mortgage-related securities (arising from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">prepayments of principal due to the sale of the underlying property, refinancing, or foreclosure, net of fees and costs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">that may be incurred) may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">prepayment. Like other fixed income securities, when interest rates rise, the value of a mortgage-related security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">generally will decline; however, when interest rates are declining, the value of mortgage-related securities with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">prepayment features may not increase as much as other fixed income securities. Adjustable rate mortgage-related and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">other ABS are also subject to some interest rate risk. For example, because interest rates on most adjustable rate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">mortgage- and other ABS only reset periodically (e.g., monthly or quarterly), changes in prevailing interest rates (and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">particularly sudden and significant changes) can be expected to cause some fluctuations in the market value of these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">securities, including declines in value as interest rates rise. In addition, to the extent that unanticipated rates of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">pre-payment on underlying mortgages increase the effective duration of a mortgage-related security, the volatility of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">such security can be expected to increase.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage-related investments. Delinquencies, defaults and losses on residential mortgage loans may increase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">substantially over certain periods. A decline in or flattening of housing values may exacerbate such delinquencies and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">losses on residential mortgages. Borrowers with adjustable rate mortgage loans are more sensitive to changes in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">comparably low interest rates. As a result of the 2008 financial crisis, a number of residential mortgage loan </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">originators experienced serious financial difficulties or bankruptcy. Owing largely to the foregoing, reduced investor </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">demand for mortgage loans and mortgage-related securities and increased investor yield requirements caused limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">liquidity in the secondary market for certain mortgage-related securities, which adversely affected the market value of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage-related securities. It is possible that such limited liquidity in such secondary markets could recur or worsen </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in the future.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Agency Mortgage-Related Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Payment of principal and interest on some mortgage pass-through securities </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">guaranteed by the Department of Veterans Affairs (the &#8220;VA&#8221;).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">FNMA and FHLMC. FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers, which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">includes state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of </span><span 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. FHLMC was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">created by Congress in 1970 for the purpose of increasing the availability of mortgage credit for residential housing. It </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">is a government-sponsored corporation that issues participation certificates (&#8220;PCs&#8221;), which are pass-through securities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. government. </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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., </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loan modification). In selecting RPLs for securitization, FNMA follows certain criteria related to length of time the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loan has been performing, the type of loan (single-family, fixed rate), and the status of the loan as first lien, among </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other things. FNMA may include different loan structures and modification programs in the future.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">4</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_5"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Since September 6, 2008, FNMA and FHLMC have operated under a conservatorship administered by the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Housing Finance Agency (&#8220;FHFA&#8221;). As the conservator, the FHFA succeeded to all rights, titles, powers and privileges </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Department of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Treasury (the &#8220;U.S. Treasury&#8221;) entered into a Senior Preferred Stock Purchase Agreement to provide additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">financing to each of FNMA and FHLMC.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">FNMA and FHLMC continue to operate as going concerns while in conservatorship and each remains liable for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Senior </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">receiver.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">experienced by such mortgage-backed security holders.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">guaranty obligation and would be exposed to the credit risk of that party.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">receiver, respectively.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">5</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_6"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">capital structure of FNMA and FHLMC would be constructed and what effects, if any, there may be on FNMA&#8217;s and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">FHLMC&#8217;s creditworthiness and guarantees of certain mortgage-backed securities. It is also unclear whether the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">U.S. Treasury would continue to enforce its rights or perform its obligations under the Senior Preferred Stock </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Programs. Should FNMA&#8217;s and FHLMC&#8217;s conservatorship end, there could be an adverse impact on the value of their </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities, which could cause losses to the Fund.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">FNMA and FHLMC have entered into a joint initiative to develop and operate a common securitization platform </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for the issuance of a uniform mortgage-backed security (&#8220;UMBS&#8221;) (the &#8220;Single Security Initiative&#8221;) that aligns the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">characteristics of FNMA and FHLMC certificates. In June 2019, under the Single Security Initiative, FNMA and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">FHLMC started issuing a UMBS in place of their current offerings of to-be-announced-eligible securities. The Single </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Security Initiative seeks to support the overall liquidity of the to-be-announced (&#8220;TBA&#8221;) market and aligns the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on the market for TBA and other mortgage backed securities are uncertain.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">GSE </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">notes are notes issued by an SPV sponsored by a GSE. Investors in these notes provide credit protection for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">applicable GSE&#8217;s mortgage-related securities guarantee obligations. In this regard, a noteholder receives compensation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for providing credit protection to the GSE and, when a specified level of losses on the relevant mortgage loans occurs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the principal balance and certain payments owed to the noteholder may be reduced. In addition, noteholders may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">receive a return of principal prior to the stated maturity date reflecting prepayment on the underlying mortgage loans </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and in any other circumstances that may be set forth in the applicable loan agreement. The notes may be issued in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">different tranches representing the issuance of different levels of credit risk protection to the GSE on the underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage loans and the notes are not secured by the reference mortgage loans.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">GSE Credit Risk Trasnfer Securities Structure.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In this structure, the GSE receives the note sale proceeds. The </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">GSE Credit-Linked Notes Structure.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In this structure, the SPV receives the note sale proceeds and the SPV&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligations to the noteholder are collateralized by the note sale proceeds. The SPV invests the proceeds in cash or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other short-term assets. The SPV also enters into a credit protection agreement with the GSE pursuant to which the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">GSE pays the SPV monthly premium payments and the SPV compensates the GSE for covered losses on the reference </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage loans. The SPV pays noteholders monthly interest payments based on the premium payments paid by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">GSE and the performance on the invested note sale proceeds. The noteholders also receive a return of principal on a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">stated maturity date based on the initial investment amount, as reduced by any covered losses on the reference </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage loans paid by the SPV or the GSE.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Risks Related to GSE Credit Risk Transfer Securities and GSE Credit-Linked Notes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">GSE credit risk transfer </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities are general obligations issued by a GSE and are unguaranteed and unsecured. GSE credit-linked notes are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">similar, except that the notes are issued by an SPV, rather than by a GSE, and the obligations of the SPV are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">collateralized by the note proceeds as invested by the SPV, which are invested in cash or short-term securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Although both GSE credit risk transfer securities and GSE credit-linked notes are unguaranteed, obligations of an SPV </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are also not backstopped by the Department of Treasury or an obligation of a GSE.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investing in these instruments may be exposed to the risk of loss on their investment. In addition, these investments are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subject to prepayment risk.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">6</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_7"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">noteholders will be subordinated to the SPV&#8217;s credit protection payment obligations to the GSE. Payment of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">amounts to noteholders depends on the cash available in the trust from the loan proceeds and the GSE&#8217;s premium </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">payments.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">concentrated in the securities of a few number of issuers. A noteholder bears any investment losses on the allocable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portion of the loan proceeds.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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; </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commercial banks, savings and loan institutions, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">underlying mortgage loans as well as the guarantors of the mortgage-related assets. Pools created by such </span><span 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 </span><span 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, </span><span 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, </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issued by certain private organizations may not be readily marketable.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Privately issued mortgage-related assets are not subject to the same underwriting requirements for the underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgages that are applicable to those mortgage-related assets that have a government or government-sponsored entity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">guarantee. As a result, the mortgage loans underlying privately issued mortgage-related assets may, and frequently do, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">have less favorable collateral, credit risk or other underwriting characteristics than government or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">government-sponsored mortgage-related assets and have wider variances in a number of terms including interest rate, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">term, size, purpose and borrower characteristics.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Mortgage pools underlying privately issued mortgage-related assets more frequently include second mortgages, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">high loan-to-value ratio mortgages and manufactured housing loans, in addition to commercial mortgages and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">types of mortgages where a government or government sponsored entity guarantee is not available. The coupon rates </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and maturities of the underlying mortgage loans in a privately issued mortgage-related assets pool may vary to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loans. Subprime loans are loans made to borrowers with weakened credit histories or with a lower capacity to make </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">timely payments on their loans. For these reasons, the loans underlying these securities have had in many cases higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">default rates than those loans that meet government underwriting requirements.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 assets that are backed by loans that were originated under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">weak underwriting standards, including loans made to borrowers with limited means to make repayment. A level of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">risk exists for all loans, although, historically, the poorest performing loans have been those classified as subprime. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Other types of privately issued mortgage-related assets, such as those classified as pay-option adjustable rate or Alt-A </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">have also performed poorly. Even loans classified as prime have experienced higher levels of delinquencies and </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investors in privately issued mortgage-related assets have experienced. It is not certain when these trends may reverse. </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">7</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_8"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Market factors that may adversely affect mortgage loan repayment include adverse economic conditions, </span><span 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.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 such third parties or their </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 assets </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">privately issued mortgage-related assets are involved in any type of litigation relating to the securities, actions may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">taken that are adverse to the interests of holders of the mortgage-related assets, including the Fund. For example, third </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">parties may seek to withhold proceeds due to holders of the mortgage-related assets, including the Fund, to cover legal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or related costs. Any such action could result in losses to the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Privately issued mortgage-related assets are not traded on an exchange and there may be a limited market for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The assets underlying mortgage-related assets may be represented by a portfolio of residential or commercial </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">FNMA or FHLMC. Mortgage loans underlying a mortgage-related asset may in turn be insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">FHA or the VA. In the case of privately issued mortgage-related assets whose underlying assets are neither </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">region and, ultimately, the ability of residential homeowners to make payments of principal and interest on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">underlying mortgages.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Collateralized Mortgage Obligations (&#8220;CMOs&#8221;).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">A CMO is a debt obligation of a legal entity that is </span><span 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 </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">FHLMC or FNMA and their income streams.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CMOs (known as &#8220;sequential pay&#8221; CMOs), payments of principal received from the pool of underlying mortgages, </span><span 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. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">earlier final distribution date have been paid in full.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, in the case of Bonds with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">series A, B, C and Z. In such example, the Series A, B, and C Bonds all bear current interest. Interest on the Series Z </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Bond, which is the lowest ranked tranche, is accrued and added to principal and a like amount is paid as principal on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Series A, B, or C Bond currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">8</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_9"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">principal on the Series Z Bond begins to be paid currently. CMOs may be less liquid and may exhibit greater price </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">volatility than other types of mortgage or ABS.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">bonds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">CMOs that are issued or guaranteed by the U.S. government or by any of its agencies or instrumentalities will be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">considered U.S. government securities by the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">FHLMC Collateralized Mortgage Obligations.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">FHLMC CMOs are debt obligations of FHLMC issued in </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">monthly. The amount of principal payable on each semi-annual payment date is determined in accordance with </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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; </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be retired in advance of its scheduled maturity date.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agrees to make up the deficiency from its general funds.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Commercial or Residential Mortgage-Backed Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CMBS and residential mortgage-backed securities </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">CMO Residuals.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CMO residuals are mortgage securities issued by agencies or instrumentalities of the </span><span 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, </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">9</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_10"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">management fee of the issuer. The residual in a CMO structure generally represents the interest in any excess cash </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">prevailing interest rates, the amount of administrative expenses and the pre-payment experience on the mortgage </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to pre-payments on the related </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">underlying mortgage assets, in the same manner as an interest-only (&#8220;IO&#8221;) class of SMBS. See &#8220;Stripped </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Mortgage-Backed Securities&#8221; below. In addition, if a series of a CMO includes a class that bears interest at an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">level of the index upon which interest rate adjustments are based. As described below with respect to SMBS, in certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">circumstances the Fund may fail to recoup fully its initial investment in a CMO residual.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">firms acting as brokers or dealers. In addition, CMO residuals may, or pursuant to an exemption therefrom, may not, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">have been registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). CMO residuals, whether or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not registered under the Securities Act, may be subject to certain restrictions on transferability. Please refer to &#8220;Illiquid </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Investments&#8221; for further discussion of regulatory considerations and constraints relating to investment illiquidity.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Adjustable Rate Mortgage Backed Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ARMBS have interest rates that reset at periodic intervals. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Acquiring ARMBS permits the Fund to participate in increases in prevailing current interest rates through periodic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adjustments in the coupons of mortgages underlying the pool on which ARMBS are based. In addition, when </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund can </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mortgages underlying most ARMBS, however, have limits on the allowable annual or lifetime increases that can be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">period of the limitation, the Fund, when holding an ARMBS, does not benefit from further increases in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ARMBS behave more like fixed income securities and less like adjustable rate securities and are subject to the risks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">associated with fixed income securities. In addition, during periods of rising interest rates, increases in the coupon rate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of adjustable rate mortgages generally lag current market interest rates slightly, thereby creating the potential for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">capital depreciation on such securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Stripped Mortgage-Backed Securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">SMBS are derivative multi-class mortgage securities. SMBS may be </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">purpose entities of the foregoing.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">SMBS may be deemed &#8220;illiquid.&#8221;</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Other Mortgage-Related Assets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Other mortgage-related assets include securities other than those described </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">real property, including mortgage dollar rolls/buybacks, CMO residuals or SMBSs. Other mortgage-related assets may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be equity or debt securities issued by agencies or instrumentalities of the U.S. government or by private originators of, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Mortgage-related assets also include, among other things, securities that reflect an interest in reverse mortgages. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In a reverse mortgage, a lender makes a loan to a homeowner based on the homeowner&#8217;s equity in his or her home. </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">10</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_11"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Repayment of the interest or principal for the loan is generally not required until the homeowner dies, sells the home, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or ceases to use the home as his or her primary residence.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which are privately offered loans. A mortgage-related asset may be backed by a single type of reverse mortgage. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Reverse mortgage-related assets include agency and privately issued mortgage-related assets. The principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">government guarantor of reverse mortgage-related securities is GNMA.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Reverse mortgage-related assets may be subject to risks different than other types of mortgage-related assets due </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to the unique nature of the underlying loans. The date of repayment for such loans is uncertain and may occur sooner </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or later than anticipated. The timing of payments for the corresponding mortgage-related security may be uncertain. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The loans may react differently than traditional home loans to market events, in light of differences in the ways reverse </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgages are structured, qualifying requirements, among other reasons. Additionally, there can be no assurance that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">service providers to reverse mortgage trusts (&#8220;RMTs&#8221;) will diligently and appropriately execute their duties with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">respect to servicing such trusts. As a result, investors (which may include the Fund) in notes issued by RMTs may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">deprived of payments to which they are entitled. This could result in losses to the Fund. Investors, including the Fund, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may determine to pursue negotiations or legal claims or otherwise seek compensation from RMT service providers in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">certain instances. This may involve the Fund incurring costs and expenses associated with such actions.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Mortgage-Related Derivative Instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund may engage in derivative transactions related to </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage-backed security or related index, such as the CMBX Index (a tradeable index referencing a basket of </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">become available.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Net Interest Margin (NIM) Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund may invest in net interest margin (&#8220;NIM&#8221;) securities. These </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Asset-Backed Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans. These loans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other receivables are subject to risks of prepayment, delinquency and default similar to those present in mortgage </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loans.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Consumer loans may be backed by collateral (as in automobile loans) or they may be unsecured. Moreover, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Congress, regulators, such as the Consumer Financial Protection Bureau, and the individual states may further regulate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the consumer credit industry in ways that make it more difficult for servicers of such loans to collect payments on such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loans, resulting in reduced collections. Changes to federal or state bankruptcy or debtor relief laws may also impede </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">collection efforts or alter timing and amount of collections.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The credit quality of an ABS transaction depends on the performance of the underlying assets. To protect ABS </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">various forms of credit enhancement.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">11</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_12"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the same characteristics and risks as the mortgage-backed securities described above.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exceed the credit enhancement level and result in losses to investors in an ABS transaction. Additionally, the value of </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of payment.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">asset-backed and related securities (such as credit card receivables or student loans). The insolvency of entities that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">generate receivables or that utilize such assets may result in added costs and delays in addition to losses associated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with a decline in the value of the underlying assets. Other ABS may be collateralized by the fees earned by service </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">providers to the underlying asset pools. The value of ABS may be substantially dependent on the servicing of the </span><span 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, such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">servicers. In certain circumstances, the mishandling of related documentation by servicers or others may also affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rights of the security holders in and to the underlying collateral.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">would likely adversely impact the value of such securities.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">12</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_13"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%">Collateralized Bond Obligations,Collateralized Loan Obligations and Other Collateralized Debt Obligations.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span><span 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. CBOs, CLOs and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other CDOs are types of ABS. A CBO is a trust that is often backed by a diversified pool of high risk, below </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment grade fixed income securities. The collateral can be from many different types of fixed income securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">such as high-yield debt, residential privately issued mortgage-related securities, commercial privately issued </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 first loss from any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 vary depending on the type of collateral securities and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the class of the instrument in which the Fund invests, among other factors. Normally, CBOs, CLOs and other CDOs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are privately offered and sold, and thus, are not registered under the securities laws. Please refer to &#8220;Illiquid </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Investments&#8221; below for further discussion of regulatory considerations and constraints relating to investment liquidity. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In addition to the normal risks associated with fixed income securities discussed elsewhere in this Statement of </span><span 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, </span><span 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 </span><span 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)), CBOs, CLOs and other CDOs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">carry additional risks including, but are not limited to: (i) the possibility that distributions from collateral securities will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(iii) the poor performance of a structure or the issuer thereof; (iv) the lack of availability of any credit enhancement; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(v) the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other assets that are being securitized may deline; (vi) potential remoteness of those assets from the originator or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transferor; (vii) the inadequacy of and inability to realize upon any related collateral; (viii) the poor capability of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">servicer of the securitized assets; (ix) the price of a structured finance investment, if required to be sold, may also be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subject to certain market and liquidity risks for securities of its type at the time of sale; (x) if the particular structured </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">product is invested in a security in which the Fund is also invested, this would tend to increase the Fund&#8217;s overall </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exposure to the credit of the issuer of such securities, at least on an absolute, if not on a relative basis; (xi) the assets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">collateralizing any CDO may have more correlated performance than expected at the time of structuring such CDO </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and therefore may perform worse than projected in a default scenario; (xii) the risk that the Fund may invest in CBOs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CLOs or other CDOs that are subordinate to other classes; and (xiii) the complex structure of the security may not be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Other Asset-Backed Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Similarly, PIMCO expects that other ABS (unrelated to mortgage loans) will be </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Receivables</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt">sm</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> (&#8220;CARS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt">sm</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8221;).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">bonds/obligations for purposes of compliance testing and related classifications.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">13</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_14"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">CARS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt">sm</span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest on CARS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt">sm</span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the trust. An investor&#8217;s return on CARS</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt">sm</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> may be affected by early prepayment of principal on the underlying vehicle </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">experience delays in payments or losses if the letter of credit is exhausted.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Alt Lending ABS</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">. &#8201;&#8201;The &#8220;Alt Lending&#8221; ABS in which the Fund may invest are typically not listed on any securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exchange and not registered under the Securities Act. In addition, the Fund anticipates that these instruments may only </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be sold to a limited number of investors and may have a limited or nonexistent secondary market. Accordingly, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund currently expects that certain investments in Alt Lending ABS will face heightened levels of liquidity risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Although currently there is generally no active reliable, secondary market for certain Alt Lending ABS, a secondary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market for these alternative lending-related instruments may develop.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Real Estate Assets and Related Derivatives</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">owner (see &#8220;Loans and Other Indebtedness; Loan Acquisitions, Participations and Assignments&#8221; below). Each of these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">types of investments are subject, directly or indirectly, to risks associated with ownership of real estate, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">changes in the general economic climate or local conditions (such as an oversupply of space or a reduction in demand </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for space), including reduced demand for commercial and office space as well as increased maintenance or tenant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">improvement costs to convert properties for other uses, default risk of tenants and borrowers, the financial condition of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tenants, buyers and sellers, and the inability to re-lease space on attractive terms or to obtain mortgage financing on a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">timely basis or at all, loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">amendments, changes in interest rates, overbuilding and increased competition, including competition based on rental </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rates, variations in market value, changes in the financial condition of tenants, changes in operating costs, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">attractiveness and location of the properties, adverse changes in the real estate markets generally or in specific sectors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of the real estate industry and possible environmental liabilities. Real estate-related investments may entail leverage </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and may be highly volatile.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. Some REITs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">also finance real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">its taxable income (other than net capital gains), then it is not generally taxed on the income distributed to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholders. REITs are subject to management fees and other expenses, and so the Fund would bear its proportionate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">share of the costs of the REITs&#8217; operations if it invests in REITs. Dividends received by the Fund from a REIT </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">generally will not constitute qualified dividend income. REITs may not provide complete tax information to the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">until after the calendar year-end. Consequently, because of the delay, it may be necessary for the Fund to request </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">permission from the Internal Revenue Service (&#8220;IRS&#8221;) to extend the deadline for issuance of Form 1099-DIV.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the REIT to qualify for favorable tax treatment afforded to REITs under the Internal Revenue Code of 1986, as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">amended (the &#8220;Code&#8221;) or exemption under the 1940 Act. Furthermore, REITs are not typically diversified and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">heavily dependent on cash flow. Investments in REIT equity securities could require the Fund to accrue and distribute </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">income not yet received by the Fund. On the other hand, investments in REIT equity securities can also result in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s receipt of cash in excess of the REIT&#8217;s earnings; if the Fund distributes such amounts, such distribution could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">constitute a return of capital to Fund shareholders for federal income tax purposes under the Code. In addition, some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">REITs are not typically diversified because they invest in a limited number of properties, a narrow geographic area, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a single type of property. Also, the organizational documents of a REIT may contain provisions that make changes in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">control of the REIT difficult and time-consuming. Finally, private REITs are not traded on a national securities </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">14</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_15"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">exchange. As such, these products are generally illiquid, though they may offer limited liquidity or limited liquidity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">that may change. This reduces the ability of the Fund to redeem its investment early. Private REITs are also generally </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">harder to value and may bear higher fees than public REITs.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securitization.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Real Estate Companies</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Retail Properties.</span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">operations of a tenant, a shift in consumer demand due to demographic changes, spending patterns and lease </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">terminations.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Office Properties.</span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as a downturn in the businesses operated by their tenants, obsolescence and non-competitiveness.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Hotel Properties.</span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">increases in revenues, dependence on business and commercial travelers and tourism, increases in fuel costs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and other expenses of travel and adverse effects of general and local economic conditions.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Healthcare Properties.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> Healthcare properties and healthcare providers are affected by several significant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">factors, including federal, state and local laws governing licenses, certification, adequacy of care, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">pharmaceutical distribution, medical rates, equipment, personnel and other factors regarding operations; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">continued availability of revenue from government reimbursement programs (primarily Medicaid and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Medicare); and competition on a local and regional basis.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Multifamily Properties.</span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage rates, presence of competing properties, adverse economic conditions in the locale, oversupply and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rent control laws or other laws affecting such properties.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Industrial Properties.</span><span 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 </span><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Accordingly, reduced economic output may lead to lower occupancy rates for such properties. In addition, if a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tenant of such industrial property experiences a downturn in its business that weakens its financial condition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">delays lease commencement, fails to make rental payments when due, becomes insolvent or declares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">bankruptcy, the result could be a termination of the tenant&#8217;s lease, which could adversely affect cash flows </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">15</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_16"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;margin-left:36pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%">from operations. These factors may be amplified by a disruption of financial markets or more general </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">economic conditions.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Insurance Issues.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> Certain real estate companies may carry comprehensive liability, fire, flood, earthquake </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">extended coverage and rental loss insurance with various policy specifications, limits and deductibles.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Credit Risk.</span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">operate effectively.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Environmental Issues.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> Any real properties that may contain hazardous or toxic substances may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">potential liability for removal or remediation costs, as well as certain other costs, including governmental </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fines and liabilities for injuries to persons and property.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Smaller Companies.</span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">differently from, larger company stocks.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">REIT Tax Issues. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">possible that the Fund may invest in a real estate company which purports to be a REIT and that the company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">could fail to qualify as a REIT for U.S. federal income tax purposes. In the event of any such unexpected </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">failure to qualify as a REIT, the company would be subject to corporate-level taxation, including on its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">distributed earnings, significantly reducing the return to the Fund on its investment in such company.</span></div> </div> <div style="clear:both;position:relative"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">REITs and mortgage REITs, generally by holding both ownership interests and mortgage interests in real estate. In </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">addition to the risks of securities linked to the real estate industry, equity REITs may be affected by changes in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">value of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">credit extended. Further, REITs are dependent upon management skills and generally may not be diversified. REITs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The above factors may also adversely affect a borrower&#8217;s or a lessee&#8217;s ability to meet its obligations to the REIT. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgagee or lessor and may incur substantial costs associated with protecting its investments.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Foreign (Non-U.S.) Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Subject to the limitations set forth in the Prospectus on investments in securities and instruments that are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">economically tied to &#8220;emerging market&#8221; countries, the Fund may invest without limitation in instruments of corporate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and other foreign (non-U.S.) issuers, and in instruments traded principally outside of the United States. The Fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">invest in sovereign and other debt securities issued by foreign governments and their respective sub-divisions, agencies </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or instrumentalities, government sponsored enterprises and supranational government entities. The Fund may also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">invest directly in foreign currencies, including currencies of emerging market countries.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 limit Eurodollar obligations and &#8220;Yankee </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Dollar&#8221; obligations. Eurodollar obligations are U.S. dollar-denominated certificates of deposit and time deposits issued </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee Dollar obligations are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. dollar-denominated obligations issued in the U.S. capital markets by foreign banks. Eurodollar and Yankee Dollar </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligations are generally subject to the same risks that apply to domestic debt issues, notably credit risk, interest rate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">risk, market risk and liquidity risk. Additionally, Eurodollar (and to a limited extent, Yankee Dollar) obligations are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subject to certain sovereign risks. One such risk is the possibility that a sovereign country might prevent capital, in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">form of U.S. dollars, from flowing across its borders. Other risks include adverse political and economic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">developments; the extent and quality of government regulation of financial markets and institutions; the imposition of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">foreign withholding or other taxes; and the expropriation or nationalization of foreign issuers.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">16</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_17"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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;) </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exchanges or over-the-counter (&#8220;OTC&#8221;) in the United States. GDRs may be offered privately in the United States and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">also trade in public or private markets in other countries. ADRs, EDRs and GDRs may be issued as sponsored or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities trade in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">form of ADRs, EDRs or GDRs. In unsponsored programs, the issuer may not be directly involved in the creation of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">similar, in some cases it may be easier to obtain financial information from an issuer that has participated in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">creation of a sponsored program.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">measures, adverse changes in investment or exchange control regulations (which may include suspension of the ability </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to transfer currency from a country), market disruption, the possibility of security suspensions, political instability </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which can affect U.S. investments in non-U.S. countries and potential restrictions on the flow of international capital. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In addition, foreign securities and the Fund&#8217;s income in respect of those securities may be subject to foreign taxes, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">including taxes withheld from payments on those securities, which would reduce the Fund&#8217;s return on such securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Non-U.S. securities often trade with less frequency and volume than domestic securities and therefore may exhibit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">greater price volatility. Changes in foreign exchange rates will affect the value of those securities that are denominated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or quoted in currencies other than the U.S. dollar. The currencies of non-U.S. countries may experience significant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">constraints to which a governmental entity may be subject. Governmental entities may also depend on expected </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">less liquid and less standardized than direct sovereign obligations.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">recognized by shareholders. See &#8220;Taxation.&#8221;</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Euro- and European Union-related risks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The global economic crisis brought several small economies in Europe </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">experienced severe economic and financial difficulties between 2009 and 2012, an event that is commonly referred to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as the &#8220;European sovereign debt crisis.&#8221; As was the case during the European sovereign debt crisis, large public </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">17</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_18"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">deficits could cause some European countries to become dependent on assistance from other European governments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">and institutions or other central banks or supranational agencies such as the International Monetary Fund. Assistance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">may be dependent on a country&#8217;s implementation of reforms or reaching a certain level of performance. Failure to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">reach those objectives or an insufficient level of assistance could result in a deep economic downturn. Responses to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">economic or financial difficulties by European governments, central banks and others, including austerity measures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">and reforms, may be ineffective, may limit future economic growth or recovery, and/or may result in social unrest or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">other unintended consequences. Any of the forgoing events could significantly affect the value of the Fund&#8217;s European </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The national politics of European countries can also be unpredictable and subject to influence by disruptive </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">political groups or ideologies. The occurrence of conflicts, war or terrorist activities in Europe could have an adverse </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">impact on financial markets. For example, Russia launched a large-scale invasion of Ukraine in February 2022. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">extent, duration and impact of Russia&#8217;s military action in Ukraine, related sanctions and retaliatory actions are difficult </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">effects on the regional, European, and global economies and the markets for certain securities and commodities, such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as oil and natural gas, as well as other sectors, and on the Fund's investments in securities and instruments that are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">economically tied to the region, including declines in value and reductions in liquidity. See &#8220;Investments in Russia&#8221; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">below.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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;) </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and weaknesses of the various economies that comprise the EMU and Europe generally.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">value the Fund&#8217;s investments denominated in euros or in a replacement currency.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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;). </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">economic, trading, and legal relationships with the European Union and with other countries. Due to political </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">CSDR Related Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The EU has adopted a settlement discipline regime under Regulation (EU) No 909/2014 and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Settlement Discipline RTS as they may be modified from time to time (&#8220;CSDR&#8221;), which will have phased </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">18</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_19"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">compliance dates. It aims to reduce the number of settlement fails that occur in EEA central securities depositories </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">(&#8220;CSDs&#8221;) and address settlement fails where they occur. The key elements of the regime are: (i) mandatory buy-ins &#8211; if </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">a settlement fail continues for a specified period of time after the intended settlement date, a buy-in process must be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">initiated to effect the settlement; (ii) cash penalties - EEA CSDs are required to impose cash penalties on participants </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">that cause settlement fails and distribute these to receiving participants; and (iii) allocations and confirmations &#8211; EEA </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">investment firms are required to take measures to prevent settlement fails, including putting in place arrangements with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">their professional clients to communicate securities allocations and transaction confirmations.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">These requirements apply to transactions in transferable securities (e.g., shares and bonds), money market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instruments, units in funds and emission allowances that are to be settled via an EEA CSD and, in the case of cash </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">penalties and buy-in requirements only, are admitted to trading or traded on an EEA trading venue or cleared by an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">EEA central counterparty.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The implementation of the CSDR settlement discipline regime for funds that enter into in-scope transactions may </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">penalties may be charged to the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Redenomination Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Investments in Russia.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund may have investments in securities and instruments that are economically tied to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Russia. In determining whether an instrument is economically tied to Russia, PIMCO uses the criteria for determining </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">whether an instrument is economically tied to an emerging market country as set forth above under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;Non-U.S. Securities.&#8221; In addition to the risks listed above under &#8220;Non-U.S. Securities,&#8221; investing in Russia presents </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">additional risks. In particular, investments in Russia are subject to the risk that the United States and/or other countries </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may impose economic sanctions, export or import controls or other similar measures. Other similar measures may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">include, but are not limited to, banning or expanding bans on Russia or certain persons or entities associated with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ties to Russia (e.g., Belarus). Such sanctions or other similar measures &#8212; which may impact companies in many </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sectors, including energy, financial services, technology, accounting, quantum computing, shipping, aviation, metals </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and mining, defense, architecture, engineering, construction, manufacturing and transportation, among others &#8212; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Russia&#8217;s countermeasures may negatively impact the Fund&#8217;s performance and/or ability to achieve its investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">objectives. For example, certain investments in Russian companies or instruments tied to Russian companies may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments is prohibited, securities markets close, or market participants cease transacting in certain investments in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">light of geopolitical events, sanctions or related considerations), which could render any such securities held by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund unmarketable for an indefinite period of time and/or cause the Fund to sell portfolio holdings at a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disadvantageous time or price or to continue to hold investments that the Fund no longer seeks to hold. It is also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">possible that such sanctions, export or import controls, or other similar measures may prevent U.S.-based entities that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">provide services to the Fund from transacting with Russian or Belarusian entities. Under such circumstances, the Fund </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">19</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_20"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">economically tied to Russia, devaluation of Russia's currency and/or increased volatility with respect to Russian </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">securities and the ruble. More generally, investments in Russian securities are highly speculative and involve </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">significant risks and special considerations not typically associated with investments in the securities markets of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">U.S. and most other developed countries. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Over the past century, Russia has experienced political, social and economic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">turbulence and has endured decades of communist rule under which tens of millions of its citizens were collectivized </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">into state agricultural and industrial enterprises. Since the collapse of the Soviet Union, Russia&#8217;s government has been </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">faced with the daunting task of stabilizing its domestic economy, while transforming it into a modern and efficient </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">structure able to compete in international markets and respond to the needs of its citizens. However, to date, many of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the country&#8217;s economic reform initiatives have floundered. In this environment, there is always the risk that the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">nation&#8217;s government will abandon the current program of economic reform and replace it with radically different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">political and economic policies that would be detrimental to the interests of foreign investors, a risk that has been at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">least partially realized in connection with Russia's countersanctions. Further changes could entail a return to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">centrally planned economy and nationalization of private enterprises similar to what existed under the old Soviet </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Union.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">economic or military measures. In February 2022, Russia launched a large-scale invasion of Ukraine. As a result, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Russia, and other countries, persons and entities that have provided material aid to Russia&#8217;s aggression against Ukraine </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">have been the subject of economic sanctions and import and export controls imposed by countries throughout the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">world, including the United States. Such measures have had and may continue to have an adverse effect on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Russian, Belarusian and other securities and economies, which may, in turn, negatively impact the Fund. Moreover, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">measures) or resulting actual or threatened responses to such activity may impact Russia's economy and Russian and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other issuers of securities in which the Fund is invested. Such resulting actual or threatened responses may include, but </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are not limited to, purchasing, selling and financing restrictions, withdrawal of financial intermediaries, boycotts or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">changes in consumer or purchaser preferences, sanctions, export or import controls, tariffs or cyberattacks on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Russian government, Russian companies or Russian individuals, including politicians. Any actions by Russia made in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">response to such sanctions or retaliatory measures could further impair the value and liquidity of Fund investments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, like the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund. In addition, there is the risk that the Russian tax system will not be reformed to prevent inconsistent, retroactive </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and/or exorbitant taxation, or, in the alternative, the risk that a reformed tax system may result in the inconsistent and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unpredictable enforcement of the new tax laws. Investments in Russia may be subject to the risk of nationalization or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">expropriation of assets. Regional armed conflict and its collateral economic and market effects may also pose risks for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments in Russia.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">standards than that applied to U.S. companies, there may be little reliable corporate information available to investors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">As a result, it may be difficult to assess the value or prospects of an investment in Russian companies. Securities of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Russian companies also may experience greater price volatility than securities of U.S. companies. These issues can be </span><span 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&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">response.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">significant risks. Prior to the implementation of the National Settlement Depository (&#8220;NSD&#8221;), a recognized central </span><span 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 </span><span 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 </span><span 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 the implementation of </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">20</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_21"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss still </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">can occur. In addition, sanctions by the EU against the NSD, as well as the potential for sanctions by other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">governments, could make it more difficult to conduct or confirm transactions involving Russian securities. Ownership </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">of securities issued by Russian companies that are not held through depositories such as the NSD may be defined </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">according to entries in the company&#8217;s share register and normally evidenced by extracts from the register or by formal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">share certificates. These services may be carried out by the companies themselves or by registrars located throughout </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Russia. In such cases, the risk is increased that the Fund could lose ownership rights through fraud, negligence or even </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">mere oversight. While the Fund will endeavor to ensure that its interest continues to be appropriately recorded either </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">itself or through a custodian or other agent by inspecting the share register and by obtaining extracts of share registers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interests.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">errors, it may be difficult for the Fund to enforce any rights it may have against the registrar or issuer of the securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in the event of loss of share registration. Furthermore, significant delays or problems may occur in registering the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transfer of securities, which could cause the Fund to incur losses due to a counterparty&#8217;s failure to pay for securities the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund has delivered or the Fund&#8217;s inability to complete its contractual obligations because of theft or other reasons.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">respect to the completion and submission of corporate action elections. In addition, sanctions or Russian </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">countermeasures may prohibit or limit the Fund&#8217;s ability to participate in corporate actions, and therefore require the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">To the extent that the Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ultimate owner of securities they hold for their clients. The Fund also may experience difficulty in obtaining and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">enforcing judgments in Russia.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">available currency hedging instruments. In addition, Russia has implemented certain capital controls on foreign </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio investments and there is the risk that the Russian government will impose additional capital controls on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">foreign portfolio investments. Such capital controls may prevent the sale of a portfolio of foreign assets and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">repatriation of investment income and capital.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Political Risks/Risks of Conflicts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Recently, various countries have seen significant internal conflicts and in some </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">could adversely affect the Fund&#8217;s investments. The transformation from a centrally planned, socialist economy to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">more market oriented economy has also resulted in many economic and social disruptions and distortions. Moreover, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">there can be no assurance that the economic, regulatory and political initiatives necessary to achieve and sustain such a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transformation will continue or, if such initiatives continue and are sustained, that they will be successful or that such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">initiatives will continue to benefit foreign (or non-national) investors. Certain instruments, such as inflation index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instruments, may depend upon measures compiled by governments (or entities under their influence) which are also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the obligors, which could potentially create conflicts of interest. Military conflicts, either in response to internal social </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unrest or conflicts with other countries, could disrupt economic development. The Chinese economy is vulnerable to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the long-running disagreements with Hong Kong related to integration. China has a complex territorial dispute </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">21</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_22"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">regarding the sovereignty of Taiwan; Taiwan-based companies and individuals are significant investors in China. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Potential military conflict between China and Taiwan may adversely affect securities of Chinese and Taiwanese </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">issuers. In addition, China has strained international relations with Japan, India, Russia and other neighbors due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">territorial disputes, historical animosities and other defense concerns. China could be affected by military events on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">market and may adversely affect the performance of the Chinese economy. The Fund's exposure to any of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">foregoing may adversely affect the Fund and its investments.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Investments in China.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In recent years, various governmental bodies have considered and, in some cases, imposed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sanctions, trade and investment restrictions and/or notification requirements targeting the People&#8217;s Republic of China </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(&#8220;China&#8221; or the &#8220;PRC&#8221;) (inclusive of Hong Kong and Macau), and it is possible that additional restrictions may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">imposed or retaliatory action may be taken in the future. Given the complex and evolving relationship between the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PRC and certain other countries, it is difficult to predict the impact of such restrictions on market conditions. Further, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">complying with such restrictions may prevent the Fund from pursuing certain investments, cause delays or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">impediments with respect to consummating such investments, require notification of such investments to government </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">authorities, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments impracticable, negatively impact the Fund&#8217;s ability to achieve its investment objectives, prevent the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">from receiving payments otherwise due it, require the Fund to obtain information about underlying investors, increase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">diligence and other similar costs to the Fund, render valuation of China-related investments challenging, or require the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund to consummate an investment on terms that are less advantageous than would be the case absent such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">restrictions. Any of these outcomes could adversely affect the Fund&#8217;s performance with respect to such investments, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and thus the Fund&#8217;s performance as a whole. New and contemplated sanctions, trade, and other investment restrictions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and obligations could also have adverse impacts to the Fund in various and unpredictable ways. In addition, the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">reserves the right to restrict an investor&#8217;s ability to purchase Fund shares and, to the extent permitted by applicable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">law, to redeem existing shareholders as necessary or appropriate to facilitate compliance with such sanctions and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">restrictions. Disruptions caused by such sanctions and other restrictions may also impact the PRC&#8217;s economy, as well </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as the PRC and other issuers of securities in which the Fund is invested, and may result in the PRC imposing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">countermeasures which may also have adverse impacts on the Fund and its investments.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The U.S. Treasury&#8217;s Outbound Investment Screening Rule went into effect on Jan. 2, 2025. The Outbound </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Investment Screening Rule implements Executive Order 14105, which directed the U.S. Treasury to issue regulations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to address the national security threat posed by certain U.S investments that may accelerate the development of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sensitive technologies and products in &#8220;countries of concern,&#8221; defined as China and the Special Administrative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Regions of Hong Kong and Macau. The rule establishes a regulatory framework for either prohibiting or requiring </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">notifications to the U.S. Treasury for certain U.S. investments in companies related to the countries of concern that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">conduct activities involving certain semiconductor technologies, AI systems for military or surveillance use, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">quantum computing. The Fund may face restrictions on investing in certain Chinese or Chinese-owned companies </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">involved in the covered sectors. The Fund must also implement due diligence processes for identifying covered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transactions and may need to report notifiable transactions to the U.S. Treasury, potentially affecting investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">timelines.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Risk of Investing through Stock Connect.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">China A-shares are equity securities of companies domiciled in China </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Institutional Investor and Renminbi Qualified Foreign Institutional Investor systems.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">22</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_23"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">change.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 (</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund may also incur conversion costs.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">voting instruction to the relevant SSE- or SZSE-listed company.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">trading on Northbound Trading Link through securities brokers in Hong Kong but not PRC brokers, it is not protected </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">by the China Securities Investor Protection Trust in the PRC.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">23</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_24"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">participants. There is no assurance that the systems of SEHK and market participants will function properly or will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">function properly, trading in A-shares through Stock Connects could be disrupted.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other securities providing similar investment exposure.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">A-Share Market Suspension Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">A-shares may only be bought from, or sold to, the Fund at times when the </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Emerging Market Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 issued by emerging markets issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that is denominated in the relevant country&#8217;s local currency with less than one year remaining to maturity (&#8220;short-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment grade sovereign debt&#8221;). The Fund may invest up to 40% of its total assets in securities and instruments that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are economically tied to &#8220;emerging market&#8221; countries, other than investments in short-term investment grade sovereign </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">debt issued by emerging market issuers, where as noted above there is no limit.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">To the extent that the Fund invests in instruments economically tied to non-U.S. countries, it may invest in a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">range of countries and, as such, the value of the Fund&#8217;s assets may be affected by uncertainties such as international </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">political developments, including the imposition of sanctions and other similar measures, changes in government </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">policies, changes in taxation, restrictions on foreign investment and currency repatriation, currency fluctuations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">changes or uncertainty in exchange rates (and related risks, such as uncertainty regarding the reliability of issuers&#8217; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">financial reporting), nationalization of industries or assets, and other developments in the laws and regulations of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">countries in which investment may be made. Certain foreign exchanges impose requirements on the transaction </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">settlement process with respect to certain securities, such as requirements to pre-deliver securities (for a sale) or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">pre-fund cash (for a buy) to a broker&#8217;s account. Such requirements may limit the Fund&#8217;s ability to transact in such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities in a timely manner and will subject the Fund to the risk of loss that could result if the broker is unable or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unwilling to meet its obligations with respect to pre-delivered securities or pre-funded cash.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">PIMCO generally considers an instrument to be economically tied to an emerging market country if: the issuer is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">organized under the laws of an emerging market country; the currency of settlement of the security is a currency of an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">emerging market country; the security is guaranteed by the government of an emerging market country (or any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">political subdivision, agency, authority or instrumentality of such government); for an asset-backed or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">collateralized security, the country in which the collateral backing the security is located is an emerging market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">country; or the security&#8217;s &#8220;country of exposure&#8221; is an emerging market country, as determined by the criteria set forth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">below.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">24</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_25"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">of such currencies), or instruments or securities that are issued or guaranteed by governments of emerging market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">countries or by entities organized under the laws of emerging market countries or if an instrument&#8217;s &#8220;country of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exposure&#8221; is an emerging market country.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">A security&#8217;s &#8220;country of exposure&#8221; is determined by PIMCO using certain factors provided by a third-party </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">analytical service provider. The factors are applied in order such that the first factor to result in the assignment of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">country determines the &#8220;country of exposure.&#8221; Both the factors and the order in which they are applied may change in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the discretion of PIMCO. The current factors, listed in the order in which they are applied, are: (i) if an asset-backed or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other collateralized security, the country in which the collateral backing the security is located; (ii) the &#8220;country of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">risk&#8221; of the issuer; (iii) if the security is guaranteed by the government of a country (or any political subdivision, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agency, authority or instrumentality of such government), the country of the government or instrumentality providing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the guarantee; (iv) the &#8220;country of risk&#8221; of the issuer&#8217;s ultimate parent; or (v) the country where the issuer is organized </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or incorporated under the laws thereof. &#8220;Country of risk&#8221; is a separate four-part test determined by the following </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">factors, listed in order of importance: (i) management location; (ii) country of primary listing; (iii) sales or revenue </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">attributable to the country; and (iv) reporting currency of the issuer. PIMCO has broad discretion to identify countries </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that it considers to qualify as emerging markets. In exercising such discretion, PIMCO identifies countries as emerging </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">markets consistent with the strategic objectives of the Fund. For example, the Fund may consider a country to be an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">emerging market country based on a number of factors including, but not limited to, if the country is classified as an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">emerging or developing economy by any supranational organization such as the World Bank or the United Nations, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">related entities, or if the country is considered an emerging market country for purposes of constructing emerging </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">markets indices. In some cases, this approach may result in PIMCO identifying a particular country as an emerging </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market with respect to the Fund, that may not be identified as an emerging market with respect to other funds managed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">by PIMCO.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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; </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">result in unavailability of material information about issuers; the risk that it may be more difficult to obtain and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">enforce a judgment in a court outside the United States; the imposition of sanctions or other similar measures; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">greater price volatility, substantially less liquidity and significantly smaller market capitalization of securities markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In addition, a number of emerging market countries restrict, to various degrees, foreign investment in securities, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">high rates of inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the economies and securities markets of certain emerging market countries. Also, any change in the leadership or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">politics of emerging market countries, or the countries that exercise a significant influence over those countries, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">halt the expansion of or reverse the liberalization of foreign investment policies now occurring and adversely affect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">existing investment opportunities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with respect to companies, industries, assets, or foreign ownership than those in more developed markets.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">emerging markets or for U.S. regulators to bring enforcement actions against such issuers.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">developments including the imposition of sanctions or other similar measures, could adversely affect the Fund&#8217;s </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">25</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_26"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">investments in a foreign country. In the event of nationalization, expropriation or other confiscation, the Fund could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">lose its entire investment in that country. Adverse conditions in a certain region can adversely affect securities of other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">countries whose economies appear to be unrelated. To the extent the Fund invests in emerging market securities that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">are economically tied to a particular region, country or group of countries, the Fund may be more sensitive to adverse </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">political or social events affecting that region, country or group of countries. Emerging markets may also be more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">susceptible to fraud, corruption, money laundering and economic sanctions risk, which may result in negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">commercial consequences in relation to the value, liquidity, and tradeability to those regions. Economic, business, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">political, or social instability may affect emerging market securities differently, and often more severely, than </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">developed market securities.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Risks Related to Brady Bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund may also invest in Brady Bonds. Brady Bonds are securities created </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">through the exchange of existing commercial bank loans to sovereign entities for new obligations in connection with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the Treasury, Nicholas F. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Brady (the &#8220;Brady Plan&#8221;). Brady Plan debt restructurings have been implemented in a number of countries, including: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico, Niger, Nigeria, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Panama, Peru, the Philippines, Poland, Uruguay, and Venezuela. Beginning in the early 2000s, certain countries began </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines and Venezuela.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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) </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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) </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">uncollateralized amounts constitute the &#8220;residual risk&#8221;).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. Treasury zero coupon bonds (or comparable collateral denominated in other currencies) and interest coupon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">payments collateralized on an 18-month rolling-forward basis by funds held in escrow by an agent for the bondholders. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">A significant portion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have principal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">repayments at final maturity collateralized by U.S. Treasury zero coupon bonds (or comparable collateral denominated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in other currencies) and/or interest coupon payments collateralized on a 14-month (for Venezuela) or 12-month (for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Foreign Currency Transactions</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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) </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of future foreign exchange rates in the purchase and sale of securities. The Fund may also use foreign currency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">options, foreign currency forward contracts, foreign currency futures and foreign currency spot transactions to increase </span><span 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 currency to another. Since </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">some foreign exchange transactions for the Fund are directed to the Fund&#8217;s custodian for execution, execution of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transactions may be better or worse than comparable transactions effected by other intermediaries.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">26</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_27"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">particular foreign currency. Although, when used for hedging, forwards are intended to minimize the risk of loss due to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">result should the value of such currencies increase. Forwards are subject to the risks discussed under &#8220;Derivative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Instruments&#8221; below. Forwards are used primarily to adjust the foreign exchange exposure of the Fund with a view to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">protecting the outlook, and the Fund might be expected to enter into such contracts under the following circumstances:</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Lock In. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in a foreign currency.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Cross Hedge. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Direct Hedge. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Proxy Hedge. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Costs of Hedging. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">through an indirect hedge back to the U.S. dollar.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s net asset value per share.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">currency.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">27</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_28"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">assurance that the other party to the contract will perform its services thereunder. Under definitions adopted by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">U.S. Commodity Futures Trading Commission (the &#8220;CFTC&#8221;) and the SEC, many non-deliverable foreign currency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">forwards are considered swaps for certain purposes, including determination of whether such instruments need to be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">exchange-traded and centrally cleared as discussed further in &#8220;Risks of Potential Government Regulation of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Derivatives&#8221; and &#8220;Additional Risk Factors in Cleared Derivatives Transactions.&#8221; These changes are expected to reduce </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">counterparty risk as compared to bi-laterally negotiated contracts.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">currency exchange rates and exchange control regulations.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Tax Consequences of Hedging and other Foreign Currency Transactions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Foreign currency gains are generally </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">income.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Foreign Currency Exchange-Related Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Foreign Currency Warrants.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Foreign currency warrants such as Currency Exchange Warrants</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt">sm</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> are warrants </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">indexed)&#160;or degree. Foreign currency warrants are severable from the debt obligations with which they may be offered, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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), </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exchange risk, including risks arising from complex political or economic factors.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">28</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_29"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Principal Exchange Rate Linked Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Principal exchange rate linked securities (&#8220;PERLs</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt">sm</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8221;) are debt </span><span 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 </span><span 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 </span><span 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 </span><span 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; </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the principal payment to be made at maturity.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Performance Indexed Paper.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Performance indexed paper is U.S. dollar-denominated commercial paper the yield </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">maximum values of the spot exchange rate two business days prior to maturity.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">U.S. Government Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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. </span><span 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 </span><span 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, </span><span 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, </span><span 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 </span><span 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, </span><span 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, </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the U.S. government. &#160;Instead, they are supported only by the discretionary authority of the U.S. Government to </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">29</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_30"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">such receipt is a debt obligation of the U.S. Treasury. Other zero coupon Treasury securities (e.g., STRIPs and CUBEs) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are direct obligations of the U.S. government.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Municipal Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 invest in securities issued by states, territories, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">possessions, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">territories, possessions and multi-state agencies or authorities.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Municipal Securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Municipal securities include debt obligations issued by governmental entities to obtain </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may invest in instruments, or participations in instruments, issued in connection with lease obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or installment purchase contract obligations of municipalities (&#8220;municipal lease obligations&#8221;). Although municipal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">lease obligations do not constitute general obligations of the issuing municipality, a lease obligation may be backed by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the municipality&#8217;s covenant to budget for, appropriate funds for and make the payments due under the lease obligation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">However, certain municipal lease obligations contain &#8220;non-appropriation&#8221; clauses, which provide that the municipality </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">purpose in the relevant years. Municipal lease obligations may be less readily marketable than other municipal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Projects financed with certificates of participation generally are not subject to state constitutional debt limitations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or other statutory requirements that may apply to other municipal securities. Payments by the public entity on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligation underlying the certificates are derived from available revenue sources. That revenue might be diverted to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">funding of other municipal service projects. Payments of interest and/or principal with respect to the certificates are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not guaranteed and do not constitute an obligation of a state or any of its political subdivisions.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Municipal leases may also be subject to &#8220;abatement risk.&#8221; The leases underlying certain municipal lease </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligations may state that lease payments are subject to partial or full abatement. That abatement might occur, for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">example, if material damage to or destruction of the leased property interferes with the lessee&#8217;s use of the property. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">However, in some cases that risk might be reduced by insurance covering the leased property, or by the use of credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">enhancements such as letters of credit to back lease payments, or perhaps by the lessee&#8217;s maintenance of reserve </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">monies for lease payments. While the obligation might be secured by the lease, it might be difficult to dispose of that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">property in case of a default.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issuing entity payable from taxes or designated revenues expected to be received within the relevant fiscal period. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">by banks or institutions.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">30</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_31"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adjustable at intervals ranging from daily to six months.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subdivisions, agencies, authorities and instrumentalities.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Municipal Bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">from the issuer&#8217;s general revenues. The credit and quality of private activity bonds and industrial development bonds </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">industrial development bonds.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 tax-exempt bonds that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">have been refunded to a call date prior to the final maturity of principal, or, in the case of pre-refunded municipal </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">31</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_32"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">bonds commonly referred to as &#8220;escrowed-to-maturity bonds,&#8221; to the final maturity of principal, and remain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">outstanding in the municipal market. The payment of principal and interest of the pre-refunded municipal bonds held </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">by the Fund is funded from securities in a designated escrow account that holds U.S. Treasury securities or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligations of the U.S. government (including its agencies and instrumentalities (&#8220;Agency Securities&#8221;)).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of revenue by the municipality is no longer in place. Pre-refunded and/or escrowed to maturity municipal bonds may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">bear an investment grade rating (for example, if re-rated by a rating service or, if not re-rated, determined by PIMCO </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to be of comparable quality to securities so rated) because they are backed by U.S. Treasury securities, Agency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Securities or other investment grade securities. For the avoidance of any doubt, PIMCO&#8217;s determination of an issuer&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">credit rating will generally be used for compliance with the Fund&#8217;s investment parameters when an issue either loses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">its rating or is not re-rated upon pre-refunding. The escrow account securities pledged to pay the principal and interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of the pre-refunded municipal bond do not guarantee the price movement of the bond before maturity. Issuers of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">municipal bonds refund in advance of maturity the outstanding higher cost debt and issue new, lower cost debt, placing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the proceeds of the lower cost issuance into an escrow account to pre-refund the older, higher cost debt. Investments in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">pre-refunded municipal bonds held by the Fund may subject the Fund to interest rate risk, market risk and credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In addition, while a secondary market exists for pre-refunded municipal bonds, if the Fund sells pre-refunded </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">municipal bonds prior to maturity, the price received may be more or less than the original cost, depending on market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">conditions at the time of sale. To the extent permitted by the SEC and the IRS, the Fund&#8217;s investment in pre-refunded </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">municipal bonds backed by U.S. Treasury and Agency securities in the manner described above, will, for purposes of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">diversification tests applicable to the Fund, be considered an investment in the respective U.S. Treasury and Agency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Certain Risks of Investing in Municipal Bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Economic downturns and budgetary constraints have made </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the relative credit quality of particular securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Distressed Companies&#8221; above.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">publicly traded.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">32</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_33"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest paid on that obligation is taxable, in certain cases retroactively.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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) </span><span 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 </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which could experience substantially more volatility.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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% </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">authorized for issuance during 2009 and 2010, the program may have resulted in reduced issuance of tax-exempt </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">municipal bonds during the same period.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">33</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_34"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;margin-left:20pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Tender Option Bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may invest in trust certificates issued in tender option bond programs. In a tender option bond </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transaction (&#8220;TOB&#8221;), a tender option bond trust (&#8220;TOB Trust&#8221;) issues floating rate certificates (&#8220;TOB Floater&#8221;) and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">residual interest certificates (&#8220;TOB Residual&#8221;) and utilizes the proceeds of such issuance to purchase a fixed-rate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">municipal bond (&#8220;Fixed Rate Bond&#8221;) that either is owned or identified by the Fund. The TOB Floater is generally </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to the Fund, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided by the Fixed Rate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB Residual, which is a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">longer-term security. The interest rates payable on the TOB Residual issued to the Fund bear an inverse relationship to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a remarketing process typically </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual income from the Fixed Rate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB Residual, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">vice versa. In the case of a TOB Trust that utilizes the cash received (less transaction expenses) from the issuance of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the TOB Floater and TOB Residual to purchase the Fixed Rate Bond from the Fund, the Fund may then invest the cash </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">received in additional securities, generating leverage for the Fund. Other PIMCO-managed accounts may also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contribute municipal bonds to a TOB Trust into which the Fund has contributed Fixed Rate Bonds. If multiple </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO-managed accounts participate in the same TOB Trust, the economic rights and obligations under the TOB </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Residual will be shared among the funds ratably in proportion to their participation in the TOB Trust.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bond&#8217;s downside </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment risk and also benefits from any appreciation in the value of the underlying Fixed Rate Bond. Investments in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">A TOB Residual held by the Fund provides the Fund with the right to: (1) cause the holders of the TOB Floater to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tender their notes at par, and (2) cause the sale of the Fixed-Rate Bond held by the TOB Trust, thereby collapsing the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">TOB Trust. TOB Trusts are generally supported by a liquidity facility provided by a third party bank or other financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">institution (the &#8220;Liquidity Provider&#8221;) that provides for the purchase of TOB Floaters that cannot be remarketed. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">holders of the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest on a periodic basis (typically weekly) or on the occurrence of certain mandatory tender events. The tendered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">TOB Floaters are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the TOB Floaters cannot be remarketed, the TOB Floaters are purchased by the TOB Trust either from the proceeds of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a loan from the Liquidity Provider or from a liquidation of the Fixed Rate Bond.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The TOB Trust may also be collapsed without the consent of the Fund, as the TOB Residual holder, upon the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">occurrence of certain &#8220;tender option termination events&#8221; (or &#8220;TOTEs&#8221;) as defined in the TOB Trust agreements. Such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">termination events typically include the bankruptcy or default of the municipal bond, a substantial downgrade in credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">quality of the municipal bond, or a judgment or ruling that interest on the Fixed Rate Bond is subject to federal income </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">taxation. Upon the occurrence of a termination event, the TOB Trust would generally be liquidated in full with the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">then to the holders of the TOB Floater up to par plus accrued interest owed on the TOB Floater and a portion of gain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">share, if any, with the balance paid out to the TOB Residual holder. In the case of a mandatory termination event, after </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the payment of fees, the TOB Floater holders would be paid before the TOB Residual holders (i.e., the Fund). In </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contrast, in the case of a TOTE, after payment of fees, the TOB Floater holders and the TOB Residual holders would </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be paid pro rata in proportion to the respective face values of their certificates.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">If there are insufficient proceeds from the liquidation of the TOB Trust, the party that would bear the losses would </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">depend upon whether a Fund holds a non-recourse TOB Residual or a recourse TOB Residual. If a Fund holds a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">non-recourse TOB Residual, the Liquidity Provider or holders of the TOB Floaters would bear the losses on those </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities and there would be no recourse to the Fund&#8217;s assets. If a Fund holds a recourse TOB Residual, the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(and, indirectly, holders of the Fund&#8217;s Common Shares) would typically bear the losses. In particular, if a Fund holds a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">recourse TOB Residual, it will typically have entered into an agreement pursuant to which the Fund would be required </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to pay to the Liquidity Provider the difference between the purchase price of any TOB Floaters put to the Liquidity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Provider by holders of the TOB Floaters and the proceeds realized from the remarketing of those TOB Floaters or the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sale of the assets in the TOB Issuer. The Fund may invest in both non-recourse and recourse TOB Residuals to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">leverage its portfolio.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">34</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_35"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In December 2013, regulators finalized rules implementing Section 619 (the &#8220;Volcker Rule&#8221;) and Section 941 (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;Risk Retention Rules&#8221;) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Both the Volcker Rule and the Risk Retention Rules apply to tender option bond programs. The Volcker Rule precludes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">banking entities from (i) sponsoring or acquiring interests in the trusts used to hold a municipal bond in the creation of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">TOB Trusts; and (ii) continuing to service or maintain relationships with existing programs involving TOB Trusts to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the same extent and in the same capacity as existing programs. The Risk Retention Rules require the sponsor to a TOB </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trust (e.g., the Fund) to retain at least five percent of the credit risk of the underlying assets supporting the TOB </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trust&#8217;s municipal bonds. The Risk Retention Rules may adversely affect the Fund&#8217;s ability to engage in tender option </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">bond trust transactions or increase the costs of such transactions in certain circumstances.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In response to these rules, industry participants explored various structuring alternatives for TOB Trusts and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreed on a new tender option bond structure in which the Fund hires service providers to assist with establishing, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">structuring and sponsoring a TOB Trust. Service providers to a TOB Trust, such as administrators, liquidity providers, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">trustees and remarketing agents act at the direction of, and as agent of, the Fund as the TOB Residual holders.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Under the new TOB Trust structure, the Liquidity Provider or remarketing agent will no longer purchase the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tendered TOB Floaters, even in the event of failed remarketing. This may increase the likelihood that a TOB Trust will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. The TOB Trust may draw upon a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loan from the Liquidity Provider to purchase the tendered TOB Floaters. Any loans made by the Liquidity Provider </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will be secured by the purchased TOB Floaters held by the TOB Trust and will be subject to an interest rate agreed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with the Liquidity Provider.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Puerto Rico Municipal Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Municipal securities issued by the Commonwealth of Puerto Rico (as used in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">this section, the &#8220;Commonwealth&#8221; or &#8220;Puerto Rico&#8221;) may be particularly affected by political, economic, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">environmental, social, regulatory or restructuring developments affecting the ability of Puerto Rican municipal issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to pay interest or repay principal. As a result of the ongoing financial challenges faced by Puerto Rico, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commonwealth&#8217;s economic circumstances may change negatively and more rapidly than usual, and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commonwealth may be less able to maintain up-to-date information for the public.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Beginning in 2006, the Commonwealth began to face significant budget shortfalls and endured continuous </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">economic decline through 2018. On June 30, 2016, the Puerto Rico Oversight, Management, and Economic Stability </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Act (&#8220;PROMESA&#8221;) was signed into law by President Obama. PROMESA established a federally-appointed oversight </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">board (the &#8220;Oversight Board&#8221;) to oversee the Commonwealth&#8217;s financial operations and allows the Commonwealth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and its instrumentalities, with approval of the Oversight Board, to file cases to restructure debt and other obligations in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a &#8220;Title III&#8221; proceeding. Title III incorporates many provisions of the federal Bankruptcy Code and incorporates legal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mechanisms for a litigation stay and restructuring of pension and debt obligations, among other provisions. Title III </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">petitions were filed for, among others, the Commonwealth, the Puerto Rico Sales Tax Financing Corporation, and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Puerto Rico Electric Power Authority, three of the largest issuers of Commonwealth debt. The Oversight Board is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">required by law to remain in place until, based on audited financials, four consecutive fiscal years have ended with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">balanced operations and Puerto Rico has demonstrated affordable market access to short-term and long-term credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">markets at reasonable interest rates.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Commonwealth was in bankruptcy proceedings for approximately seven years. However, in the first quarter </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of 2022, the central government of Puerto Rico executed a debt exchange and exited bankruptcy, which impacted a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">majority of Puerto Rico&#8217;s outstanding debt. A debt adjustment plan (the &#8220;Plan&#8221;) was approved by Puerto Rico&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">bankruptcy court in January 2022, and the debt exchange became effective in March 2022. Puerto Rico&#8217;s direct debt </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligations were reduced from $34.3 billion to $7.4 billion, and its annual debt service was reduced from $4.2 billion </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to $1.15 billion.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Plan requires that Puerto Rico adopt debt management policies in order to ensure that debt service does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">become unmanageable. The policies dictate, among other things, that debt proceeds may only be used to fund capital </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">projects and that debt to cover deficits will no longer be acceptable. Future debt refundings are required to result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">cash flow savings each fiscal year and may not raise principal. Additionally, new debt is required to begin amortizing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">within two years and may not have a maturity greater than 30 years.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Plan has substantially reduced the outstanding debt obligations of Puerto Rico and certain of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instrumentalities, but there can be no assurances that Puerto Rico will be able to negotiate settlements with respect to </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">35</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_36"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">its remaining outstanding debt and Title III proceedings. In addition, the composition of the Oversight Board has </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">changed significantly in recent years, and there can be no guarantee that the members of the Oversight Board will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">approve future restructuring agreements with other creditors.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The budget process will continue to require the Oversight Board, the governor of Puerto Rico, and Puerto Rico&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Legislative Assembly to develop a budget that complies with the fiscal plan developed by the Oversight Board and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">governor of Puerto Rico. The 2024 fiscal plan was certified by the Oversight Board on June 5, 2024 (&#8220;2024 Fiscal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Plan&#8221;). The 2024 Fiscal Plan projections reflect $13.7 billion of General Fund revenues (post-measures) for fiscal year </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">2025, which include estimated personal income tax receipts of $2.8 billion, sales and use receipts of $2.9 billion, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">corporation tax receipts of $4.3 billion. Against these revenues, the 2024 Fiscal Plan projections reflect $13.6 billion of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">General Fund expenditures for fiscal year 2025. The 2024 Fiscal Plan also contemplates that the Commonwealth funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">certain expenses through Special Revenue Funds, which are funded from, among other sources, tax revenues </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transferred by statutes, fees and charges for services by agencies, dividends from public corporations, and financing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">proceeds. The 2024 Fiscal Plan notes that through successive federal stimulus and recovery packages, Puerto Rico has </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">received approximately $120 billion in federal funds, and the 2024 Fiscal Plan assumes full deployment of these funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">by 2035.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">On July 31, 2024, the revised budget for fiscal year 2025 was certified. The fiscal year 2025 budget provides for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">General Fund expenditures of approximately $13.1 billion. General Fund allocations in the fiscal year 2025 budget to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">education and health care were approximately $2.9 billion and $1.5 billion, respectively.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Commonwealth&#8217;s budget is impacted by extensive unfunded pension obligations related to its retirement </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">systems, which include the Employees Retirement System, the Teachers Retirement System, and the Judiciary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Retirement System. The Commonwealth&#8217;s pension systems operate on a &#8220;pay-as-you-go&#8221; basis, and the General Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">has assumed any payments that the pension systems could not make. As a result, the Commonwealth may have fewer </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">resources for other priorities, including payments on its outstanding debt obligations. Alternatively, the Commonwealth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may be forced to raise revenue or issue additional debt. Either outcome could increase pressure on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commonwealth&#8217;s budget, which could have an adverse impact on the Fund&#8217;s investments in Puerto Rico.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Investors should be aware that Puerto Rico relies heavily on transfers from the federal government related to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">specific programs and activities in the Commonwealth. These transfers include, among others, entitlements for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">previously performed services, or those resulting from contributions to programs such as Social Security, Veterans&#8217; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Benefits, Medicare and U.S. Civil Service retirement pensions, as well as grants such as Nutritional Assistance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Program grants and Pell Grant scholarships for higher education. There is considerable uncertainty about which federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">policy changes may be enacted in the coming years and the economic impact of those changes. Due to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commonwealth&#8217;s dependence on federal transfers, any actions that reduce or alter these transfers may cause increased </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fiscal stress in Puerto Rico, which may have a negative impact on the value of the Commonwealth&#8217;s municipal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">There can be no assurances that the Commonwealth will not continue to face severe fiscal stress or that such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">circumstances will not become even more difficult in the future. Furthermore, there can be no guarantee that future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">developments will not have a materially adverse impact on the Commonwealth&#8217;s finances. Any further deterioration in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Commonwealth&#8217;s financial condition may have a negative effect on the payment of principal and interest, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">marketability, liquidity or value of the securities issued by the Commonwealth, which could reduce the performance of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Since PROMESA was enacted, there have been various legal proceedings initiated by creditors of Puerto Rico </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and other constituencies. These groups asserted a number of complex legal claims that questioned the efficacy and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">validity of PROMESA, calling into question the validity of Oversight Board appointments. The U.S. Supreme Court </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ultimately decided that the appointment of the members to the Oversight Board was valid. In addition, certain Title III </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">proceedings remain ongoing and certain Plans of Adjustment remain subject to judicial attack. The Commonwealth, its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">officials and employees are named as defendants in legal proceedings that occur in the normal course of governmental </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">operations. Some of these proceedings involve claims for substantial amounts, which if decided against the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commonwealth might require the Commonwealth to make significant future expenditures or substantially impair </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">future revenue sources. Because of the prospective nature of these proceedings, it is not presently possible to predict </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">36</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_37"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the ultimate outcome of such proceedings, estimate the potential impact on the ability of the Commonwealth to pay </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">debt service costs on its obligations, or determine what impact, if any, such proceedings may have on the Fund&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In September 2017, two successive hurricanes &#8212; Irma and Maria &#8212; caused severe damage to Puerto Rico. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commonwealth&#8217;s infrastructure was severely damaged by high winds and substantial flooding, including damage to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Commonwealth&#8217;s water, power, and telecommunications infrastructure, and resulted in more than 1 million people </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">losing power. In late December 2019 and January 2020, a series of earthquakes, including a magnitude 6.4 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">earthquake&#8212;the strongest to hit the island in more than a century&#8212;caused an estimated $200 million in damage. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">aftershocks from these earthquakes may continue for years, and it is not currently possible to predict the extent of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">damage that could arise from any aftershocks. The full extent of the natural disasters&#8217; impact on Puerto Rico&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">economy and foreign investment in Puerto Rico is difficult to estimate. There can be no assurances that future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">catastrophic weather events or natural disasters will not cause similar damage or that Puerto Rico will receive the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">necessary aid to rebuild from the damage caused by such catastrophic weather events or natural disasters.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In addition, the Commonwealth was adversely impacted by the health-related and economic effects of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">COVID-19 pandemic. Efforts to respond to and mitigate the spread of COVID-19 impacted the national and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commonwealth economies and contributed to volatility in the markets. Prolonged inflationary pressures and changing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest rates could also adversely affect Puerto Rico&#8217;s economy. It is not possible to predict the long-term economic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">environment as it relates to Puerto Rico.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">A large portion of Puerto Rico's debt has now been restructured. To the extent this debt restructuring effort has a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">negative impact on the liquidity or value of Puerto Rican municipal securities the Fund's investments and its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">performance may be adversely affected. Puerto Rico's restructured general obligation debt is not currently rated by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Moody's, S&amp;P, or Fitch.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Corporate Debt Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instrument.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may be acquired with warrants attached. There may be risks to the Fund even when it invests in corporate debt </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities that are, at the time of purchase, rated investment grade.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Securities rated Baa and BBB are the lowest which are considered &#8220;investment grade&#8221; obligations. Moody&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">describes securities rated Baa as judged to be medium-grade and subject to moderate credit risk and as such may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">possess certain speculative characteristics. S&amp;P describes securities rated BBB as exhibiting adequate protection </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">capacity to meet its financial commitments on the obligation. Fitch describes securities rated BBB as having good </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">credit quality with current low expectations of default. The capacity for payment of financial commitments is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">considered adequate, but adverse business or economic conditions are more likely to impair this capacity. For a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">discussion of securities rated below investment grade, see &#8220;High Yield Securities (&#8220;Junk Bonds&#8221;) and Securities of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Distressed Companies&#8221; above.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Commercial Paper</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 to commercial </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">37</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_38"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">paper. The rate of return on commercial paper may be linked or indexed to the level of exchange rates between the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. dollar and a foreign currency or currencies.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Convertible Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">security generally entitles the holder to receive interest or a dividend, as applicable, paid or accrued until the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">characteristics similar to non-convertible debt securities or preferred securities, as applicable. Convertible securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rank senior to common stock in a corporation&#8217;s capital structure and, therefore, generally entail less risk than the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">corporation&#8217;s common stock, although the extent to which such risk is reduced depends in large measure upon the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">degree to which the convertible security sells above its value as a fixed income security. Convertible securities are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subordinate in rank to any senior debt obligations of the issuer, and, therefore, an issuer&#8217;s convertible securities entail </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">more risk than its debt obligations. Convertible securities generally offer lower interest or dividend yields than </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">convertible securities are often lower-rated securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. If the convertible </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">security&#8217;s &#8220;conversion value,&#8221; which is the market value of the underlying common stock that would be obtained upon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the conversion of the convertible security, is substantially below the &#8220;investment value,&#8221; which is the value of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield), the price of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the convertible security is typically governed principally by its investment value. If the conversion value of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">convertible security increases to a point that approximates or exceeds its investment value, the value of the security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will typically be principally influenced by its conversion value. A convertible security generally will sell at a premium </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">over its conversion value to the extent investors place value on the right to acquire the underlying common stock while </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">holding an income-producing security.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">invest in convertible securities for their favorable price characteristics and total return potential.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">security may respond differently to market fluctuations.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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. A </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">38</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_39"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">synthetic convertible security also is a more flexible investment in that its two components may be purchased </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">separately. For example, the Fund may purchase a warrant for inclusion in a synthetic convertible security but </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">temporarily hold short-term investments while postponing the purchase of a corresponding bond pending development </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of more favorable market conditions.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">call option or warrant would be lost. Because a synthetic convertible security includes the income-producing </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a decline in the value of the income-producing component.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">risk associated with the convertible note.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Contingent Convertible Instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> Contingent convertible securities (&#8220;CoCos&#8221;) are a form of hybrid debt </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the occurrence of certain triggering events linked to regulatory capital thresholds or regulatory actions calling into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">question the issuing banking institution&#8217;s continued viability as a going-concern. In certain scenarios, investors in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. There is no guarantee that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may occur can be expected to have an adverse effect on the market price of CoCos. CoCos are often rated below </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment grade and are subject to the risks of high yield securities. Because CoCos are issued primarily by financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">institutions, CoCos may present substantially increased risks at times of financial turmoil, which could affect financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">institutions more than companies in other sectors and industries. Further, the value of an investment in CoCos is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unpredictable and will be influenced by many factors and risks, including interest rate risk, credit risk, market risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">liquidity risk. An investment by the Fund in CoCos may result in losses to the Fund. CoCos&#8217; unique equity conversion </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. Some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">additional risks associated with CoCos include, but are not limited to:</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Loss absorption risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;CoCos may be subject to an automatic write-down (i.e., the automatic write-down of the </span><span 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 </span><span 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 addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund may not have any rights with respect to repayment of the principal amount of the securities that has not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">become due or the payment of interest or dividends on such securities for any period from (and including) the interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">write-down could also result in a reduced income rate if the dividend or interest payment is based on the security&#8217;s par </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">value. In addition, CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issuer&#8217;s discretion or at the request of the relevant regulatory authority in order to help the issuer absorb losses and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may be suspended in the event there are insufficient distributable reserves.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Subordinated instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;CoCos will, in the majority of circumstances, be issued in the form of subordinated </span><span 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. Accordingly, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the event of liquidation, dissolution or winding-up of an issuer prior to a conversion having occurred, the rights and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">claims of the holders of the CoCos, such as the Fund, against the issuer in respect of or arising under the terms of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CoCos shall generally rank junior to the claims of all holders of unsubordinated obligations of the issuer and may also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">become junior to other obligations of the issuer. In addition, if the CoCos are converted into the issuer&#8217;s underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">equity securities following a conversion event, each holder will be subordinated due to their conversion from being the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">holder of a debt instrument to being the holder of an equity instrument.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">39</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_40"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Market value will fluctuate based on unpredictable factors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;The trading behavior of a given issuer&#8217;s CoCos may </span><span 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 unrelated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CoCo may cause a decline in value of one or more CoCos held by the Fund. Accordingly, the trading behavior of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CoCos may not follow the trading behavior of other similarly structured securities. The value of CoCos is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unpredictable and could be influenced by many factors including, without limitation: (i) the creditworthiness of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issuer and/or fluctuations in such issuer&#8217;s applicable capital ratios; (ii) supply and demand for the CoCos; (iii) general </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">particular market or the financial markets in general.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Equity Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">by the Fund or in connection with the restructuring of a debt security. Common stocks include common shares and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other common equity interests issued by private or public issuers. The Fund may invest in securities that have not been </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">registered for public sale in the United States or relevant non-U.S. jurisdictions, including without limit securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">eligible for purchase and sale pursuant to Rule 144A under the Securities Act, or relevant provisions of applicable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">non-U.S. law, and other securities issued in private placements. The Fund may also invest in preferred securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities generally have greater price volatility than fixed income securities. These risks, and other risks of equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities, are generally magnified in the case of equity investments in distressed companies.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">equity investments in distressed companies.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Preferred Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may also invest in preferred securities. Preferred securities represent an equity interest in a company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividends and a fixed share of the proceeds resulting from a liquidation of the company. Some preferred securities also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">entitle their holders to receive additional liquidation proceeds on the same basis as holders of a company&#8217;s common </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">stock, and thus also represent an ownership interest in that company. Preferred securities are subject to issuer-specific </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and market risks applicable generally to equity securities. In addition, a company&#8217;s preferred securities generally pay </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in the company&#8217;s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adverse developments than preferred securities of larger companies.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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. The value </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">40</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_41"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">debt to actual or perceived changes in the company&#8217;s financial condition or prospects. Preferred securities of smaller </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">companies may be more vulnerable to adverse developments than those of larger companies.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Smaller Company Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The general risks associated with debt instruments or equity securities are particularly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">pronounced for securities issued by companies with small market capitalizations. Small capitalization companies </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities positions in smaller companies at prevailing market prices. Also, there may be less publicly available </span><span 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. </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Adjustable Rate and Auction Preferred Securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Typically, the dividend rate on an adjustable rate preferred </span><span 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 </span><span 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 </span><span 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 or SOFR. Typically, an adjustment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">formula will provide for a fixed premium or discount adjustment relative to the highest base yield of three specified </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. Treasury securities: the 90-day Treasury bill, the 10-year Treasury note and the 20-year Treasury bond. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">premium or discount adjustment to be added to or subtracted from this highest U.S. Treasury base rate yield is fixed at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the time of issue and cannot be changed without the approval of the holders of the security. The dividend rate on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">another type of preferred security in which the Fund may invest, commonly known as auction preferred securities, is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adjusted at intervals that may be more frequent than quarterly, such as every 7 or 49 days, based on bids submitted by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">holders and prospective purchasers of such securities and may be subject to stated maximum and minimum dividend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rates. The issues of most adjustable rate and auction preferred securities currently outstanding are perpetual, but are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">redeemable after a specified date, or upon notice, at the option of the issuer. Certain issues supported by the credit of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">high-rated financial institution provide for mandatory redemption prior to expiration of the credit arrangement. No </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">redemption can occur if full cumulative dividends are not paid. Although the dividend rates on adjustable and auction </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">preferred securities are generally adjusted or reset frequently, the market values of these preferred securities may still </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fluctuate in response to changes in interest rates. Market values of adjustable preferred securities also may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">substantially fluctuate if interest rates increase or decrease once the maximum or minimum dividend rate for a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">particular security is approached. Auctions for U.S. auction preferred securities have failed since early 2008, and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividend rates payable on such preferred securities since that time typically have been paid at their maximum </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">applicable rate (typically a function of a reference rate of interest).</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Fixed Rate Preferred Securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Some fixed rate preferred securities in which the Fund may invest, known as </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Bank Obligations</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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: </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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; </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">41</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_42"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">which are &#8220;accepted&#8221; by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">There are generally no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">third party, although there is&#160;generally no market for such deposits.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">quality and thereby impact the earnings and financial conditions of banks.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers in which they invest. For example, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">facilities or other services from other lending institutions with similar terms.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Issuers in which the Fund may invest can be affected by volatility in the banking sector. Even if banks used by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issuers in which the Fund invests remain solvent, continued volatility in the banking sector could contribute to, cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and/or a downturn in market and economic and financial conditions, as a result of developments in the banking </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on the Fund and issuers in which they invest.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. government agency or instrumentality.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Loans and Other Indebtedness; Loan Participations and Assignments</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may purchase indebtedness and participations in loans held and/or originated by private financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">institutions, including commercial and residential mortgage loans, corporate loans and consumer loans, as well as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interests and/or servicing or similar rights in such loans. Such instruments may be secured or unsecured and may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">newly-originated (and may be specifically designed for the Fund). Indebtedness is different from traditional debt </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities in that debt securities are part of a large issue of securities to the public whereas indebtedness may not be a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">security and may represent a specific commercial loan to a borrower. Loan participations typically represent direct </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">42</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_43"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">participation, together with other parties, in a loan to a borrower, and generally are offered by banks or other financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">institutions or lending syndicates. The Fund may participate in such syndications, or can buy part or all of a loan. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">When purchasing indebtedness and loan participations, the Fund assumes the credit risk associated with the borrower </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">and may assume the credit risk associated with an interposed bank or other financial intermediary. The indebtedness </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and loan participations that the Fund may acquire may not be rated by any NRSROs.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or other financial intermediary to apply appropriate credit remedies against a borrower. This may subject the Fund to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">delays, expenses and risks that are greater than those that would be involved if the Fund could enforce its rights </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">directly against the borrower. Also, in the event of the insolvency of the lender or interposed bank or other financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">intermediary who sold the participation interest to the Fund, the Fund may not have any exclusive or senior claim with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">respect to the lender's interest in the corporate loan, or in the collateral securing the corporate loan. If the Fund has </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">purchased the whole loan, the Fund would assume all of the rights of the lender in a commercial loan, including the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rights as a lender directly against the borrower.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 would likely remain available to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">holders of such indebtedness. However, if assets held by the agent bank for the benefit of the Fund were determined to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be subject to the claims of the agent bank&#8217;s general creditors, the Fund might incur certain costs and delays in realizing </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">borrower for payment of principal and interest. If the Fund does not receive scheduled interest or principal payments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on such indebtedness, the Fund&#8217;s share price and/or yield of the Common Shares could be adversely affected. Loans </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that are fully secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the borrower&#8217;s obligation, or that the collateral can be liquidated. In the event of the bankruptcy of a borrower, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund could experience delays or limitations in its ability to realize the benefits of any collateral securing a loan.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may acquire loans and loan participations with credit quality comparable to that of issuers of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities investments. Indebtedness of companies whose creditworthiness is poor and/or subprime in quality involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">substantially greater risks, and may be highly speculative. Some companies may never pay off their indebtedness, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may pay only a small fraction of the amount owed. Consequently, when acquiring indebtedness of companies with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">poor credit, the Fund bears a substantial risk of losing the entire amount of the instrument acquired. The Fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">make purchases of indebtedness and loan participations to achieve income and/or capital appreciation. Because the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund establishes a direct contractual relationship with the lender or participant, the Fund is subject to the credit risk of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the lender or participant in addition to the usual credit risk of the borrower and any agent bank. Under normal market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">conditions, loan participations that sell at a discount to the secondary loan price may indicate the borrower has credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">problems or other issues associated with the credit risk of the loan. To the extent the credit problems are not resolved, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loan participations may appreciate in value.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund will limit the amount of its total assets that it will invest in any one issuer and the Fund will limit the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">amount of its total assets that it will invest in issuers within the same industry. For purposes of these limits, the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">generally will treat the corporate borrower as the &#8220;issuer&#8221; of indebtedness held by the Fund. In the case of loan </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">participations where a bank or other lending institution serves as a financial intermediary between the Fund and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">borrower, if the participation does not shift to the Fund the direct debtor-creditor relationship with the borrower, SEC </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interpretations require the Fund to treat both the lending bank or other lending institution and the borrower as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;issuers.&#8221; Treating a financial intermediary as an issuer of indebtedness may restrict the Fund&#8217;s ability to invest in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">indebtedness related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">if the underlying borrowers represent many different companies and industries.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">43</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_44"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 purchase or otherwise gain exposure to) may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not be readily marketable and may be subject to restrictions on resale. A secondary market in corporate loans may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ability to accurately value existing and prospective investments and to realize in a timely fashion the full value on sale </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of a corporate loan. In connection with certain loan transactions, transaction costs that are borne by the Fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">include the expenses of third parties that are retained to assist with reviewing and conducting due diligence, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">negotiating, structuring and servicing a loan transaction, and/or providing other services in connection therewith. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Furthermore, the Fund may incur such costs in connection with loan transactions that are pursued by the Fund but not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ultimately consummated (so-called &#8220;broken deal costs&#8221;). In some cases, negotiations involved in disposing of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dispose of readily at what PIMCO believes to be a fair price. In addition, valuation of illiquid indebtedness involves a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">greater degree of judgment in determining the Fund&#8217;s net asset value than if that value were based on available market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">quotations, and could result in significant variations in the Fund&#8217;s daily share price. At the same time, some loan </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interests are traded among certain financial institutions and accordingly may be deemed liquid. As the market for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">different types of indebtedness develops, the liquidity of these instruments may improve. Acquisitions of loan </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">participations are considered to be debt obligations for purposes of the Fund&#8217;s investment restriction relating to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">lending of funds or assets by the Fund.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">terms of such loans, which could reduce Fund performance.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Investments in loans through a purchase of a loan or a direct assignment of a financial institution&#8217;s interests with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">respect to a loan may involve additional risks to the Fund. The purchaser of an assignment typically succeeds to all the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rights and obligations under the loan agreement with the same rights and obligations as the assigning lender. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Assignments may, however, be arranged through private negotiations between potential assignees and potential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">limited than, those held by the assigning lender. For example, if a loan is foreclosed, the Fund could become owner, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">whole or in part, of any collateral, which could include, among other assets, real estate or other real or personal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">property, and would bear the costs and liabilities associated with owning and holding or disposing of the collateral (see </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;Real Estate Assets and Related Derivatives&#8221; above). In addition, it is conceivable that under emerging legal theories </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of lender liability, the Fund could be held liable as co-lender. It is unclear whether loans and other forms of direct </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fraud or misrepresentation could adversely affect the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">11 of the U.S. Bankruptcy Code (&#8220;Chapter 11&#8221;). These financings allow the entity to continue its business operations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">while reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered security (i.e., security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not subject to other creditors&#8217; claims). There is a risk that the entity will not emerge from Chapter 11 and be forced to </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will be against the property securing the DIP financing.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 direct or indirect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fully-owned Subsidiaries. The Subsidiaries directly holding a beneficial interest in loans will be formed as domestic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">common law or statutory trusts with a federally chartered bank serving as trustee. Each such fully-owned Subsidiary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">trust will hold the beneficial interests of loans and the federally chartered bank acting as trustee will hold legal title to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the loans for the benefit of the Subsidiary trust and/or the trust&#8217;s beneficial owners (i.e., the Fund or its direct or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">indirect fully-owned Subsidiary). State licensing laws typically exempt federally chartered banks from their licensing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirements, and federally chartered banks may also benefit from federal preemption of state laws, including any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">licensing requirements. The use of common law or statutory trusts with a federally chartered bank serving as trustee is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">intended to address any state licensing requirements that may be applicable to purchasers or holders of loans, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">state licensing requirements related to foreclosure. The Fund believes that such direct or indirect fully-owned </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Subsidiary trusts will not be treated as associations or publicly traded partnerships taxable as corporations for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. federal income tax purposes, and that therefore, the Subsidiary trusts will not be subject to U.S. federal income </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tax at the Subsidiary level. Investments in residential mortgage loans or unsecured consumer loans through entities that </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">44</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_45"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">are not so treated can potentially be limited by the Fund&#8217;s intention to qualify as a RIC under Subchapter M of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Code, and limit the Fund&#8217;s ability to qualify as such.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">If the Fund or its direct or indirect fully-owned Subsidiary trust is required to be licensed in any particular </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">jurisdiction in order to originate, acquire, hold, dispose or foreclose loans, obtaining the required license may not be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">viable (because, for example, it is not possible or practical) and the Fund or its Subsidiary trust may be unable to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">restructure its holdings to address the licensing requirement. In that case, the Fund or its Subsidiary trust may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">forced to cease activities involving the affected loans, or may be forced to sell such loans. If a state regulator or court </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">were to determine that the Fund or its Subsidiary trust acquired, held or foreclosed a loan without a required state </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">license, the Fund or its Subsidiary trust could be subject to penalties or other sanctions, prohibited or restricted in its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ability to enforce its rights under the loan, or subject to litigation risk or other losses or damages.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 loan </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">assignee of the bank&#8217;s loans.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Risk Retention Investments</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 (</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, retained </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">available for any given position.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">45</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_46"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">ensure such securitization complies with the final U.S. Risk Retention Rules. Such Risk Retention Agreements may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">include a variety of representations, warranties, covenants and other indemnities, each of which may run to various </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">transaction parties. If the Fund breaches any undertakings in any Risk Retention Agreement, it will be exposed to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">claims by the other parties thereto, including for any losses incurred as a result of such breach, which could be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">significant and exceed the value of the Fund&#8217;s investments.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Alternative Lending ABS</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may invest, either directly or indirectly or through its Subsidiaries, in shares, certificates, notes or other </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">lending, is a method of financing in which an alternative lending platform (</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, an online lending marketplace or </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">lenders. Often, platforms charge fees to borrowers to cover these screening and administrative costs. Based on this and </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">verify and provide information to the Fund about each loan and borrower. Platforms may set minimum eligibility </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">standards for borrowers to participate in alternative lending arrangements and may limit the maximum permitted </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">borrowings. Depending on the purpose and nature of the loan, its term may, for example, be as short as six months or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shorter, or as long as thirty years or longer.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Privacy and Data Security Laws</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">platform participants&#8217; personal information securely and dispose of it properly.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">46</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_47"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">guarantee that service providers have been and will continue to comply with GLBA, other data security and privacy </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">laws and any other related regulatory requirements. Violations of GLBA and other laws could subject the Fund to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">litigation and/or fines, penalties or other regulatory action, which, individually or in the aggregate, could have an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">adverse effect on the Fund. The Fund may also face regulations related to privacy and data security in the other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">jurisdictions in which the Fund invests.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Loans</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">To the extent the Fund invests in loans, the Fund may be subject to greater levels of credit risk, call (or </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">non-payment rate, and a loan may lose significant market value before a default occurs. The Fund may also be subject </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to greater levels of liquidity risk than funds that do not invest in loans. In addition, the loans in which the Fund invests </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may not be listed on any exchange and a secondary market for such loans may be comparatively less liquid relative to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">markets for other more liquid fixed income securities. Consequently, transactions in loans may involve greater costs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">than transactions in more actively traded securities. In connection with certain loan transactions, transaction costs that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are borne by the Fund may include the expenses of third parties that are retained to assist with reviewing and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">conducting diligence, negotiating, structuring and servicing a loan transaction, and/or providing other services in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">connection therewith. Furthermore, the Fund may incur such costs in connection with loan transactions that are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">pursued by the Fund but not ultimately consummated (so-called &#8220;broken deal costs&#8221;).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and wide bid/ask spreads among other factors, may, in certain circumstances, make loans difficult to value accurately </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or sell at an advantageous time or price than other types of securities or instruments. These factors may result in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund being unable to realize full value for the loans and/or may result in the Fund not receiving the proceeds from a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sale of a loan for an extended period after such sale, each of which could result in losses to the Fund. Loans may have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">extended trade settlement periods, which may result in cash not being immediately available to the Fund. As a result, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transactions in loans that settle on a delayed basis may limit the Fund&#8217;s ability to make additional investments or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">satisfy the Fund&#8217;s repurchase obligations. The Fund may seek to satisfy any short-term liquidity needs resulting from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">an extended trade settlement process by, among other things, selling portfolio assets, holding additional cash or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">entering into temporary borrowing arrangements with banks and other potential funding sources. If an issuer of a loan </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in other loans or similar </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instruments that may pay lower interest rates. Loans in which the Fund invests may or may not be collateralized, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">although the loans may not be fully collateralized and the collateral may be unavailable or insufficient to meet the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligations of the borrower. The Fund may have limited rights to exercise remedies against such collateral or a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">borrower, and loan agreements may impose certain procedures that delay receipt of the proceeds of collateral or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">require the Fund to act collectively with other creditors to exercise its rights with respect to a loan. Loans may not be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">considered securities under the federal securities laws. In such circumstances, fewer legal protections may be available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with respect to the Fund&#8217;s investment in loans. In particular, if a loan is not considered a security under the federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities laws, certain legal protections normally available to securities investors under the federal securities laws, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">such as those against fraud and misrepresentation, may not be available. Because of the risks involved in investing in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loans, an investment in the Fund that invests in such instruments should be considered speculative.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Loans that are covenant-lite obligations contain fewer maintenance covenants than other types of loans, or no </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and declare a default if certain criteria are breached. Covenant-lite loans carry a risk that the borrower could transfer or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">encumber its assets, which could reduce the amount of assets that can be used to satisfy debts and result in losses for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">debtholders. Covenant-lite obligations may carry more risk than traditional loans as they allow borrowers to engage in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">activities that would otherwise be difficult or impossible under a covenant-heavy loan agreement. In the event of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">default, covenant-lite obligations may exhibit diminished recovery values as the lender may not have the opportunity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to negotiate with the borrower prior to default. The Fund may have a greater risk of loss on investments in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">covenant-lite obligations as compared to investments in traditional loans.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">47</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_48"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Secondary trades of loans may have extended settlement periods. Any settlement of a secondary market purchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of loans in the ordinary course, on a settlement date beyond the period expected by loan market participants (i.e., T+7 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for par/near par loans and T+20 for distressed loans, in other words more than seven or twenty business days beyond </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the trade date, respectively) is subject to the &#8220;delayed compensation&#8221; rules prescribed by the Loan Syndications and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trading Association (&#8220;LSTA&#8221;) and addressed in the LSTA&#8217;s standard loan documentation for par/near par trades and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for distressed trades. &#8220;Delayed compensation&#8221; is a pricing adjustment comprised of certain interest and fees, which is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">payable between the parties to a secondary loan trade. The LSTA introduced a requirements-based rules program in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">order to incentivize shorter settlement times for secondary transactions and discourage certain delay tactics that create </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">friction in the loan syndications market by, among other things, mandating that the buyer of a loan satisfy certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;basic requirements&#8221; as prescribed by the LSTA no later than T+5 in order for the buyer to receive the benefit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest and other fees accruing on the purchased loan from and after T+7 for par/near par loans (for distressed trades, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">T+20) until the settlement date, subject to certain specific exceptions. These &#8220;basic requirements&#8221; generally require a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">buyer to execute the required trade documentation and to be, and remain, financially able to settle the trade no later </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">than T+7 for par/near par loans (and T+20 for distressed trades). In addition, buyers are required to fund the purchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">price for a secondary trade upon receiving notice from the agent of the effectiveness of the trade in the agent&#8217;s loan </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">register. The Fund, as a buyer of a loan in the secondary market, would need to meet these &#8220;basic requirements&#8221; or risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">forfeiting all or some portion of the interest and other fees accruing on the loan from and after T+7 for par/near par </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loans (for distressed trades, T+20) until the settlement date. The &#8220;delayed compensation&#8221; mechanism does not mitigate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the other risks of delayed settlement or other risks associated with investments in loans.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 loan may result in the Fund or PIMCO receiving </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s investment opportunities may be limited, as trading in securities of such issuer may be restricted. Additionally, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO may seek to avoid receiving material, non-public information about issuers of loans. As a result, PIMCO may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">forgo certain investment opportunities or be disadvantaged as compared to other investors that do not restrict </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">information that they receive from loan issuers.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Second Lien or Other Subordinated (Mezzanine) or Unsecured Loans or Debt. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund may invest in unsecured </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">loans and subordinated or mezzanine obligations including second and lower lien loans and the mezzanine and equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(or &#8220;first loss&#8221;) tranches of CLO issues. In addition to the risks described above, second lien or other subordinated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(mezzanine) or unsecured loans or debt generally are subject to similar risks as those associated with investments in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">senior loans. In addition, because second lien or other subordinated (mezzanine) or unsecured loans or debt are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subordinated in payment and/or lower in lien priority to senior loans, they are subject to additional risk that the cash </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">after giving effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second lien or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subordinated loans or debt, both secured and unsecured, may have greater price volatility than senior loans and may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">less liquid. There is also a possibility that originators will not be able to sell participations in second lien loans and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subordinated loans or debt, both secured and unsecured, which would create greater credit risk exposure. Second lien </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or other subordinated or unsecured loans or debt of below investment grade quality share risks similar to those </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">associated with investments in other below investment grade securities and obligations.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Delayed Funding Loans and Revolving Credit Facilities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 draw and delayed funding loans and revolving </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">credit facilities. Delayed draw and delayed funding loans and revolving credit facilities are borrowing arrangements in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which the lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">term. A revolving credit facility differs from a delayed draw and delayed funding loan in that as the borrower repays </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Delayed draw and delayed funding loans and revolving credit facilities usually provide for floating or variable rates of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest. These commitments may have the effect of requiring the Fund to increase its investment in an issuer at a time </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">when it might not otherwise decide to do so (including a time when the issuer&#8217;s financial condition makes it unlikely </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that such amounts will be repaid).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may invest in delayed draw and delayed funding loans and revolving credit facilities with credit quality </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">comparable to that of issuers of its securities investments. Delayed draw and delayed funding loans and revolving </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">credit facilities may be subject to restrictions on transfer, and only limited opportunities may exist to resell such </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">48</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_49"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">instruments. As a result, the Fund may be unable to sell such investments at an opportune time or may have to resell </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">them at less than fair market value. For a further discussion of the risks involved in investing in loan participations and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">other forms of direct indebtedness see &#8220;Loans and Other Indebtedness, Loan Participations and Assignments.&#8221; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Participation interests in revolving credit facilities will be subject to the limitations discussed in &#8220;Loans and Other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Indebtedness, Loan Participations and Assignments.&#8221; Delayed draw and delayed funding loans and revolving credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">facilities are considered to be debt obligations for purposes of the Fund&#8217;s investment restriction relating to the lending </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of funds or assets by the Fund.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 (including PIK loans </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and bonds). Zero-coupon securities are debt obligations that do not entitle the holder to any periodic payments of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest either for the entire life of the obligation or for an initial period after the issuance of the obligations. Like </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">zero-coupon bonds, &#8220;step-up&#8221; bonds pay no interest initially but eventually begin to pay a coupon rate prior to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">maturity, which rate may increase at stated intervals during the life of the security. PIKs are debt obligations that pay </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;interest&#8221; in the form of other debt obligations instead of cash. Partial pay-in-kind loans and bonds are debt obligations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that pay such &#8220;interest&#8221; partly in cash. Each of these instruments is normally issued and traded at a deep discount from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">face value. The amount of the discount varies depending on such factors as the time remaining until maturity of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market prices of zero-coupon bonds, step-ups and PIKs generally are more volatile than the market prices of debt </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instruments that pay interest currently and in cash and are likely to respond to changes in interest rates to a greater </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">degree than do other types of securities having similar maturities and credit quality.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund to dispose of them or determine their current value.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Variable and Floating Rate Debt Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 variable and floating rate loans. Variable and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">floating rate securities are securities that pay interest at rates that adjust whenever a specified interest rate changes, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">float at a fixed margin above a generally recognized base lending rate and/or reset or are redetermined (e.g., pursuant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to an auction) on specified dates (such as the last day of a month or calendar quarter). These instruments may include, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">without limitation, variable-rate preferred securities, bank loans, money market instruments and certain types of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mortgage-backed and other ABS. Due to their variable- or floating-rate features, these instruments will generally pay </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the same reason, the market value of a variable- or floating-rate instrument is generally expected to have less </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">49</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_50"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">determined by movements in the difference between the prices or interest rates, as the case may be, of the respective </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities or currencies.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">would otherwise have continued to hold. See &#8220;Taxation.&#8221;</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may invest in residual interest bonds. The term &#8220;residual interest bonds&#8221; generally includes TOB Trust </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">residual interest certificates and instruments designed to receive residual interest payments or other excess cash flows </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">from collateral pools once other interest holders and expenses have been paid.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Inflation-Indexed Bonds</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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. </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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%).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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) </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may&#160;also invest in other inflation-related bonds that may or may not provide a similar guarantee. If a guarantee of </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">principal amount.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not reflected in the bond&#8217;s inflation measure.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">50</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_51"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">foreign (non-U.S.) inflation index will accurately measure the real rate of inflation in the prices of goods and services. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Moreover, there can be no assurance that the rate of inflation in a foreign (non-U.S.) country will be correlated to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rate of inflation in the United States.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">continued to hold. See &#8220;Taxation.&#8221;</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Event-Linked Bonds</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 or gaining exposure to reinsurance contracts (through </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sidecars or otherwise), &#8220;event-linked bonds,&#8221; or &#8220;event-linked swaps,&#8221; or by implementing &#8220;event-linked strategies&#8221;, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investing in instruments linked to reinsurance contracts. Event-linked exposure results in gains that typically are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contingent on the non-occurrence of a specific &#8220;trigger&#8221; event, such as a hurricane, earthquake or other physical or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">weather-related phenomena. Some event-linked bonds are commonly referred to as &#8220;catastrophe bonds.&#8221; They may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issued by government agencies, insurance companies, reinsurers, special purpose corporations or other on-shore or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">off-shore entities (such special purpose entities are created to accomplish a narrow and well-defined objective, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the issuance of a note in connection with a reinsurance transaction). If a trigger event causes losses exceeding a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">specific amount in the geographic region and time period specified in a bond or other security, the Fund may lose a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portion or all of its principal invested in the bond or other security. If no trigger event occurs or losses for the event are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">less than projected, the Fund will recover its principal plus interest and/or make a positive return on its investment. For </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">some event-linked bonds or other instruments, the trigger event or losses may be based on company-wide losses, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">index-portfolio losses, industry indices or readings of scientific instruments rather than specified actual losses. Often </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the event-linked bonds or other instruments provide for extensions of maturity that are mandatory, or optional at the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">has, occurred. An extension of maturity may increase volatility. Exposure to reinsurance contracts may include </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments in &#8220;excess of loss&#8221; contracts, wherein liability arises only if and when losses exceed a specified amount, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and proportional reinsurance, wherein a pro rata portion of the premiums and liabilities of the cedant associated with a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">specified business or a portfolio of insurance contracts are linked to the investment. These arrangements may involve </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">significant insurance brokerage fees, fronting fees and other transaction costs. In addition to the specified trigger </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">events, event-linked bonds also may expose the Fund to certain unanticipated risks including but not limited to issuer </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations and adverse tax consequences.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 develop for event-linked bonds. Lack of a liquid market may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">impose the risk of higher transaction costs and the possibility that the Fund may be forced to liquidate positions when </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">it would not be advantageous to do so. Event-linked bonds are typically rated, and the Fund will only invest in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">event-linked bonds that meet the credit quality requirements for the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Commodities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">government regulation and other actions.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">51</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_52"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the risk of loss due to adverse economic, business or political developments affecting a particular sector. See </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">&#8220;Derivative Instruments&#8221; below for a more detailed discussion of risks related to commodities, including additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">discussion of commodity-related derivative instruments.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Derivative Instruments</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">currency and other risks in the portfolio.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreements with respect to foreign currencies. The Fund may invest in structured notes and enter into transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">involving other similar instruments as discussed herein. All of these transactions are referred to collectively herein as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;derivatives.&#8221; If other types of financial instruments, including other types of options, futures contracts, or futures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">options are traded in the future, the Fund also may use those instruments, provided that their use is consistent with the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s investment objectives.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">strategy used will succeed. Like most other investments, derivatives are subject to the risk that the market value of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instrument will change in a way detrimental to the Fund&#8217;s interest. If PIMCO incorrectly forecasts interest rates, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market values or other economic factors in using a derivatives strategy for the Fund, the Fund might have been in a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">better position if it had not entered into the transaction at all. Also, suitable derivatives transactions may not be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">available in all circumstances. The use of these strategies involves certain special risks, including a possible imperfect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">correlation, or even no correlation, between price movements of derivative instruments and price movements of related </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments. Because many derivatives have a leverage component, adverse changes in the value or level of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">underlying asset, reference rate or index could result in a loss substantially greater than the amount invested in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">derivative itself. The use of certain derivatives involves the risk that a loss may be sustained as a result of the failure of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">another party (usually referred to as a &#8220;counterparty&#8221;) to make required payments or otherwise comply with the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contract&#8217;s terms. Counterparty risk also includes the risks of having concentrated exposure to a counterparty. Other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">counterparty risks are further described below. Using derivatives is also subject to operational and legal risks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Operational risk generally refers to risk related to potential operational issues, including documentation issues, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">settlement issues, systems failures, inadequate controls, and human error. Legal risk generally refers to insufficient </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. While </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">gain or even result in losses by offsetting favorable price movements in related investments or otherwise. This is due, </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">52</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_53"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">in part, to liquidity risk which refers to the possible inability of the Fund to purchase or sell a portfolio security at a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the possible inability of the Fund to close out or liquidate its derivatives positions. Liquidity risk also refers to the risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">that the Fund may be required to hold additional cash or sell other investments in order to obtain cash to close out </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">derivatives or meet the liquidity demands that derivatives can create to make payments of margin, collateral, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">settlement payments to counterparties. The Fund may have to sell a security at a disadvantageous time or price to meet </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">such obligations. In addition, the Fund&#8217;s use of such instruments may cause the Fund to realize higher amounts of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">short-term capital gains (generally subject to tax when distributed to shareholders at ordinary income tax rates) than if </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">it had not used such instruments. If the Fund gains exposure to an asset class using derivative instruments backed by a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">collateral portfolio of fixed income instruments, changes in the value of the fixed income instruments may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">greater or lesser exposure to that asset class than would have resulted from a direct investment in securities comprising </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that asset class.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Participation in the markets for derivative instruments also involves investment risks and transaction costs to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which the Fund may not be subject absent the use of these strategies. The skills needed to successfully execute </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">derivative strategies may be different from those needed for other types of transactions. If the Fund incorrectly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">factors involved in a derivatives transaction, the Fund might have been in a better position if the Fund had not entered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">into such derivatives transaction. In evaluating the risks and contractual obligations associated with particular </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">derivative instruments, it is important to consider that certain derivatives transactions may be modified or terminated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">only by mutual consent of the Fund and its counterparty and certain derivatives transactions may be terminated by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">counterparty or the Fund, as the case may be, upon the occurrence of certain Fund-related or counterparty-related </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">events, which may result in losses or gains to the Fund based on the market value of the derivatives transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">entered into between the Fund and the counterparty. In addition, such early terminations may result in taxable events </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and accelerate gain or loss recognition for tax purposes. It may not be possible for the Fund to modify, terminate, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">offset the Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks associated with a derivatives transaction prior to its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">termination or maturity date, which may create a possibility of increased volatility and/or decreased liquidity to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund. Upon the expiration or termination of a particular contract, the Fund may wish to retain its position in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contract is unwilling or unable to enter into the new contract and no other appropriate counterparty can be found, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which could cause the Fund not to be able to maintain certain desired investment exposures or not to be able to hedge </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other investment positions or risks, which could cause losses to the Fund. Furthermore, after such an expiration or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">termination of a particular contract, the Fund may have fewer counterparties with which to engage in additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">derivatives transactions, which could lead to potentially greater counterparty risk exposure to one or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">counterparties and which could increase the cost of entering into certain derivatives. In such cases, the Fund may lose </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">money.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">income and gain-generating strategies, including certain derivatives strategies, may generate current, distributable </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which may be economically similar to a taxable return of capital.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">regulation or otherwise.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">53</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_54"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instruments.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Options on Securities and Indexes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund may, to the extent specified herein or in the Prospectus, purchase </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">pending its ability to invest in such securities in an orderly manner.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 option may be closed out by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">an offsetting purchase or sale of an option of the same series (type, exchange, underlying security or index, exercise </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">price, and expiration). The Fund will realize a capital gain from a closing purchase transaction if the cost of the closing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">option is less than the premium received from writing the option, or, if it is more, the Fund will realize a capital loss. If </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will realize a capital gain or, if it is less, the Fund will realize a capital loss. There can be no assurance, however, that a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">closing purchase or sale transaction can be effected when the Fund desires. In addition, the Fund may sell put or call </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">options it has previously purchased, which could result in a net gain or loss depending on whether the amount realized </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on the sale is more or less than the premium and other transaction costs paid on the put or call option which is sold.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the current market price of the underlying security or index in relation to the exercise price of the option, the volatility </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of the underlying security or index, and the time remaining until the expiration date.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Value&#8221; below.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may write straddles consisting of a combination of a call and a put written on the same underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">security.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">54</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_55"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Pursuant to policies adopted by the Fund&#8217;s Board, purchased OTC options and the assets used as cover for OTC </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">options written by the Fund may be treated as liquid.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Risks Associated with Options on Securities and Indexes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">There are several risks associated with transactions in </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">events.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 an offsetting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transaction in order to terminate its obligation under the option and must satisfy its delivery requirements. To the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">extent the Fund writes a put option, the Fund has assumed the obligation during the option period to purchase the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">underlying investment from the put buyer at the option&#8217;s exercise price if the put buyer exercises its option, regardless </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of whether the value of the underlying investment falls below the exercise price. This means that the Fund that writes a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">put option may be required to take delivery of the underlying investment and make payment for such investment at the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exercise price. This may result in losses to the Fund and may result in the Fund holding the underlying investment for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">some period of time when it is disadvantageous to do so.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option. Also, where a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">put or call option on a particular security is purchased to hedge against price movements in a related security, the price </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of the put or call option may move more or less than the price of the related security.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exercise price of the call.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. </span><span 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. Movements </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in the index may result in a loss to the Fund; however, such losses may be mitigated by changes in the value of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s securities during the period the option was outstanding.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, the Fund has, in return for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">premium on the option, given up the opportunity to profit from a price increase in the underlying security above the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exercise price during the option period, but, as long as its obligation under such call option continues, has retained the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">risk of loss should the price of the underlying security decline.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Foreign Currency Options. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">To the extent the Fund invests in foreign currency-denominated securities, it may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">buy or sell put and call options on foreign currencies. In addition, the Fund may buy or sell put and call options on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">foreign currencies either on exchanges or in the OTC market. A put option on a foreign currency gives the purchaser of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Derivatives.&#8221;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">55</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_56"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Futures Contracts and Futures Options. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">brokers.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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), </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">only on the futures exchanges upon which the Index Futures are then traded.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">foreign currencies. It is expected that other futures contracts will be developed and traded in the future. Certain futures </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">performance track records.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contracts and futures options.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">quantity agreed-upon when the contract is bought or sold.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may purchase and write call options on futures or put options on futures. Futures options possess many </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of the same characteristics as options on securities and indexes (discussed above). A futures option gives the holder the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the opposite is true.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">56</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_57"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Margin requirements on foreign exchanges may be different than U.S. exchanges. The initial margin is in the nature of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">a performance bond or good faith deposit on the futures contract which is returned to the Fund upon termination of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">contract, assuming all contractual obligations have been satisfied. The Fund expects to earn interest income on its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">initial margin deposits. A futures contract held by the Fund is valued daily at the official settlement price of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">exchange on which it is traded. Each day the Fund pays or receives cash, called &#8220;variation margin,&#8221; equal to the daily </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">change in value of the futures contract. This process is known as &#8220;marking-to-market.&#8221; Variation margin does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">represent a borrowing or loan by the Fund but is instead a settlement between the Fund and the broker of the amount </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mark-to-market its open futures positions.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund. Customer account agreements and related addenda govern cleared derivatives transactions such as futures, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">capital gain, or if it is more, the Fund realizes a capital loss.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">if it is less, the Fund realizes a capital loss. Any transaction costs must also be included in these calculations.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">futures options, for which an established OTC market exists.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">futures options and forward contracts. See &#8220;Taxation.&#8221;</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The CFTC has adopted regulations that subject </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">swaps, or other financial instruments regulated under the Commodity Exchange Act (&#8220;CEA&#8221;) and the rules thereunder </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CFTC regulation.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">There are several risks associated with the use of futures </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">57</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_58"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the markets, causing a given hedge not to achieve its objective. The degree of imperfection of correlation depends on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">circumstances such as variations in speculative market demand for futures and futures options on securities, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">technical influences in futures trading and futures options, and differences between the financial instruments being </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">hedged and the instruments underlying the standard contracts available for trading in such respects as interest rate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">levels, maturities, and creditworthiness of issuers. A decision as to whether, when and how to hedge involves the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market behavior or unexpected interest rate trends.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of the Fund&#8217;s holdings of U.S. government securities. Thus, the anticipated spread between the price of the futures </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">participation of speculators in such markets.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">underlying index.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Risks Associated with Commodity Futures Contracts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">There are several additional risks associated with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transactions in commodity futures contracts, including but not limited to:</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Storage. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Reinvestment. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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, </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">58</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_59"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">influence whether futures prices are above or below the expected future spot price, which can have significant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">implications for the Fund. If the nature of hedgers and speculators in futures markets has shifted when it is time for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Fund to reinvest the proceeds of a maturing contract in a new futures contract, the Fund might reinvest at higher or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">lower futures prices, or choose to pursue other investments.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Other Economic Factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The commodities which underlie commodity futures contracts may be subject to </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">commodity prices and commodity-linked instruments, including futures contracts, than on traditional securities. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s investments to greater volatility than investments in traditional securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Contracts and Options Thereon. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Options on securities, futures contracts, futures options, forward currency exchange </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contracts and options on forward currency exchange contracts may be traded on non-U.S. exchanges. Such </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">prices of, non-U.S. securities. The value of such positions also could be adversely affected by: (i) other complex </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">non-U.S. political, legal and economic factors; (ii) lesser availability than in the United States of data on which to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">make trading decisions; (iii) delays in the Fund&#8217;s ability to act upon economic events occurring in non-U.S. markets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">during non-business hours in the United States; (iv) the imposition of different exercise and settlement terms and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">procedures and margin requirements than in the United States; and (v) lesser trading volume.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund may engage in swap transactions, including, but </span><span 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, </span><span 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 non-U.S. currency denominated securities, it </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">also may invest in currency exchange rate swap agreements. The Fund also may enter into options on swap agreements </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(&#8220;swaptions&#8221;).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">from a few weeks to more than one year. In a standard OTC swap transaction, two parties agree to exchange the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are generally calculated with respect to a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;notional amount,&#8221; i.e., the return on or change in value of a particular dollar amount invested at a particular interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rate or in a &#8220;basket&#8221; of securities or commodities representing a particular index.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">A &#8220;quanto&#8221; or &#8220;differential&#8221; swap combines both an interest rate and a currency transaction. Certain swap </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreements, such as interest rate swaps, are traded on exchanges and cleared through central clearing counterparties. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Other forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">make payments to the other to the extent that interest rates exceed a specified rate, or &#8220;cap&#8221;; interest rate floors, under </span><span 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 fall </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">below a specified rate, or &#8220;floor&#8221;; and interest rate collars, under which a party sells a cap and purchases a floor or vice </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">total return swap agreement is a contract in which one party agrees to make periodic payments to another party based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on the change in market value of underlying assets, which may include a single stock, a basket of stocks, or a stock </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">index during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">return from other underlying assets. Consistent with the Fund&#8217;s investment objectives and general investment policies, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund may invest in commodity swap agreements. For example, an investment in a commodity swap agreement </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">59</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_60"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">may involve the exchange of floating-rate interest payments for the total return on a commodity index. In a total return </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">commodity swap, the Fund will receive the price appreciation of a commodity index, a portion of the index, or a single </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">commodity in exchange for paying an agreed-upon fee. If the commodity swap is for one period, the Fund may pay a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">fixed fee, established at the outset of the swap. However, if the term of the commodity swap is more than one period, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">with interim swap payments, the Fund may pay an adjustable or floating fee. With a &#8220;floating&#8221; rate, the fee may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">pegged to a base rate, such as the London Interbank Offered Rate, and is adjusted each period. Therefore, if interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rates increase over the term of the swap contract, the Fund may be required to pay a higher fee at each swap reset date.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transaction that the Fund may wish to gain exposure to in the future without having that exposure during the period the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">offsetting swap is in place.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(sell) and purchase put and call swaptions.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">underlying agreement.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund may potentially engage in variance swaps.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the positions held by each party to the agreement.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">reference entity whose value may have significantly decreased.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">60</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_61"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">payment/performance risk.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">risk, counterparty risk (with respect to OTC credit default swaps) and credit risk. A buyer generally also will lose its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to the seller. In addition, there may be disputes between the buyer and seller of a credit default swap agreement or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller. The Fund&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 of certain standardized OTC </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">derivative instruments that the CFTC and SEC have defined as &#8220;swaps.&#8221; Separately, under the trade execution </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirement, swap transactions subject to the clearing requirement must be traded on either a Designated Contract </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Market (&#8220;DCM&#8221;) or Swap Execution Facility (&#8220;SEF&#8221;) unless no DCM &#8220;makes the swap available to trade.&#8221; Uncleared </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">swaps are subject to certain margin requirements that mandate the posting and collection of minimum margin amounts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on certain uncleared swaps transactions, which may result in the Fund and its counterparties posting higher margin </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">amounts for uncleared swaps than would otherwise be the case. To the extent the Fund is required by regulation to post </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">collateral, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">associated with such posting. PIMCO will continue to monitor developments in this area, particularly to the extent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">regulatory changes affect the Fund&#8217;s ability to enter into swap agreements.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">swap agreements or to realize amounts to be received under such agreements.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">performance of the swap under all possible market conditions. Because OTC swap agreements are bilateral contracts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that may be subject to contractual restrictions on transferability and termination and because they may have remaining </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">terms of greater than seven days, swap agreements may be considered to be illiquid and subject to regulatory </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">limitations on investments in illiquid investments. Please refer to &#8220;Illiquid Investments&#8221; below for further discussion of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">regulatory considerations and constraints relating to investment liquidity. To the extent that a swap is not liquid, it may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">significant losses.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">61</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_62"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">positions for the Fund. If PIMCO attempts to use a swap as a hedge against, or as a substitute for, a portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">offsetting favorable price movements in other Fund investments.</span></div> <div style="line-height:12.0pt;margin-left:20pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Many swaps are complex and often valued subjectively.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Structured Notes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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&#8217;s investments in these structured products </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contained in the 1940 Act.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">. It is possible that additional government regulation of </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. Limits or restrictions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">applicable to the counterparties or issuers, as applicable, with which the Fund engages in derivative transactions could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">also limit or prevent the Fund from using certain instruments.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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, </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">margin requirements, the establishment of daily price limits and the suspension of trading. The SEC, CFTC, and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">regulators have completed substantial rulemakings related to derivatives pursuant to the Dodd-Frank Act. The SEC, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CFTC, and the Prudential regulators (as well as foreign regulators) have adopted margin requirements for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">non-centrally cleared swaps. Some of these requirements apply to transactions in which the Fund is or will be a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">counterparty. Such requirements could increase the amount of margin required to be provided by the Fund in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">connection with its derivatives transactions or could require increased documentation and, therefore, make derivatives </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transactions more expensive. These rules have been phased in over time, and the market has yet to absorb their full </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">impact.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subject to modification by government and judicial action. The CFTC and various exchanges have rules limiting the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">maximum net long or short positions which any person or group may own, hold or control in any given futures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contract or option on such futures contract. PIMCO will need to consider whether the exposure created under these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contracts might exceed the applicable limits in managing the Fund, and the limits may constrain the ability of the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to use such contracts. In addition, the CFTC has adopted amendments to its position limits rules that establish position </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">limits for 25 specified physical commodity futures and related options contracts traded on exchanges, other futures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contracts and related options directly or indirectly linked to such 25 specified contracts, and any OTC transactions that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are economically equivalent to the 25 specified contracts. The amendments also modify the bona fide hedging </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exemption for which certain swap dealers have historically been eligible, which could limit the amount of speculative </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">62</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_63"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">OTC transaction capacity each such swap dealer would have available for the Fund prior to the applicable compliance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">date. The Dodd-Frank Act sets forth a legislative framework for OTC derivatives, including financial instruments, such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">as swaps, in which the Fund may invest. Title VII of the Dodd-Frank Act makes broad changes to the OTC derivatives </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">market, grants significant authority to the SEC and the CFTC to regulate OTC derivatives and market participants, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requires clearing and exchange trading of many OTC derivatives transactions.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adopted the rules and regulations enacting the provisions of the Dodd-Frank Act. However, swap dealers, major market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">participants and swap counterparties are experiencing, and may continue to experience, new and additional regulations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirements, compliance burdens and associated costs. Regulatory limits and requirements may negatively impact the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s ability to meet its investment objectives either through limits or requirements imposed on it or upon its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">counterparties. In particular, position limits imposed on the Fund or its counterparties may impact its ability to invest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in futures, options and swaps in a manner that efficiently meets its investment objectives. These and future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirements, including margin requirements, changes to the CFTC speculative position limits regime and mandatory </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">clearing, may increase the cost of the Fund&#8217;s investments and cost of doing business, which could adversely affect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investors.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;bail in&#8221;).</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Some types of swaps (including interest rate swaps </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Clearing members guarantee performance of their clients&#8217; obligations to the clearing house.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">63</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_64"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">losses it incurs in connection with acting as the Fund&#8217;s clearing member, and the documentation typically does not give </span><span 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.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transaction after the time of the trade.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund to new kinds of risks and costs.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">A Note on Commodity-Linked Derivatives. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund may seek to gain exposure to the commodity markets by </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">structured notes.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">discussion of these notes.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">qualify as a RIC under the Code. See &#8220;Taxation.&#8221;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">64</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_65"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Hybrid Instruments</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;benchmark&#8221;).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a combination of a bond and a call option on oil.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">steeply and rapidly than the benchmark.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 fixed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">income securities and are considered hybrid instruments because they have both security and commodity-like </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contract, index or other economic variable.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s ability to so qualify.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Leverage and Borrowing</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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/buybacks or borrowings, such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as through bank loans or commercial paper or other credit facilities. The Fund may also enter into transactions other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">than those noted above that may give rise to a form of leverage including, among others, futures and forward contracts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(including foreign currency exchange contracts), total return swaps and other derivative transactions, loans of portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities, short sales, when-issued, delayed delivery and forward commitment transactions and selling credit default </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">swaps. The Fund may also determine to issue preferred shares or other types of senior securities to add leverage to its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio. The Fund&#8217;s Board of Trustees may authorize the issuance of preferred shares without the approval of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Common Shareholders. If the Fund issues preferred shares in the future, all costs and expenses relating to the issuance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and ongoing maintenance of the preferred shares will be borne by the Common Shareholders, and these costs and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">expenses may be significant. Leveraging transactions pursued by the Fund may increase its duration and sensitivity to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest rate movements.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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) </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">65</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_66"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">credit default swaps, opportunistically and may choose to increase or decrease, or eliminate entirely, its use of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">leverage over time and from time to time based on PIMCO&#8217;s assessment of market conditions, including the yield </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">curve environment and interest rate trends, available investment opportunities and cost of leverage, and other factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">If the Fund determines to add leverage following an offering, it is not possible to predict with accuracy the precise </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">amount of leverage that would be added, in part because it is not possible to predict the number of Common Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">that ultimately will be sold in an offering or series of offerings. To the extent that the Fund does not add additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">leverage following an offering, the Fund&#8217;s total amount of leverage as a percentage of its total assets will decrease, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which could result in a reduction of investment income available for distribution to Common Shareholders.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund is subject to the 1940 Act requirement that an investment company satisfy an asset coverage </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirement of 300% of its indebtedness measured at the time the investment company incurs the indebtedness. This </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">means that at any given time the value of the Fund&#8217;s total indebtedness may not exceed one-third the value of its total </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">assets (including assets attributable to such leverage). The interests of persons with whom the Fund enters into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">leverage arrangements will not necessarily be aligned with the interests of the Fund&#8217;s shareholders and such persons </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will have claims on the Fund's assets that are senior to those of the Fund's shareholders.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Under the 1940 Act, the Fund is currently not permitted to issue preferred shares unless immediately after such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issuance the value of the Fund&#8217;s total net assets is at least 200% of the liquidation value of the Fund&#8217;s preferred shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">plus the aggregate amount of any senior securities of the Fund representing indebtedness (i.e., such liquidation value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">plus the aggregate amount of senior securities representing indebtedness may not exceed 50% of the Fund&#8217;s total net </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">assets). In addition, for so long as the Fund has preferred shares outstanding, the Fund will not be permitted to declare </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the value of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s total net assets, after giving effect to such cash dividend or other distribution, satisfies the above-referenced </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">200% coverage requirement.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may enter into derivatives or other transactions that may provide leverage (other than through the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issuance of preferred shares or bank borrowing). Rule 18f-4 under the 1940 Act (the &#8220;Derivatives Rule&#8221;) regulates a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">registered investment company&#8217;s use of derivatives and certain other transactions that create future payment and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">delivery obligations by the Fund. This new rule became operative in August 2022. The Derivatives Rule prescribes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">specific value-at-risk (&#8220;VAR&#8221;) leverage limits that apply to the Fund (although the Fund in the future could qualify as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a limited derivatives user (as defined in the Derivatives Rule) and would therefore not be subject to all of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirements of the Derivatives Rule). VaR is an estimate of potential losses on an instrument or portfolio over a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">specified time horizon and at a given confidence level. The Fund may apply a relative VaR test or an absolute VaR test </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(if the Fund&#8217;s derivatives risk manager determines that a designated reference portfolio would not provide an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">appropriate reference portfolio for purposes of the relative VaR test). The limit under the relative VaR test when a fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">has no outstanding preferred shares is 200% (or 250% when a fund has preferred shares outstanding) of the VaR of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">designated reference portfolio, which, very generally, may be a designated unleveraged index or the Fund&#8217;s securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio excluding derivatives. If applicable, the limit under the absolute VaR test when the Fund has outstanding </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">preferred shares is 25% (or 20% when no preferred shares are outstanding) of the value of a fund&#8217;s net assets. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Derivatives Rule also generally requires the Fund to appoint a derivatives risk manager, maintain a derivatives risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">management program (&#8220;DRMP&#8221;) designed to identify, assess, and reasonably manage the risks associated with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transactions covered by the rule, and abide by certain board and other reporting obligations and recordkeeping </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirements. With respect to reverse repurchase agreements or other similar financing transactions in particular, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Derivatives Rule permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">reverse repurchase agreements and similar financing with the aggregate amount of any other senior securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreements and similar financing transactions as derivatives transactions for all purposes under the Derivatives Rule. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund has adopted procedures for investing in derivatives and other transactions in compliance with the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Derivatives Rule. Compliance with the Derivatives Rule could adversely affect the value or performance of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">derivative transactions could also limit or prevent the Fund from using certain instruments.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund will utilize reverse repurchase agreements, credit default swaps, total return swaps, dollar rolls/buybacks or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">borrowings, issue preferred shares or utilize any other forms of leverage (such as the use of derivatives strategies). If </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">used, there can be no assurance that the Fund&#8217;s leveraging strategies will result in a higher yield on your Common </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">66</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_67"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Shares. When leverage is used, the NAV and market price of the Common Shares and the yield to Common </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Shareholders will be more volatile. See &#8220;Principal Risks of the Fund&#8212;Leverage Risk&#8221; in the Prospectus. In addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">dividend, interest and other costs and expenses borne by the Fund with respect to its use of reverse repurchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">agreements, credit default swaps, total return swaps, dollar rolls/buybacks, borrowings, preferred shares or any other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">forms of leverage are borne by the Common Shareholders and result in a reduction of the NAV of the Common Shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">In addition, because the fees received by the Investment Manager are based on the Fund&#8217;s average daily &#8220;total </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">managed assets&#8221; (including any assets attributable to any reverse repurchase agreements, dollar rolls/buybacks, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">reverse repurchase agreements, dollar rolls/buybacks and borrowings), the Investment Manager has a financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">incentive for the Fund to use certain forms of leverage (e.g., reverse repurchase agreements, dollar rolls/buybacks, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">borrowings and preferred shares), which may create a conflict of interest between the Investment Manager, on the one </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">hand, and the Common Shareholders, on the other hand. Leverage transactions pursued by the Fund may increase its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">duration and sensitivity of the value of the Fund&#8217;s portfolio to interest rate movements.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">otherwise might require untimely dispositions of portfolio securities held by the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Reverse Repurchase Agreements</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 leverage risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the risk that the market value of securities retained by the Fund may decline below the repurchase price of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities sold by the Fund which it is obligated to repurchase. Such transactions also can be subject to the risks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">discussed under &#8220;Derivative Instruments,&#8221; in addition to the risks discussed in this section.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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-buyback.&#8221; A </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">settlement of the Fund&#8217;s repurchase of the underlying security.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Mortgage Dollar Rolls/Buy Backs</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">A mortgage dollar roll/buyback is similar to a reverse repurchase agreement in certain respects. In a &#8220;dollar roll&#8221; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or &#8220;buyback&#8221; transaction, the Fund sells a mortgage-related security, such as a security issued by GNMA, to a dealer </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">price. A &#8220;dollar roll/buyback&#8221; can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreements, the dealer with which the Fund enters into a dollar roll/buyback transaction is not obligated to return the </span><span 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; which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">generally means that the securities repurchased will bear the same interest rate and a similar maturity as those sold, but </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the pools of mortgages collateralizing those securities may have different prepayment histories than those sold.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment strategies and techniques.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Repurchase Agreements</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may invest in repurchase agreements. A repurchase agreement is a contractual agreement whereby the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">seller of securities agrees to repurchase the same security at a specified price on a future date agreed upon by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">parties. The agreed upon repurchase price determines the yield during the Fund&#8217;s holding period. Repurchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreements are considered to be loans collateralized by the underlying security that is the subject of the repurchase </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">67</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_68"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">contract. Income generated from transactions in repurchase agreements will be taxable. The Fund bears a risk of loss in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the event that the other party to a repurchase agreement defaults on its obligations and the Fund is delayed or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">prevented from exercising its rights to dispose of the collateral securities. This risk includes the risk of procedural </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Credit-Linked Trust Certificates</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">offering and any future offering are being invested.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">trust would be obligated to pay to the counterparty the par (or other agreed-upon value) of the referenced debt </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in the trust. Please see &#8220;Derivatives Instruments&#8212;Swap Agreements and Options on Swap Agreements&#8221; in this </span><span 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 </span><span 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, </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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&#8212;Liquidity Risk&#8221; in the </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">value as determined by the Board or persons acting at its direction. See &#8220;Net Asset Value&#8221; in the Prospectus.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">When-Issued, Delayed Delivery and Forward Commitment Transactions</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transactions may be known as TBA transactions. Typically, no income accrues on securities the Fund has committed to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">purchase prior to the time delivery of the securities is made.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">remains substantially fully invested at a time when when-issued, delayed delivery or forward commitment purchases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are outstanding, the purchases may result in a form of leverage.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">deliver or pay for the securities, the Fund could miss a favorable price or yield opportunity or could suffer a loss. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">owning the security, the Fund will incur a loss if the security&#8217;s price appreciates in value such that the security&#8217;s price </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">is above the agreed upon price on the settlement date.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">68</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_69"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 gain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or loss. There is no percentage limitation on the extent to which the Fund may purchase or sell securities on a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">when-issued, delayed delivery or forward commitment basis.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 the to-be-announced (&#8220;TBA&#8221;) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market. A TBA purchase commitment is a security that is purchased or sold for a fixed price and the underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities are announced at a future date. Recently finalized FINRA rules include mandatory margin requirements for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the TBA market with limited exceptions. TBAs have historically not been required to be collateralized. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">increase the cost of TBA transactions and impose added operational complexity. Such transactions also can be subject </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to the risks discussed under &#8220;Derivative Instruments,&#8221; in addition to the risks discussed in this section.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Common Stocks</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 and may lead to wide </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fluctuations in value of such stocks, thus affecting the NAV of the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Short Sales</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">borrowed securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the security sold short and the securities being hedged.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the value of two securities. Frequently, a risk arbitrage strategy involves the short sale of a security.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may engage in short sales &#8220;against the box. A short sale is &#8220;against the box&#8221; to the extent that the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will engage in short selling to the extent permitted by the federal securities laws and rules and interpretations </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">thereunder. To the extent the Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">69</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_70"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the extent permitted by the laws and regulations of such jurisdiction. Such transactions also can be subject to the risks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">discussed under &#8220;Derivative Instruments,&#8221; in addition to the risks discussed in this section.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Act and rules and interpretations thereunder.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Illiquid Investments</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may invest without limitation in illiquid investments (i.e., investments that the Fund reasonably expects </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">significantly changing the market value of the securities). PIMCO may be subject to significant delays in disposing of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">illiquid investments, and transactions in illiquid investments may entail registration expenses and other transaction </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">costs that are higher than those for transactions in liquid investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Rule 144A Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">liquid.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Other Investment Companies</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">To the extent consistent with its investment objectives and strategy and permissible under the 1940 Act, the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may invest in securities of open- or closed-end investment companies (including those advised by PIMCO), including, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">without limit exchange-traded funds (&#8220;ETFs&#8221;), including foreign ETFs. The Fund treats its investments in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment companies that invest primarily in types of securities in which the Fund may invest directly as investments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in such types of securities for purposes of the Fund&#8217;s investment policies (e.g., the Fund&#8217;s investment in an investment </span><span 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).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In general, under the 1940 Act, an investment company such as the Fund may not (i) own more than 3% of the </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. The Fund may invest in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other investment companies (including those advised by PIMCO) to gain broad market or sector exposure or for cash </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">management purposes, including during periods when it has large amounts of uninvested cash (such as the period </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shortly after the Fund receives the proceeds of the offering of its Common Shares) or when PIMCO believes share </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">prices of other investment companies offer attractive values. The Fund may invest in certain money market funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and/or short-term bond funds (&#8220;Central Funds&#8221;), to the extent permitted by the 1940 Act, the rules thereunder or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exemptive relief therefrom. The Central Funds are registered investment companies created for use by certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">registered investment companies advised by PIMCO in connection with their cash management activities.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Private Placements</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">70</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_71"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Fund. In addition to the general risks to which all securities are subject, securities received in a private placement </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">most favorable time or price. Private placements may also raise valuation risks.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Fund Operations</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Operational Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">An investment in the Fund, like any fund, can involve operational risks arising from factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Market Disruptions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund is subject to investment and operational risks associated with financial, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">economic and other global market developments and disruptions, including those arising from war, military conflicts, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">failures and natural/environmental disasters, which can all negatively impact the securities markets interest rates, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">secondary trading, ratings, credit risk, inflation, deflation, other factors relating to the Fund&#8217;s investments or the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Investment Manager&#8217;s operations and the value of an investment in the Fund, its distributions and its returns. These </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">events can also impair the technology and other operational systems upon which the Fund&#8217;s service providers, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">including PIMCO as the Fund&#8217;s investment adviser, rely, and could otherwise disrupt the Fund&#8217;s service providers&#8217; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ability to fulfill their obligations to the Fund. Furthermore, events involving limited liquidity, defaults, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">non-performance or other adverse developments that affect financial institutions or the financial services industry </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">future lead to market-wide liquidity problems.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">A widespread health crisis, such as a global pandemic, could cause substantial market volatility, exchange trading </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">suspensions or restrictions and closures of securities exchanges and businesses. Such a health care crisis could also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">impact the ability to complete redemptions, and adversely impact investments held by the Fund. For example, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">outbreak of COVID 19, a respiratory disease caused by a novel coronavirus, caused volatility, severe market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transmission of COVID-19 and efforts to contain its spread resulted in travel restrictions and disruptions, closed </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">business spending, as well as general economic concern and uncertainty. These disruptions led to instability in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market place, including equity and debt market losses and overall volatility, and the jobs market. The impact of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adversely affect the economies of many nations or the entire global economy, the financial well-being and performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be greater due to generally less established healthcare systems. Public health crises may exacerbate other pre-existing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">political, social and economic risks in certain countries or globally.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instruments or to accurately price their investments.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Cyber Security Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">As the use of technology, including cloud-based technology, has become more prevalent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and interconnected in the course of business, the Fund has become potentially more susceptible to operational and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">information security risks resulting from breaches in cyber security. A breach in cyber security refers to both </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">71</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_72"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">may involve unauthorized access to the digital information systems that support the Fund (e.g., through &#8220;hacking,&#8221; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">ransomware or malicious software coding) or outside attacks such as denial-of-service attacks (i.e., efforts to make </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">network services unavailable to intended users), but may also result from intentionally or unintentionally harmful acts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">of PIMCO personnel. In addition, cyber security breaches involving third party service providers that provide services </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">to PIMCO or the Fund (including but not limited to vendors, advisers, sub-advisers, administrators, transfer agents, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">regulatory authorities, custodians, registry operators, distributors and other third parties), trading counterparties and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">issuers in which the Fund invests can also subject the Fund to many of the same risks associated with direct cyber </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">security breaches. Recently, geopolitical tensions may have increased the scale and sophistication of deliberate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. PIMCO&#8217;s use of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">cloud-based service providers could heighten or change these risks. In addition, work-from-home arrangements by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">PIMCO or its service providers could increase all of the above risks, create additional data and information </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">accessibility concerns, and make the Fund, PIMCO or their service providers susceptible to operational disruptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">any of which could adversely impact their operations.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. For example, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">cyber security failures or breaches involving trading counterparties or issuers in which the Fund invests could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adversely impact such counterparties or issuers and cause the Fund&#8217;s investment to lose value. These failures or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with the Fund&#8217;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">order to prevent any cyber incidents in the future.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 business continuity plans and risk management </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">systems designed to reduce the risks associated with cyber security. However, there are inherent limitations in these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">plans and systems, including that certain risks may not have been identified, in large part because different or unknown </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">invests.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Portfolio Turnover</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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; </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund. The use of futures contracts may involve the payment of commissions to futures commission merchants. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">High portfolio turnover (</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, greater than 100%) involves correspondingly greater expenses to the Fund, including </span><span 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 </span><span 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 </span><span 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 </span><span 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;</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">72</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_73"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">from both (a) and (b). For the fiscal year ended June 30, 2023, the Fund&#8217;s portfolio turnover rate was 27%. For the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fiscal year ended June 30, 2024, the Fund&#8217;s portfolio turnover rate was 29%.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Warrants to Purchase Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest rates rise, the warrants would generally expire with no value.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Loans of Portfolio Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or rights to consent with respect to the loaned securities pass to the borrower, the Fund, as the lender, retains the right </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">collateral is U.S. government securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Quantitative Investing Risk</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">PIMCO employs and/or relies on algorithms, models or other systems in connection with many of its investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">activities, including research, forecasting, selection, optimization, order routing, execution, and allocation processes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(together, &#8220;Systems&#8221;). These Systems, which may be employed together and operate without human intervention, rely </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">heavily on the use of proprietary and nonproprietary data, software, hardware, and intellectual property, including data, </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">73</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_74"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">software and hardware that may be licensed or otherwise obtained from third parties. The use of such Systems has </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">inherent limitations and risks. Although PIMCO seeks to develop and use Systems appropriately and effectively, there </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">can be no assurance that it will successfully do so. The Systems are extremely complex and may involve the use of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">financial, economic, econometric and statistical theories, research and modeling and related translation into computer </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">code. Errors may occur in the design, writing, testing, validation, monitoring, and/or implementation of Systems, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">including in the manner in which Systems function together. The effectiveness of Systems may diminish over time, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">including as a result of market changes and changes in the behavior of market participants. The quality of the resulting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">analysis, investment selections, portfolio construction, asset allocations, proposed and executed trades, risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">management, allocations of investment opportunities and trading strategies depends on a number of factors including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the accuracy and quality of data inputs into the Systems, including through automated and manual integration of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">completed transactions, the mathematical and analytical assumptions and underpinnings of the Systems&#8217; coding, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">accuracy in translating those analytics into program code or interpreting the output of a System by another System in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">order to facilitate a transaction, change in market conditions, the successful integration of the various Systems into the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">portfolio selection and trading process and whether actual market events correspond to one or more assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">underlying the Systems. Accordingly, Systems are subject to errors and/or mistakes (&#8220;System Incidents&#8221;) that may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">adversely impact the Fund. For example, System Incidents may result in Systems performing in a manner other than as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">intended, including, but not limited to, failure to achieve desired performance or investment objectives, execution of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">unanticipated trades or failure or delays in executing intended trades, failure to properly allocate trades, failure to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">properly gather and organize available data, or failure to identify hedging or other risk management opportunities or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">targets, all of which may adversely impact the Fund.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">PIMCO relies on quantitative models, data, execution and trading algorithms (including, without limitation, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">algorithms utilized in third-party automated trading platforms that match buyers and sellers based on price and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">characteristics of the underlying investment) supplied by third parties for certain funds. Such models, data and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">algorithms are used to construct sets of transactions and investments, to implement, route, and execute investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">decisions, and to provide risk management insights. When the third-party models, data or algorithms prove to be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">incorrect or incomplete, any decisions or investments made in reliance thereon expose applicable funds to additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">risks. For example, PIMCO does not have the same insight or access into the construction, coding or testing of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">algorithms, and PIMCO and applicable funds will be exposed to systems, cyber security and other risks associated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with the third party models, data or algorithms. For these reasons, and subject to PIMCO satisfying its standard of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">care, PIMCO generally will not compensate applicable funds for any losses associated with third-party models, data, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">algorithms, and applicable funds will bear all such losses. PIMCO, subject to satisfying its standard of care, generally </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">does not expect to disclose certain such events to applicable funds.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Systems rely heavily on appropriate data inputs and it is impossible and impracticable to factor all relevant, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">available data into the Systems. PIMCO will use its discretion to determine what data to gather and what subset of data </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Systems utilize. In addition, due to the automated nature of gathering data, the volume and depth of data available, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the complexity and often manual nature of data cleaning, and the fact that the data may come from third-party sources, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">it is inevitable that not all desired and/or relevant data will be available to, or processed by, PIMCO at all times. Where </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">incorrect or incomplete data is available, PIMCO may, and often will, continue to generate forecasts and make </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment decisions based on the data available. Additionally, PIMCO may determine that certain available data, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">while potentially useful in generating forecasts and/or making investment decisions, is not cost effective to gather due </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to, among other factors, the technology costs or third-party vendor costs and, in such cases, PIMCO will not utilize </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">such data. PIMCO has full discretion to select the data it utilizes, and may elect to use or may refrain from using any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">specific data or type of data in the Systems. The data used in the development and use of Systems may not be the most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">accurate data available or free of errors.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Further, if incorrect market or other data are entered into an otherwise properly functioning System, the System&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">resulting output, including proposed trades or investment recommendations, may be inconsistent with the underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment strategy. Even if data is input correctly, prices anticipated by the data through the Systems may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">substantially from market prices, especially for financial instruments with complex characteristics, such as derivatives, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in which the Fund may invest. Most Systems require continual monitoring and enhancements, and there is no </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">guarantee that such monitoring and enhancements will be successful or that Systems will operate as intended. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">successful deployment of the investment strategy, the portfolio construction process and/or the trading process could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be severely compromised by software or hardware malfunctions, viruses, glitches, connectivity loss, system crashes or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">various other System Incidents, including, in particular, where multiple Systems contribute to the process, in particular </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">where there is no human intervention (e.g., where one System develops a signal or possible trade and another System </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">74</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_75"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">interprets or optimizes that recommended signal or possible trade to facilitate a trade order, another System routes and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">executes that trade order, and another System allocates the completed trade, and where this process runs again in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">reliance on the preceding automated transaction). System Incidents may be difficult to detect and PIMCO may not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">immediately or ever detect certain System Incidents, which may have an increasing impact on the Fund over time. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">PIMCO has adopted policies and procedures that it believes are reasonably designed to prevent, detect, escalate and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">remediate System Incidents. PIMCO will address System Incidents in accordance with this policy but there is no </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">guarantee that measures taken to address a System Incident will be successful.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">PIMCO has policies and procedures that address identification and correction of errors that may occur in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">connection with PIMCO&#8217;s management of the Fund and other client accounts (&#8220;Trade Errors&#8221;). PIMCO generally does </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not classify System Incidents to be Trade Errors and applicable funds generally will bear all losses associated with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">System Incidents, subject to PIMCO satisfying its standard of care. Further, PIMCO generally does not expect to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disclose System Incidents to the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Government Intervention Risk</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">limited to, direct capital infusions into companies, and financial markets, economic relief packages and changes to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest rates. The introduction and adoption of these packages could cause market disruption and volatility. In </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">addition, the end of any such program could cause market downturns, disruptions and volatility, particularly if markets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">view the ending as premature. There can be no guarantee that any such measures taken in the past or in connection </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with future events (within the United States or other affected countries throughout the world) will be sufficient or have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">their intended effect. In addition, an unexpected or quick reversal of such measures could cause market downturns, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disruptions, volatility and inflation, which could adversely affect the Fund&#8217;s investments.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In addition, federal, state and other governments, their regulatory agencies or self-regulatory organizations may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Such legislation or regulation could limit or preclude the Fund&#8217;s ability to achieve its investment objectives. Also, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fund expenses and the value of fund investments in unpredictable ways.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The current direction of governments and regulators may have the effect of reducing market liquidity, market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">resiliency and money supply, whether through higher rates, tighter financial regulations or the Liquidity Rule proposals </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that may prevent mutual funds from participating in certain markets. During periods when interest rates are low (or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">negative), the Fund&#8217;s yield (or total return) may also be low and fall below zero. Very low or negative interest rates </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">may heighten interest rate risk. The Fund may be subject to heightened levels of interest rate risk because the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. Federal Reserve (the &#8220;Federal Reserve&#8221;) has, in the recent past, raised interest rates. To the extent the Federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Reserve continues to raise interest rates, there is a risk that rates across the financial system may rise. Changing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Governments or their agencies may also acquire distressed assets from financial or other institutions and acquire </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ownership interests in those institutions. Such a program may have positive or negative effects on the liquidity, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">valuation and performance of the Fund&#8217;s portfolio holdings. Furthermore, volatile financial markets can expose the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund has established procedures to assess the liquidity of portfolio holdings and to value instruments for which market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">prices may not be readily available.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The value of the Fund&#8217;s holdings is also generally subject to the risk of future local, national or global economic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disturbances based on unknown weaknesses in the markets in which the Fund invests. In the event of such a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disturbance, issuers of securities held by the Fund may experience significant declines in the value of their assets and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">even cease operations, or may receive government assistance accompanied by increased restrictions on their business </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">operations or other government intervention. In addition, it is not certain that the U.S. government will intervene in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">75</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_76"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">manage future uncertainties through risk management programs.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Regulatory Risk</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund&#8217;s ability to achieve its investment objectives. Government regulation may change frequently and may have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In October 2020, the SEC adopted Rule 18f-4, which regulates the use of derivatives, reverse repurchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreements and&#160;certain other transactions by registered investment companies. The Fund&#8217;s trading of derivatives and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other transactions that create future payment or delivery obligations is subject to value-at-risk (&#8220;VaR&#8221;) leverage limits </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and derivatives risk management program and reporting requirements. Generally, these requirements apply unless the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund satisfies a &#8220;limited derivatives users&#8221; exception that is included in the final rule. Under the rule, when the Fund </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">whether the Fund satisfies the limited derivatives users exception, but for funds subject to the VaR testing requirement, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">reverse repurchase agreements and similar financing transactions must be included for purposes of such testing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">whether treated as derivatives transactions or not. The SEC also provided guidance in connection with the rule </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">regarding the use of securities lending collateral that may limit the Fund&#8217;s securities lending activities. In addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">under the rule, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">non-standard settlement cycle, and the transaction will be deemed not to involve a senior security (as defined under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Section 18(g) of the 1940 Act), provided that, (i) the Fund intends to physically settle the transaction and (ii) the </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;derivatives transaction&#8221; for purposes of compliance with the rule. Furthermore, under the rule, the Fund is permitted </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time it enters into such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreements as they come due. These and other proposed and adopted regulatory requirements may limit the ability of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund to use derivatives, reverse repurchase agreements and similar financing transactions, when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">delivery and forward commitment transactions, and unfunded commitment agreements as part of its investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">strategies. These requirements may increase the cost of the Fund&#8217;s investments and cost of doing business, which could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adversely affect investors. PIMCO cannot predict the effects of these requirements on the Fund. PIMCO intends to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund&#8217;s investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">objectives, but there can be no assurance that it will be successful in doing so.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Fund) to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disclose their environmental, social, and governance (&#8220;ESG&#8221;) investing practices. Among other things, the proposed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">used in managing the fund. The proposal&#8217;s impact on the Fund will not be known unless and until any final rulemaking </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">is adopted.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the scope of funds&#8217; Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for &#8220;Say </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on Pay&#8221; votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Form N-PX, and require website availability of fund proxy voting records. The amendments will become effective on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">June 30, 2024 on amended Form N-PX by August 31, 2024.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">76</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_77"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In September 2023, the SEC adopted amendments to Rule 35d-1 under the 1940 Act, the rule governing fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">naming conventions (the &#8220;Names Rule&#8221;). In general, the Names Rule requires funds with certain types of names to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">under which a fund may deviate from its 80% investment policy and address the calculation methodology of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">derivatives instruments for purposes of the rule. The amendments became effective December 11, 2023, and fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">groups with $1 billion or more in net assets will have 24 months to comply with the amendments.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In December 2023, the SEC adopted rule amendments providing that any covered clearing agency (&#8220;CCA&#8221;) for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. Treasury securities require its direct participants (which generally would be a bank or broker-dealer) to submit for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which the direct </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">participant is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agreements of such direct participants collateralized by U.S. Treasury securities (collectively, &#8220;Treasury repo </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transactions&#8221;) of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">services.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Treasury repo transactions of registered funds with any direct participants of a CCA will be subject to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mandatory clearing requirement. Currently, the Fixed Income Clearing Corporation (&#8220;FICC&#8221;) is the only CCA for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. Treasury securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Market participants, absent an exemption, will be required to clear Treasury repo transactions under the rule as of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">June 30, 2026. The clearing mandate is expected to result in a fund being required to clear all or substantially all of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Treasury repo transactions as of the compliance date, and the fund may incur costs in connection with entering into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">new agreements (or amending existing agreements) with direct participants of a CCA and potentially other market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">participants and taking other actions to comply with the new requirements. In addition, upon the compliance date </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">taking effect, the costs and benefits of entering into Treasury repo transactions to a fund may be impacted as compared </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to Treasury repo transactions a fund may enter prior to the compliance date. PIMCO will monitor developments in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Treasury repo transactions market as the implementation period progresses.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In August 2024, the SEC adopted amendments to the reporting requirements on Form N-PORT and Form N-CEN. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Under the amendments, funds must file Form N-PORT reports on a monthly basis within 30 days of month end, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">each report will be made public 60 days after month end. Additionally, funds will be required to identify and provide </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">certain information about liquidity service providers on Form N-CEN, including the asset classes for which the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">liquidity service provider provided liquidity classifications and whether the provider was hired or terminated during </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the period. The compliance date for these amendments is November 17, 2025.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In addition, regulatory actions or actions taken by law enforcement entities in the United States or outside of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">United States may also adversely affect the fund&#8217;s portfolio investments. For example, assets that become subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sanctions or that are involved in illegal activities such as money laundering or kleptocracy, may be seized, subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">forfeiture, frozen or otherwise become unmarketable, will lose value or become worthless and consequently adversely </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">affect the Fund&#8217;s value. Actions such as geographical targeting orders for, or new rulemaking related to, real estate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments issued by FinCEN may also lengthen the settlement process, make a real estate asset less liquid and harder </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to sell, and/or increase costs associated with these portfolio investments.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Participation on Creditors Committees</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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;). </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">77</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_78"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">procedures approved by the Board, the Fund may from time to time participate on committees formed by creditors to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">negotiate with the management of financially troubled issuers of securities held by the Fund. Such participation may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">federal securities laws, and therefore may restrict the Fund&#8217;s ability to trade in or acquire additional positions in a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">particular security when it might otherwise desire to do so. Participation by the Fund on such committees also may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">creditors and debtors. Similarly, subject to the above-mentioned procedures, PIMCO may actively participate in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">bankruptcy court and related proceedings on behalf of the Fund in order to protect the Fund&#8217;s interests in connection </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">with a restructuring transaction, and PIMCO may cause the Fund to enter into an agreement reasonably indemnifying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">third parties or advancing from the Fund&#8217;s assets any legal fees or other costs to third parties, including parties </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">involved in or assisting the Fund with a restructuring transaction, such as trustees, servicers and other third parties. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Further, PIMCO has the general authority, subject to the above-mentioned procedures, to represent the Fund on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">creditors&#8217; committees (or similar committees) or otherwise in connection with the restructuring of an issuer&#8217;s debt and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">generally with respect to challenges related to the securities held by the Fund relating to the bankruptcy of an issuer or </span><span 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.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Short-Term Investments / Temporary Defensive Strategies</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund may make short-term investments when attempting to respond to adverse market, economic, political, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or other conditions, as determined by PIMCO. Upon PIMCO's recommendation, for temporary defensive purposes and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in order to keep the Fund's cash fully invested, the Fund may deviate from its investment objectives and policies and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">invest some or all of its net assets in investments of non-corporate issuers, including high quality, short-term debt </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities. The Fund may not achieve its investment objectives when it does so.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Subsidiaries and Affiliates</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">affiliated transactions and custody (Section 17). In addition, PIMCO and the Fund&#8217;s Board of Trustees will comply </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with the provisions of Section 15 of the 1940 Act with respect to such a Subsidiary&#8217;s investment advisory contract.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund has received exemptive relief from the SEC that, to the extent the Fund relies on such relief, permits it </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to, (among other things), co-invest with certain other persons, including certain affiliates of the Investment Manager </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and certain public or private funds managed by the Investment Manager and its affiliates, subject to certain terms and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">conditions. The exemptive relief from the SEC with respect to co-investments imposes extensive conditions on any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">co-investments made in reliance on such relief.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Tax Consequences</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">distribution requirements even when investment considerations make such sales otherwise undesirable. For more </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">INVESTMENT RESTRICTIONS</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Fundamental Investment Restrictions</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">without the approval of the holders of a majority of the outstanding Common Shares and, if issued, preferred shares </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">78</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_79"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">voting together as a single class, and of holders of a majority of any outstanding preferred shares voting as a separate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">class. The Fund may not:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(1)</span></div> <div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Concentrate its investments in a particular &#8220;industry,&#8221; as that term is used in the Investment Company Act of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">jurisdiction, from time to time.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2)</span></div> <div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">With respect to 75% of the Fund&#8217;s total assets, purchase the securities of any issuer, except securities issued or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">guaranteed by the U.S. Government or any of its agencies or instrumentalities or securities issued by other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment companies, if, as a result, (i) more than 5% of the Fund&#8217;s total assets would be invested in the </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issuer. For the purpose of this restriction, each state and each separate political subdivision, agency, authority or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instrumentality of such state, each multi-state agency or authority, and each obligor, if any, is treated as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">separate issuer of municipal bonds.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(3)</span></div> <div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities issued by companies which invest in real estate, or interests therein.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(4)</span></div> <div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt"><span 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 </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">forward contracts, or any interest rate, securities-related or other hedging instrument, including swap </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">federal securities or commodities laws.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(5)</span></div> <div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt"><span 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 Investment Company Act </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">jurisdiction, from time to time.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(6)</span></div> <div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(7)</span></div> <div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt"><span 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 </span><span 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.</span></div> </div> <div style="clear:both;position:relative"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Other Information Regarding Investment Restrictions</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">provisions therefrom pursuant to exemptive order of the SEC.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">than 50% of such shares, whichever is less.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">79</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_80"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and is not extended or renewed.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 paragraph (1) above (the &#8220;industry concentration </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">policy&#8221;), the Fund would be deemed to &#8220;concentrate&#8221; its investments in a particular industry if it invested more than </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">25% of its total assets in that industry. For purposes of the industry concentration policy, PIMCO will, on behalf of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund, make reasonable determinations as to the appropriate industry classification to assign to each security or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instrument in which the Fund invests. The definition of what constitutes a particular &#8220;industry&#8221; is an evolving one, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">particularly for industries or sectors within industries that are new or are undergoing rapid development. Some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities could reasonably fall within more than one industry category. The Fund&#8217;s industry concentration policy does </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not preclude it from focusing investments in issuers in a group of related industrial sectors (such as different types of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">utilities). For purposes of the industry concentration policy, a foreign government is considered to be an industry, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">although currency positions are not considered to be an investment in a foreign government for these purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mortgage-related or ABS that are issued or guaranteed as to principal or interest by the U.S. Government or its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agencies or instrumentalities are not subject to the Fund&#8217;s industry concentration policy, by virtue of the exclusion </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">from that test available to all U.S. government securities. Similarly, tax-exempt municipal bonds issued by states, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multi-state </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agencies and authorities and repurchase agreements collateralized by any of the foregoing obligations are not subject </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to the Fund&#8217;s industry concentration policy. The policy also will be interpreted to give broad authority to the Fund as to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">how to classify issuers within or among industries.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">policy.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market value, notional value or full exposure value (</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, the sum of the notional amount for the contract plus the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market value), or any combination of the foregoing (</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, notional value for purposes of calculating the numerator and </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 Fund&#8217;s Prospectus. In this context, both </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the notional amount and the market value may be positive or negative depending on whether the Fund is selling or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">buying protection through the credit default swap. The manner in which certain securities or other instruments are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">those investments are valued by other types of investors.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">acquired.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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; </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">acquisition of securities or instruments through a Voluntary Action.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">80</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_81"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">position, such as a forward contract, futures contract or TBA transaction, on an underlying asset by closing out the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">position before expiration and contemporaneously opening a new position with respect to the same underlying asset </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that has substantially similar terms except for a later expiration date. Such &#8220;rolls&#8221; enable the Fund to maintain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the underlying asset. Similarly, as certain standardized swap agreements transition from OTC trading to mandatory </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exchange-trading and clearing due to the implementation of Dodd-Frank Act regulatory requirements, the Fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;roll&#8221; an existing OTC swap agreement by closing out the position before expiration and contemporaneously entering </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">into a new exchange-traded and cleared swap agreement on the same underlying asset with substantially similar terms </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">except for a later expiration date. These types of new positions opened contemporaneous with the closing of an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">existing position on the same underlying asset with substantially similar terms are collectively referred to as &#8220;Roll </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Transactions.&#8221; Elective Investment Restrictions (defined in the preceding paragraph), which normally apply at the time </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of investment, do not apply to Roll Transactions (although Elective Investment Restrictions will apply to the Fund&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">entry into the initial position). In addition and notwithstanding the foregoing, for purposes of this policy, those </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Non-Fundamental Investment Restrictions that are considered Elective Investment Restrictions for purposes of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">policy on Voluntary Actions (described in the preceding paragraph) are also Elective Investment Restrictions for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">purposes of this policy on Roll Transactions. The Fund will test for compliance with Elective Investment Restrictions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">at the time of the Fund&#8217;s initial entry into a position, but the percentage limitations and absolute prohibitions set forth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in the Elective Investment Restrictions are not applicable to the Fund&#8217;s subsequent acquisition of securities or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">instruments through a Roll Transaction.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">Management of the Fund</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Trustees and Officers</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 Board. Subject to the provisions of the Fund&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Amended and Restated Agreement and Declaration of Trust, as may be amended from time to time (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;Declaration&#8221;), its Amended and Restated Bylaws, as may be amended from time to time (the &#8220;Bylaws&#8221;), and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Massachusetts law, the Trustees have all powers necessary and convenient to carry out this responsibility, including the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">election and removal of the Fund&#8217;s officers.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Board Leadership Structure. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Board consists of seven Trustees, five of whom are not &#8220;interested persons&#8221; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(within the meaning of Section 2(a)(19) of the 1940 Act) of the Fund or of the Investment Manager (the &#8220;Independent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trustees&#8221;), which represents 71% of the Trustees that are Independent Trustees.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">An Independent Trustee serves as Chair of the Board and is selected by a vote of the majority of the Independent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trustees. The Chair of the Board presides at meetings of the Board,acts as a liaison with service providers, officers, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Board from time to time.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">outside the presence of management and are advised by independent legal counsel.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund: the Audit Oversight Committee, the Governance and Nominating Committee, the Valuation Oversight </span><span 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 </span><span 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 </span><span 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 of the </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">range of the Board&#8217;s oversight duties.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">81</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_82"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">work of the Board is conducted through the Committees, the number of funds in the Fund Complex (as defined below) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">overseen by Board members, the variety of asset classes those funds include, the assets of the Fund and the other funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">in the fund complex and the management, distribution and other service arrangements of the Fund and such other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">funds. The Board also believes that its structure, including the presence of two Trustees who are or have been </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">executives with the Investment Manager or Investment Manager-affiliated entities, facilitates an efficient flow of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">information concerning the management of the Fund to the Independent Trustees.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Risk Oversight. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund has retained the Investment Manager to provide investment advisory services and </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Manager the importance of maintaining vigorous risk management programs and procedures with respect to the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">appointment and compensation of the CCO.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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; </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">limited in their effectiveness.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Trustees and officers of the Fund, their year of birth, the position they hold with the Fund, their term of office </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and length of time served, a description of their principal occupations during the past five years, the number of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolios in the Fund Complex (as defined below) that the Trustee oversees and any other public company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">directorships held by the Trustee are listed in the two tables immediately following. Except as shown, each Trustee&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and officer&#8217;s principal occupation and business experience for the last five years have been with the employer(s) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">indicated, although in some cases the Trustee may have held different positions with such employer(s).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The charts below identify the Trustees and executive officers of the Fund. Unless otherwise indicated, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">business address of all persons below is c/o Pacific Investment Management Company LLC, 1633 Broadway, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">New York, New York 10019.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Trustees</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">82</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_83"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Independent Trustees</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt">(1)</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold">&#8195;</span></div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<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-left:0%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name, Address,</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;line-height:10pt;margin-left:0.0pt"> </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Year of Birth </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Class</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Position(s) </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Held</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">with the Fund</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Term of Office</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Length of</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Time Served</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(2)</span> <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:2.68%;margin-right:2.68%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Principal Occupation(s)</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past 5 Years</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Number of</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Portfolios in</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Fund</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Complex</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Overseen by</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Trustee</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(3)</span> <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:7.21%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Other </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Directorships</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Held by Trustee</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">5 Years</span></div> </div> </div> </td> </tr>
<tr style="height:210.85pt">
<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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deborah A. </span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">DeCotis</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1952</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt">&#8195;</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Class III</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Chair of the </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Board, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2011</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Advisory Director, Morgan Stanley &amp; </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Co., Inc. (since 1996); Member, Circle </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Financial Group (since 2009); </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Member, Council on Foreign Relations </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(since 2013); Trustee, Smith College </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(since 2017); Director, Watford Re </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(since 2017); and Director, Cadre Inc., </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">a manufacturer of safety equipment </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(since 2022). Formerly, Co-Chair </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Special Projects Committee, Memorial </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Sloan Kettering (2005-2015); Trustee, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Stanford University (2010-2015); </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Principal, LaLoop LLC, a retail </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">accessories company (1999-2014); </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director, Helena Rubenstein </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Foundation (1997-2010); and Director, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Armor Holdings (2002-2010).</span></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;margin-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">30</span></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-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trustee, </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Allianz Funds </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2011-2021); </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trustee, </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Virtus Funds </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2021-Present).</span></div> </div> </td> </tr>
<tr style="height:78pt">
<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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Sarah E. </span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Cogan</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1956</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt">&#8195;</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Class II</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2019</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Retired Partner, Simpson Thacher &amp;</span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Bartlett LLP (law firm) (1989-2018);</span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director, Girl Scouts of Greater</span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">New York, Inc. (since 2016); and</span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee, Natural Resources Defense</span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Council, Inc. (since 2013).</span></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;margin-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">30</span></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-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trustee, </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Allianz Funds </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2019-2021); </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trustee, </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Virtus Funds </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2021-Present).</span></div> </div> </td> </tr>
<tr style="height:221.5pt">
<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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Kathleen A. </span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">McCartney.</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1955</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt">&#8195;</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Class I</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2022</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director (since 2013) and President </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(since 2020), Five Colleges, Inc., </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">consortium of liberal arts colleges and </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">universities; President Emerita, Smith </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">College (since 2023). Formerly, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President, Smith College (2013-2023); </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director, American Council on </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Education Board of Directors, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2015-2019); Director, Consortium on </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Financing Higher Education Board of </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Directors (2015-2019); Director, edX </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Board of Directors, online course </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">provider (2012-2013); Director, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Bellwether Education Partners Board, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">national nonprofit organization </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2010-2013); Dean, Harvard Graduate </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">School of Education (2006-2013); and </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee, Tufts University (2007-2013).</span></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;margin-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">30</span></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-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">83</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_84"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="margin-top:0.0pt">
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<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-left:0%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name, Address, </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Year of Birth </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Class</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Position(s) </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Held</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">with the Fund</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Term of Office</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Length of</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Time Served</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(2)</span></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:2.68%;margin-right:2.68%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Principal Occupation(s)</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past 5 Years</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Number of</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Portfolios in</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Fund</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Complex</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Overseen by</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Trustee</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(3)</span></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:7.21%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Other </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Directorships</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Held by Trustee</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">5 Years</span></div> </div> </div> </td> </tr>
<tr style="height:246.35pt">
<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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Alan </span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Rappaport</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1953</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt">&#8195;</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Class I</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2010</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director, Victory Capital Holdings,</span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Inc., an asset management firm (since </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">2013). Formerly, Adjunct Professor, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">New York University Stern School of </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Business (2011-2020); Lecturer, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Stanford University Graduate School </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">of Business (2013-2020); Advisory </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director (formerly Vice Chairman), </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Roundtable Investment Partners </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2009-2018); Member of Board of </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Overseers, NYU Langone Medical </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Center (2015-2016); Trustee, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">American Museum of Natural History </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2005-2015); Trustee, NYU Langone </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Medical Center (2007-2015); and Vice </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Chairman (formerly, Chairman and </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President), U.S. Trust (formerly, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Private Bank of Bank of America, the </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">predecessor entity of U.S. Trust) </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2001-2008).</span></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;margin-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">30</span></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-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trustee, </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Allianz Funds </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2010-2021); </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Chairman of </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Board of </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trustees, </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Virtus </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Closed-End </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Funds </span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2021-2023).</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">84</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_85"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="margin-top:0.0pt">
<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-left:0%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name, Address, </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Year of Birth </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Class</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Position(s) </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Held</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">with the Fund</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Term of Office</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Length of</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Time Served</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(2)</span></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:2.68%;margin-right:2.68%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Principal Occupation(s)</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past 5 Years</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Number of</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Portfolios in</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Fund</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Complex</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Overseen by</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Trustee</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(3)</span></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:7.21%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Other </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Directorships</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Held by Trustee</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">5 Years</span></div> </div> </div> </td> </tr>
<tr style="height:378.85pt">
<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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">E. Grace </span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vandecruze</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1963</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt">&#8195;</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Class II</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2021</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Founder and Managing Director,</span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Grace Global Capital LLC, a strategic</span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">advisory firm to the insurance industry </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(since 2006); Director, The Doctors </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Company, a medical malpractice </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">insurance company (since 2020); </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director, Link Logistics REIT, a real </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">estate company (since 2021); Director </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">and Member of the Investment &amp; Risk </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Committee, Resolution Life Group </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Holdings, a global life insurance group </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(since 2021); Director, Wharton </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Graduate Executive Board; and </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director, Blackstone Private Equity </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Strategies Fund L.P. (since 2023); and </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director, Blackstone Infrastructure </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Strategies Fund L.P. (since 2024). </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Formerly, Chief Financial Officer, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ShoulderUp Technology Acquisition </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Corp, a special purpose acquisition </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">company (2021-2023); Director, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Resolution Holdings (2015-2019); </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Director and Member of the Audit </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Committee and the Wealth Solutions </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Advisory Committee, M Financial </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Group, a life insurance company </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2015-2021); Chief Financial Officer, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Athena Technology Acquisition Corp, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">a special purpose acquisition company</span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2021-2022); and Director, SBLI USA, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">a life insurance company (2015-2018).</span></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;margin-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">30</span></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-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;vertical-align:Top;width:62.4pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;vertical-align:Top;width:62.4pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;vertical-align:Top;width:62.4pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;vertical-align:Top;width:168pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;vertical-align:Top;width:62.4pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;vertical-align:Top;width:62.4pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">85</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_86"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:17.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Interested Trustees</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold">&#8195;</span></div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
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<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:0%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name, Address </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Year of Birth</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Position(s) </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Held</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">with the Fund</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Term of Office</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Length of</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Time Served</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(2)</span> <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:2.68%;margin-right:2.68%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Principal Occupation(s)</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past 5 Years</span></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:7.21%;margin-right:7.21%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Number of</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Portfolios in</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Fund</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Complex</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Overseen by</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Trustee</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(3)</span> <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:7.21%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Other </span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Directorships</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Held by Trustee</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">5 Years</span></div> </div> </div> </td> </tr>
<tr style="height:180.85pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Libby D. </span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Cantrill</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(4)(5)</span> <div style="clear:right"> </div> </div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1959</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt">&#8195;</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Class III</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2023</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Managing Director, Head of Public </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Policy, PIMCO (since 2007); </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Institutional Account Manager, </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO (2007-2010); Legislative </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Aide, House of Representatives </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2003-2005); and Investment Banking </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Analyst, Morgan Stanley (2000-2003).</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">30</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Member of</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Board of</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Directors,</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Covenant</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">House</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">New York</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2021-Present);</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Member of</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Board,</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Securities</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Industry and</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Financial</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Markets</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Association</span></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2022-Present).</span></div> </div> </td> </tr>
<tr style="height:65.5pt">
<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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">David </span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Flattum</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(4)(5)</span> <div style="clear:right"> </div> </div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1964</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt">&#8195;</span></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Class II</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">December </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">2024</span></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;margin-top:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Consultant, PIMCO (2023-present); </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Global General Counsel, PIMCO </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2006-2023); General Counsel and </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Chief Operating Officer, Allianz Asset </span></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Management of America (2001-2006).</span></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;margin-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">30</span></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-top:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(1)</span></div> </div> <div style="line-height:12.0pt;margin-left:30pt;margin-top:-12pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;Independent Trustees&#8221; are those Trustees who are not &#8220;interested persons&#8221; (as defined in Section 2(a)(19) of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the 1940 Act).</span></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:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2)</span></div> <div style="float:left;line-height:12pt;margin-left:18.34pt;text-align:left;width:445.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Under the Fund&#8217;s Declaration of Trust, a Trustee serves until his or her death, retirement, removal, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disqualification, resignation or replacement. In accordance with the Fund&#8217;s Declaration of Trust (see </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws&#8221;), the Common Shareholders </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and/or preferred shareholders of the Fund, as applicable, elect Trustees to fill the vacancies of Trustees whose </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">terms expire at each annual meeting of the Fund&#8217;s shareholders.</span></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:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(3)</span></div> <div style="float:left;line-height:12pt;margin-left:18.34pt;text-align:left;width:445.00pt"><span 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) </span><span 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) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for which PIMCO or an affiliate of PIMCO serves as primary investment adviser.</span></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:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(4)</span></div> <div style="float:left;line-height:12pt;margin-left:18.34pt;text-align:left;width:445.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Ms. Cantrill and Mr. Flattum are &#8220;interested persons&#8221; of the Fund, as defined in Section 2(a)(19) of the 1940 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Act, due to their affiliation with PIMCO and its affiliates.</span></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:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(5)</span></div> <div style="float:left;line-height:12pt;margin-left:18.34pt;text-align:left;width:445.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Ms. Cantrill's and Mr. Flattum's business address is c/o 650 Newport Center Drive, Newport Beach, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">California 92660.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">86</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_87"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Officers</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold">&#8195;</span></div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<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-left:0%;margin-right:5.56%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name, Address</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Year of Birth</span></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:8.06%;margin-right:8.06%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Position(s) Held</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">with Fund</span></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:4.03%;margin-right:4.03%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Term of Office and</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Length of Time Served</span></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:4.03%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Principal Occupation(s)</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past 5 Years</span></div> </div> </div> </td> </tr>
<tr style="height:137.85pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Joshua D. Ratner</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1976</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since January 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Executive Vice President and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Head of Americas Operations - </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Client, Legal and Funds; Deputy </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">General Counsel, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund.</span></div> </div> </td> </tr>
<tr style="height:137pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Keisha Audain-Pressley</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1975</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Chief </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Compliance </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Officer</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2018</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Executive Vice President and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deputy Chief Compliance Officer, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO. Chief Compliance </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Officer, PIMCO-Managed Funds, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Funds, PIMCO Variable </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Insurance Trust, PIMCO ETF </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund and PIMCO Capital </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Solutions BDC Corp.</span></div> </div> </td> </tr>
<tr style="height:161pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Ryan G. Leshaw</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1980</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Chief Legal </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Officer and </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Secretary</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Chief Legal Officer since 2019, </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Secretary since August 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Executive Vice President and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deputy General Counsel, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Chief Legal Officer, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO-Managed Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Flexible Real Estate Income Fund </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">and PIMCO Capital Solutions </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">BDC Corp. Chief Legal Officer </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">and Secretary, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds,PIMCO Variable Insurance </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trust, PIMCO ETF Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Equity Series and PIMCO Equity </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Series VIT. Formerly, Associate, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Willkie Farr &amp; Gallagher LLP.</span></div> </div> </td> </tr>
<tr style="height:110pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Peter G. Strelow</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1970</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Senior Vice </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2019</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Managing Director and Co-Chief </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Operating Officer, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">SeniorVice President, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO-Managed Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Variable Insurance </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trust, PIMCO ETF Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Equity Series and PIMCO Equity </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Series VIT. Formerly, Chief </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Administrative Officer, PIMCO.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">87</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_88"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="margin-top:0.0pt">
<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-left:0%;margin-right:5.56%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name, Address</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Year of Birth</span></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:8.06%;margin-right:8.06%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Position(s) Held</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">with Fund</span></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:4.03%;margin-right:4.03%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Term of Office and</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Length of Time Served</span></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:4.03%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Principal Occupation(s)</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past 5 Years</span></div> </div> </div> </td> </tr>
<tr style="height:113.85pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Douglas B. Burrill</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1980</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2022</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Senior Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund and PIMCO Capital </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Solutions BDC Corp.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Carol K. Chan</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1982</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since January 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Senior Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund.</span></div> </div> </td> </tr>
<tr style="height:113pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Alyssa M. Creighton</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1974</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since January 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Senior Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund and PIMCO Capital </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Solutions BDC Corp.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Jason R. Duran</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1977</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since March 2023</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO. Vice </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO-Managed Funds.</span></div> </div> </td> </tr>
<tr style="height:101pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Michelle N. Ellis</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1975</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since August 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO. Vice </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund.</span></div> </div> </td> </tr>
<tr style="height:110pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Kenneth W. Lee</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1972</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2022</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Senior Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund and PIMCO Capital </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Solutions BDC Corp.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">88</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_89"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="margin-top:0.0pt">
<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-left:0%;margin-right:5.56%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name, Address</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Year of Birth</span></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:8.06%;margin-right:8.06%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Position(s) Held</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">with Fund</span></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:4.03%;margin-right:4.03%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Term of Office and</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Length of Time Served</span></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:4.03%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Principal Occupation(s)</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past 5 Years</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Greg J. Mason</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">2</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1980</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2023</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Senior Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">andPIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund.</span></div> </div> </td> </tr>
<tr style="height:89pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Colleen P. McLaughlin</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">2</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1983</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since January 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Senior Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deputy Treasurer, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Managed Funds, Assistant </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">and PIMCO Equity Series VIT.</span></div> </div> </td> </tr>
<tr style="height:101pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Shiv Narain</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1981</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Assistant </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since January 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Executive Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund.</span></div> </div> </td> </tr>
<tr style="height:113pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Keith A. Weber</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1973</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2022</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Executive Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund and PIMCO Capital </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Solutions BDC Corp.</span></div> </div> </td> </tr>
<tr style="height:101pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Paul T. Wildermuth</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1979</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since January 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO. Vice </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund.</span></div> </div> </td> </tr>
<tr style="height:98pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Bijal Parikh</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1978</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2021</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Executive Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">89</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_90"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="margin-top:0.0pt">
<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-left:0%;margin-right:5.56%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name, Address</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Year of Birth</span></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:8.06%;margin-right:8.06%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Position(s) Held</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">with Fund</span></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:4.03%;margin-right:4.03%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Term of Office and</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Length of Time Served</span></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:4.03%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Principal Occupation(s)</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past 5 Years</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Brandon T. Evans</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1982</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deputy </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2022</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Senior Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deputy Treasurer, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO-Managed Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Variable Insurance </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trust, PIMCO ETF Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Equity Series, PIMCO Equity </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Series VIT and PIMCO Flexible </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Real Estate Income Fund.</span></div> </div> </td> </tr>
<tr style="height:113pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Erik C. Brown</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1967</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Assistant </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since 2015</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Executive Vice President, PIMCO. </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Assistant Treasurer, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO-Managed Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Variable Insurance </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trust, PIMCO ETF Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Equity Series, PIMCO Equity </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Series VIT, PIMCO Flexible Real </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Estate Income Fund and PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Capital Solutions BDC Corp.</span></div> </div> </td> </tr>
<tr style="height:101pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Laine E. Pacetti</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1989</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Assistant </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since January 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO. Assistant </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Jason R. Stern</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1979</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Assistant </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since January 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO. Assistant </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund.</span></div> </div> </td> </tr>
<tr style="height:101pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Chi H. Vu</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1983</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Assistant </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since January 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President, PIMCO. Assistant </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Equity Series VIT and </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Flexible Real Estate </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Income Fund.</span></div> </div> </td> </tr>
<tr style="height:86pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Timothy A. Bekkers</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1987</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Assistant </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Secretary</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since August 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Senior Vice President and Senior </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Counsel, PIMCO. Assistant </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Secretary, PIMCO-Managed </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Funds, PIMCO Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Variable Insurance Trust, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">ETF Trust, PIMCO Equity Series </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">and PIMCO Equity Series VIT.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">90</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_91"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="margin-top:0.0pt">
<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-left:0%;margin-right:5.56%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name, Address</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">and Year of Birth</span></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:8.06%;margin-right:8.06%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Position(s) Held</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">with Fund</span></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:4.03%;margin-right:4.03%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Term of Office and</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Length of Time Served</span></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:4.03%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Principal Occupation(s)</span></div> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the Past 5 Years</span></div> </div> </div> </td> </tr>
<tr style="height:77.85pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Jaime Dinan</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1988</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Assistant </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Secretary</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since August 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President and Counsel, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO. Assistant Secretary, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO-Managed Funds, PIMCO </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Flexible Real Estate Income Fund </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">and PIMCO Capital Solutions </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">BDC Corp.</span></div> </div> </td> </tr>
<tr style="height:110pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Sonia E. Bui</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">1</span> <div style="clear:right"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">1989</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Assistant </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Secretary</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Since March 2025</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Vice President and Counsel, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO. Assistant Secretary, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Funds, PIMCO Variable </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Insurance Trust, PIMCO ETF </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trust, PIMCO Equity Series, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO Managed Accounts Trust, </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO-Sponsored Interval Funds </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">and PIMCO-Sponsored </span></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Closed-End Funds.</span></div> </div> </td> </tr> </table> </div> <div style="line-height:15.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt">(1)</span></div> </div> <div style="line-height:10.0pt;margin-left:20pt;margin-top:-10pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:8pt">The business address of these officers is c/o Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt">California 92660.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt">(2)</span></div> <div style="float:left;line-height:10pt;margin-left:13.01pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:8pt">The business address of these officers is c/o Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.</span></div> </div> <div style="clear:both;position:relative"> </div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Trustee Qualifications. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span 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 </span><span 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 </span><span 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, has </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">had significant experience in the investment management and/or financial services industries, or has other experience </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">deemed qualifying by the Board. Among the factors the Board considered when concluding that an individual is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">qualified to serve on the Board were the following: (i) the individual&#8217;s business and professional experience and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">accomplishments; (ii) the individual&#8217;s ability to work effectively with other members of the Board; (iii) the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">individual&#8217;s prior experience, if any, serving on the boards of public companies (including, where relevant, other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment companies) and other complex enterprises and organizations; and (iv) how the individual&#8217;s skills, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">experiences and attributes would contribute to an appropriate mix of relevant skills and experience on the Board.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">person or on the Board by reason thereof.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%">Libby D. Cantrill</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> &#8212; Ms. Cantrill has substantial experience in the investment management industry. Ms. Cantrill </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">has 18 years of investment experience and is the Head of Public Policy and is a managing director in PIMCO's </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio management group. In her role, she analyzes policy and political risk for the firm's Investment Committee </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and leads U.S. policymaker engagement and policy strategy for the firm. She also works closely with PIMCO's Global </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Advisory Board and has served as a rotating member of the firm's Executive Committee. Ms. Cantrill is a Chartered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Financial Analyst charterholder.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%">Sarah E. Cogan</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> &#8212; Ms. Cogan has substantial legal experience in the investment management industry, having </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">91</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_92"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">experience as counsel to the Independent Trustees of certain PIMCO-Managed Funds and as counsel to other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">independent trustees, investment companies and asset management firms.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%">Deborah A. DeCotis</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;&#8212; Ms. DeCotis has substantial senior executive experience in the investment banking </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Helena Rubenstein Foundation, Stanford Graduate School of Business and Armor Holdings.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%">David Flattum </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8212; Mr. Flattum joined PIMCO as Global General Counsel in 2006. Previously, he was General </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Counsel and Chief Operating Officer of Allianz Asset Management of America and a partner at the law firm of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Latham &amp; Watkins, specializing in mergers and acquisitions. He has served in numerous leadership capacities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">including as Chair of PIMCO's Audit, Risk, Conflicts, and Pricing Committees and as Chief Legal Officer for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO Funds. He retired from his role as Global General Counsel of PIMCO at the end of 2023 and has continued to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">stay engaged with PIMCO as a consultant.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%">Kathleen A. McCartney </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8212; Ms. McCartney has substantial board experience, having served on a number of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">nonprofit boards, as trustee of Tufts University, director of the American Council on Education, director of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Consortium on Financing Higher Education, founding board member of edX, and director of the Bellwether Education </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Partners board. She also has substantial senior executive experience as the President Emerita and former President of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Smith College and director of Five Colleges, Inc.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%">Alan Rappaport</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> &#8212; Mr. Rappaport has substantial senior executive experience in the financial services industry. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. Trust and as an Advisory Director of an investment firm.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%">E. Grace Vandecruze</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> &#8212; Ms. Vandecruze has substantial senior executive experience in the financial services </span><span 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 </span><span 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 </span><span 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 </span><span 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), </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">2021). She also serves as the Audit Oversight Committee's Chair and has been determined by the Board to be an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;audit committee financial expert.&#8221;</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Committees of the Board of Trustees</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Audit Oversight Committee. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Board has established an Audit Oversight Committee in accordance with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), currently consisting of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mr. Rappaport and Mses. Cogan, DeCotis, McCartney and Vandecruze, each of whom is an Independent Trustee. Ms. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Vandecruze is the current Chair of the Fund&#8217;s Audit Oversight Committee.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">independent registered public accounting firm. During the fiscal year ended June 30, 2024, the Audit Oversight </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Committee met four times. Each member of the Fund&#8217;s Audit Oversight Committee is &#8220;independent,&#8221; as independence </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for audit committee members is defined in the currently applicable listing standards of the NYSE, on which the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Common Shares of the Fund are listed.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Governance and Nominating Committee. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Board has established a Governance and Nominating Committee </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">composed solely of Independent Trustees, currently consisting of Mr. Rappaport and Mses. Cogan, DeCotis, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">McCartney and Vandecruze. Ms. DeCotis is the current Chair of the Governance and Nominating Committee. The </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">92</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_93"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">primary purposes and responsibilities of the Governance and Nominating Committee are (i) advising and making </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">recommendations to the Board on matters concerning Board governance and related Trustee practices, and (ii) the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">screening and nomination of candidates for election to the Board as Independent Trustees.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 Board, matters concerning the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">functions and duties of the Trustees and committees of the Board; (3) the size of the Board and, in consultation with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Chair of the Board, the Board&#8217;s committees and their composition; and (4) Board and committee meeting </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">their services on the Board and any committees on the Board.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">During the fiscal year ended June 30, 2024, the Governance and Nominating Committee met four times. Each </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">member of the Fund&#8217;s Governance and Nominating Committee is &#8220;independent,&#8221; as independence for audit committee </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">members is defined in the currently applicable listing standards of the NYSE, on which the Common Shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund are listed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Governance and Nominating Committee </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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) </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Consideration of Candidates Recommended by Shareholders. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Governance and Nominating Committee will </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Appendix B to the Fund&#8217;s Governance and Nominating Committee Charter and attached as Appendix A to this </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Statement of Additional Information. Among other requirements, these procedures provide that the recommending </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Statement of Additional Information as Appendix A for details.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">nominated for election to the Board of Trustees.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Diversity. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Governance and Nominating Committee takes diversity of a particular nominee and overall </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">oversee the Fund.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">93</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_94"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Valuation Oversight Committee. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Board has established a Valuation Oversight Committee currently </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">consisting of Mr. Rappaport and Mses. Cogan, DeCotis, McCartney and Vandecruze. Ms. Vandecruze is the current </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Chair of the Valuation Oversight Committee. The Valuation Oversight Committee has been delegated responsibility by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Board for overseeing determination of the fair value of the Fund&#8217;s portfolio securities and other assets. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Valuation Oversight Committee reviews and approves procedures for the fair valuation of the Fund&#8217;s portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities and periodically reviews, reports and assessments provided by the Investment Manager pursuant to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s valuation procedures and the Investment Manager&#8217;s pricing policy. With respect to the fair valuation of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio securities for which market quotations are not readily available, the Investment Manager has been designated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as &#8220;Valuation Designee&#8221; for the Fund in accordance with Rule 2a-5 under the 1940 Act. The Fund&#8217;s Valuation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Oversight Committee reports to the Board periodically as to the Committee&#8217;s activities and oversight of the Investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Manager&#8217;s administration of the Fund&#8217;s valuation procedures and the Valuation Designee&#8217;s carrying out of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">responsibilities under Rule 2a-5.</span></div> <div style="line-height:12.0pt;margin-left:20pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">During the fiscal year ended June 30, 2024, the Valuation Oversight Committee met four times.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Contracts Committee. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Board has established a Contracts Committee currently consisting of Mr. Rappaport </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and Mses. Cogan, DeCotis, McCartney and Vandecruze. Ms. Cogan serves as the current Chair of the Fund&#8217;s Contracts </span><span 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 </span><span 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), </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">distribution services, as applicable. The Contracts Committee also may review and evaluate the terms of other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contracts or amendments thereto with the Fund&#8217;s other major service providers at the Board&#8217;s request.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">During the fiscal year ended June 30, 2024, the Contracts Committee met three times. The Contracts Committee </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">also may review and evaluate the terms of other contracts or amendments thereto with the Fund's other major service </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">providers at the Board's request.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Performance Committee. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Board has established a Performance Committee, currently consisting of Mr. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Rappaport and Flattum and Mses. Cantrill, Cogan, DeCotis, McCartney and Vandecruze. Mr. Rappaport serves as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">current Chair of the Performance Committee. The Performance Committee&#8217;s responsibilities include reviewing the </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Manager.</span></div> </div> <div style="line-height:12.0pt;margin-left:20pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">During the fiscal year ended June 30, 2024, the Performance Committee met five times.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Securities Ownership</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund's family of investment companies as of December 31, 2024 unless otherwise noted:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">94</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_95"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:0.0pt;text-align:left"> </div> <div style="margin-top:0.0pt">
<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-left:0%;margin-right:5.00%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name of Trustee</span></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:3.33%;margin-right:3.33%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Dollar Range of Equity</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Securities in the Fund</span></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:3.33%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Aggregate Dollar Range of</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Equity Securities in All</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Registered Investment</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Companies Overseen by</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Trustee in Family of</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Investment Companies</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;position:relative;top:-3.25pt">(1)</span> <div style="clear:right"> </div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt">Independent Trustees</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deborah A. DeCotis</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Over $100,000</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Sarah E. Cogan</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$10,001 - $50,000</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Over $100,000</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Joseph B. Kittredge, Jr.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$50,001 - $100,000</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Kathleen A. McCartney</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$1 - $10,000</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Alan Rappaport</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Over $100,000</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">E. Grace Vandecruze</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Over $100,000</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt">Interested Trustees</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#160;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Libby D. Cantill</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">David N. Fisher</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(3)</span> <div style="clear:right"> </div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Over $100,000</span></div> </div> </td> </tr>
<tr style="height:14pt">
<td style="background-color:azure;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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">David Flattum</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(4)</span> <div style="clear:right"> </div> </div> </div> </td>
<td style="background-color:azure;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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td>
<td style="background-color:azure;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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(1)</span></div> </div> <div style="line-height:12.0pt;margin-left:30pt;margin-top:-12pt;text-align:left"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment companies: PIMCO Access Income Fund, PIMCO Municipal Income Fund, PIMCO California </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO California Municipal Income Fund II, PIMCO New York Municipal Income Fund II, PIMCO </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Municipal Income Fund III, PIMCO California Municipal Income Fund III, PIMCO New York Municipal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Income Fund III, PIMCO Corporate &amp; Income Opportunity Fund, PIMCO Corporate &amp; Income Strategy </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Dynamic </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Income Strategy Fund, PIMCO Global StocksPLUS&#174; &amp; Income Fund, PIMCO Income Strategy Fund, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO Income Strategy Fund II, PCM Fund, Inc., PIMCO Strategic Income Fund, Inc., PIMCO Flexible </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Credit Income Fund, PIMCO Flexible Emerging Markets Income Fund, PIMCO California Flexible Municipal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Income Fund, and PIMCO Flexible Municipal Income Fund, and each series of PIMCO Managed Accounts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trust.</span></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:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2)</span></div> <div style="float:left;line-height:12pt;margin-left:18.34pt;text-align:left;width:445.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mr. Kittredge, Jr. retired from the Board of the Fund, effective June 30, 2024.</span></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:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(3)</span></div> <div style="float:left;line-height:12pt;margin-left:18.34pt;text-align:left;width:445.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mr. Fisher retired from the Board of the Fund, effective December 1, 2024.</span></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:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(4)</span></div> <div style="float:left;line-height:12pt;margin-left:18.34pt;text-align:left;width:445.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Effective December 1, 2024, Mr. Flattum became a Trustee of the Fund.</span></div> </div> <div style="clear:both;position:relative"> </div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adviser or principal underwriter of the Fund as of December 31, 2024 by Independent Trustees and their immediate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">family members:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="line-height:0.0pt;margin-top:6.0pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<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:109.54pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span 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</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:75.29pt"> <div style="line-height:11.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:7.97%;margin-right:7.97%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Name of Owners</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">and Relations</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">to Trustee</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:75.29pt"> <div style="line-height:11.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:7.97%;margin-right:7.97%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Company</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:75.29pt"> <div style="line-height:11.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:7.97%;margin-right:7.97%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Title of Class</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:75.29pt"> <div style="line-height:11.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:7.97%;margin-right:7.97%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Value of</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Securities</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:69.29pt"> <div style="line-height:11.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:8.66%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Percent</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">of Class</span></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:109.54pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deborah A. DeCotis</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:69.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td> </tr>
<tr style="height:17pt">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:109.54pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Sarah E. Cogan</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt"> </span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:69.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td> </tr>
<tr style="height:17pt">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:109.54pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Joseph B. Kittredge, Jr.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(1)</span> <div style="clear:right"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:69.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td> </tr>
<tr style="height:17pt">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:109.54pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Kathleen A. McCartney</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:69.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td> </tr>
<tr style="height:17pt">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:109.54pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Alan Rappaport</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:69.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td> </tr>
<tr style="height:14pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:109.54pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">E. Grace Vandecruze</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">None</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:75.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:69.29pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">95</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_96"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:17.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(1)</span></div> <div style="line-height:12.0pt;margin-left:30pt;margin-top:-12pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mr. Kittredge, Jr. retired from the Board of the Fund, effective June 30, 2024.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">As of March 31, 2025, the Trustees and officers of the Fund as a group owned less than 1% of the outstanding </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Common Shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">As of March 31, 2025, to the knowledge of the Fund, the following entities owned beneficially or of record 5% or </span><span 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 </span><span 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<table style="empty-cells:show;width:480pt" cellpadding="0" cellspacing="0">
<tr style="height:46.85pt">
<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-left:0%;margin-right:5.00%;padding-bottom:1pt"> <div style="text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Record/Beneficial Owner</span></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:3.33%;margin-right:3.33%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Class</span></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:3.33%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Percentage of</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Outstanding Shares</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">of Fund Owned of</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Record</span></div> </div> </div> </td> </tr>
<tr style="height:65.85pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">CHARLES SCHWAB &amp; </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">CO INC101 </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">MONTGOMERY STSAN </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">FRANCISCO CA </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">94104-4151</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Common Shares</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:180pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">29.20%</span></div> </div> </td> </tr>
<tr style="height:65pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">MERRILL LYNCH </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PROFESSIONALCLEARING </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">CORP.222 </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">BROADWAYNEW YORK, </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">NY 10038</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Common Shares</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">6.53%</span></div> </div> </td> </tr>
<tr style="height:77pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">MORGAN STANLEY </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">SMITH </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">BARNEYHARBORSIDE </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">FINANCIAL </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">CENTER,PLAZA </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">2JERSEY CITY, NJ 07311</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Common Shares</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">7.18%</span></div> </div> </td> </tr>
<tr style="height:77pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">NATIONAL FINANCIAL </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">SERVICES LLC200 </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">LIBERTY ST, ONE </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">WORLD FINANCIAL </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">CENTERNEW YORK NY </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">10281-1003</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Common Shares</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">21.11%</span></div> </div> </td> </tr>
<tr style="height:38pt">
<td style="background-color:azure;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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PERSHING LLC1 </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PERSHING PLZJERSEY </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">CITY, NJ 07399-000</span></div> </div> </td>
<td style="background-color:azure;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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Common Shares</span></div> </div> </td>
<td style="background-color:azure;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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">5.04%</span></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Trustees&#8217; Compensation</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Each of the Independent Trustees serves as a trustee of PIMCO Municipal Income Fund, PIMCO California </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">III, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund III, PIMCO </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Corporate &amp; Income Strategy Fund, PIMCO Corporate &amp; Income Opportunity Fund, PIMCO Dynamic Income Fund, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO Dynamic Income Opportunities Fund, PIMCO Access Income Fund, PIMCO Income Strategy Fund, PIMCO </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Income Strategy Fund II, PIMCO Global StocksPLUS&#174; &amp; Income Fund, PIMCO Dynamic Income Strategy Fund, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc., each a closed-end management investment company for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which PIMCO serves as investment manager (together with the Fund, the &#8220;PIMCO Closed-End Funds&#8221;), as well as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO Flexible Emerging Markets Income Fund, PIMCO Flexible Credit Income Fund, PIMCO California Flexible </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Municipal Income Fund and PIMCO Flexible Municipal Income Fund, each a closed-end management investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">company that is operated as an &#8220;interval fund&#8221; for which the Investment Manager serves as investment manager (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;PIMCO Interval Funds&#8221;) and PIMCO Managed Accounts Trust (&#8220;PMAT&#8221;), an open-end investment management </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">96</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_97"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">company with multiple series for which PIMCO serves as investment adviser and administrator (together with the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO Closed-End Funds and the PIMCO Interval Funds, the &#8220;PIMCO-Managed Funds&#8221;).</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Effective January 1, 2025, each Independent Trustee receives annual compensation of $275,000 for his or her </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">service on the Boards of the PIMCO-Managed Funds, payable quarterly; the Independent Chair of the Boards receives </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">an additional $100,000 per year, payable quarterly; the Audit Oversight Committee Chair receives an additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$35,000 annually, payable quarterly; the Performance Committee Chair receives an additional $15,000 annually, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">payable quarterly; the Valuation Oversight Committee Chair receives an additional $10,000 annually, payable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">quarterly; and the Contracts Committee Chair receives an additional $30,000 annually, payable quarterly. Trustees are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">also reimbursed for meeting related expenses.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">applicable, on the basis of fixed percentages as among PMAT, the PIMCO Interval Funds and the PIMCO Closed-End </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Funds. Trustee compensation and other costs are then further allocated pro rata among the individual funds within each </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">grouping based on each such fund&#8217;s relative net assets.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 (Ms. Cantrill and Mr. Flattum) are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">compensated by PIMCO or its affiliates, as applicable.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Trustees do not currently receive any pension or retirement benefits from the Fund or the Fund Complex (see </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">below).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the fiscal year ended June 30, 2024. Each officer and each Trustee who is a director, officer, partner, member or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">employee of the Investment Manager, or of any entity controlling, controlled by or under common control with the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Investment Manager, including any Interested Trustee, serves without any compensation from the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<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:107.59pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span 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</span><span style="border-bottom:0.5pt groove #000000;color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt">(1)</span> <div style="clear:right"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:94.61pt"> <div style="line-height:11.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:6.34%;margin-right:6.34%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Aggregate</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Compensation</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">from the Fund</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">for the Fiscal</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Year Ending</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">June 30, 2024</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:94.6pt"> <div style="line-height:11.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:6.34%;margin-right:6.34%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Pension or</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Retirement</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Benefits</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Accrued as</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Part of Fund</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Expenses</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:94.6pt"> <div style="line-height:11.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:6.34%;margin-right:6.34%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Estimated</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Annual Benefits</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Upon Retirement</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:88.6pt"> <div style="line-height:11.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:6.77%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Total Compensation</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">from the Fund</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Complex Paid to</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">the Trustees for</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">the Calendar</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Year Ended</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">December 31, 2024</span></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:107.59pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deborah A. DeCotis</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:94.61pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$11,352</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:88.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$375,000</span></div> </div> </td> </tr>
<tr style="height:17pt">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:107.59pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Sarah E. Cogan</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.61pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$9,408</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:88.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$305,000</span></div> </div> </td> </tr>
<tr style="height:17pt">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:107.59pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Joseph B. Kittredge, Jr</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.61pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$9,652</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:88.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$465,000</span></div> </div> </td> </tr>
<tr style="height:17pt">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:107.59pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Kathleen A. McCartney</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.61pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$8,516</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:88.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$275,000</span></div> </div> </td> </tr>
<tr style="height:17pt">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:107.59pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Alan Rappaport</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.61pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$8,921</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:88.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$290,000</span></div> </div> </td> </tr>
<tr style="height:14pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:107.59pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">E. Grace Vandecruze</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:94.61pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$8,840</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:94.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N/A</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:88.6pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$302,000</span></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(1)</span></div> </div> <div style="line-height:12.0pt;margin-left:30pt;margin-top:-12pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Ms. Cantrill and Mr. Flattum are interested Persons of the Fund and do not receive compensation from the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund for their services as Trustees. Mr. Fisher retired from the Board of the Fund, effective December 1, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">2024. Mr. Fisher was an interested Person of the Fund and did not receive compensation from the Fund for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">his services as Trustee.</span></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:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2)</span></div> <div style="float:left;line-height:12pt;margin-left:18.34pt;text-align:left;width:445.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mr. Kittredge retired from the Board of the Funds as of June 30, 2024 and the Funds and Fund Complex paid </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mr. Kittredge for his service as an Independent Trustee through that date. In connection with his retirement, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Mr. Kittredge entered into an agreement pursuant to which he was engaged as a consultant to the Board on an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as-requested basis for the one-year period beginning July 1, 2024. Pursuant to the consulting agreement, Mr. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Kittredge was paid the equivalent of one year of his prior Independent Trustee compensation from the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Complex of $310,000.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">97</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_98"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Codes of Ethics</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">http://www.sec.gov</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, and copies </span><span 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: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">publicinfo@sec.gov.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">Investment Manager</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Investment Manager</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO is located at 650 Newport Center Drive, Newport Beach, California 92660. PIMCO had approximately $1.95 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">trillion of assets under management as of December 31, 2024 and approximately $1.57 trillion of third-party assets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">under management.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 LLC, a Delaware limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">liability company (&#8220;Allianz Asset Management&#8221;) with a minority interest held by Allianz Asset Management </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. Holding II LLC, a Delaware limited liability company, and by certain current and former officers of PIMCO. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO was previously a majority owned subsidiary of Allianz Asset Management of America L.P., which was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">organized as a limited partnership under Delaware law in 2000. Allianz Asset Management of America L.P. merged </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with Allianz Asset Management, with the latter being the surviving entity, effective January 1, 2023. Following the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">merger, Allianz Asset Management is PIMCO LLC's managing member and direct parent entity. Through various </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">holding company structures, Allianz Asset Management is majority owned by Allianz SE. Allianz SE is a European </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">based, multinational insurance and financial services holding company and a publicly traded German company.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Allianz Asset Management is managed and controlled by a Management Board. The Management Board of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Allianz Asset Management is comprised of Tucker J. Fitzpatrick.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the restrictions of Rule 17e-1 under the 1940 Act. PIMCO does not believe that the restrictions on transactions with the </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Investment Management Agreement</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Pursuant to an investment management agreement between the Investment Manager and the Fund (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;Investment Management Agreement&#8221;), the Fund has agreed to pay the Investment Manager an annual fee, payable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">monthly, in an amount equal to 0.76% of the Fund&#8217;s average daily net asset value (including daily net assets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">attributable to any preferred shares of the Fund that may be outstanding) for the services rendered, for the facilities it </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">provides and for certain expenses borne by the Investment Manager pursuant to the Investment Management </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Agreement. Average daily net asset value includes total assets of the Fund (including daily net assets attributable to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">any preferred shares of the Fund that may be outstanding) minus accrued liabilities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Under the terms of the Investment Management Agreement, PIMCO is obligated to manage the Fund in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">accordance with applicable laws and regulations. PIMCO's investment advisory services to the Fund are not exclusive </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">under the terms of the Investment Management Agreement. PIMCO is free to, and does, render investment advisory </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">services to others. In addition, under the terms of the Investment Management Agreement, subject to the general </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">supervision of the Board, PIMCO provides or causes to be furnished all supervisory and administrative and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">services reasonably necessary for the operation of the Fund under the what is essentially an all-in fee structure, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">including but not limited to the supervision and coordination of matters relating to the operation of the Fund, including </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">98</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_99"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">any necessary coordination among the custodian, transfer agent, dividend disbursing agent, and recordkeeping agent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">(including pricing and valuation of the Fund), accountants, attorneys, auction agents and other parties performing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">services or operational functions for the Fund; the provision of adequate personnel, office space, communications </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">facilities, and other facilities necessary for the effective supervision and administration of the Fund, as well as the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">services of a sufficient number of persons competent to perform such supervisory and administrative and clerical </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">functions as are necessary for compliance with federal securities laws and other applicable laws; the maintenance of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the books and records of the Fund; the preparation of all federal, state, local and foreign tax returns and reports for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Fund; preparation, filing and distribution of any proxy materials (except as provided below), periodic reports to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">shareholders and other regulatory filings; the preparation and filing of such registration statements and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">documents with such authorities as may be required to register and maintain the listing of the shares of the Fund; the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">taking of other such actions as may be required by applicable law (including establishment and maintenance of a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">compliance program for the Fund); and provision of administrative services to shareholders as necessary, including: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the maintenance of a shareholder information telephone number; the provision of certain statistical information and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">performance of the Fund; an internet website (if requested); and maintenance of privacy protection systems and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">procedures. PIMCO may in-source or outsource certain processes or functions in connection with the supervisory and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">administrative services it provides without notice to investors. Depending upon the nature of the services and subject </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">to applicable law, agreements and the Fund&#8217;s governing documents, fees associated with in-sourced or outsourced </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">services will be borne by the Fund or PIMCO. In addition, PIMCO, and not the Fund, could benefit from certain fee </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">reduction arrangements under certain such agreements.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In addition, under the Investment Management Agreement, PIMCO procures, at its own expense, the following </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">services, and bears expenses associated with the following for the Fund: a custodian or custodians for the Fund to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">provide for the safekeeping of the Fund&#8217;s assets; a recordkeeping agent to maintain the portfolio accounting records for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund; a transfer agent for the Fund; a dividend disbursing agent and/or registrar for the Fund; all audits by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s independent public accountant (except fees to auditors associated with satisfying rating agency requirements </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for preferred shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">documents); valuation services; maintaining the Fund&#8217;s tax records; all costs and/or fees incident to meetings of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s shareholders, the preparation, printing and mailing of the Fund&#8217;s prospectuses (although the Fund bears such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">expenses in connection with the offerings made pursuant to the this Prospectus or any related prospectus supplement as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">noted below), notices and proxy statements, press releases and reports to its Shareholders, the filing of reports with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">regulatory bodies, the maintenance of the Fund&#8217;s existence and qualification to do business, the expense of issuing, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">redeeming, registering and qualifying for sale, common shares with the federal and state securities authorities, and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">expense of qualifying and listing Shares with any securities exchange or other trading system; legal services (except </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for extraordinary legal expenses); costs of printing certificates representing Shares of the Fund; the Fund&#8217;s pro rata </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portion of its fidelity bond and other insurance premiums; and association membership dues.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 all-in fee </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">structure under the Investment Management Agreement. These include fees and expenses, including travel expenses, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, </span><span 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, </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments made by the Fund, subject to specific or general authorization by the Fund&#8217;s Board of Trustees (for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">example, so-called &#8220;broken-deal costs&#8221; (e.g., fees, costs, expenses and liabilities, including, for example, due </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))); expenses of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s securities lending (if any), including any securities lending agent fees, as governed by a separate securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">lending agreement; costs, including interest expenses, of borrowing money or engaging in other types of leverage </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">bonds, bank borrowings and credit facilities; costs, including dividend cost and/or interest expenses and other costs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">preferred shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">documents) associated with the Fund&#8217;s issuance, offering, redemption and maintenance of preferred shares, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">commercial paper or other senior securities for the purpose of incurring leverage; fees and expenses of any underlying </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">99</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_100"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">funds or other pooled vehicles in which the Fund invests; dividend and interest expenses on short positions taken by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the Fund; organizational and offering expenses of the Fund, including with respect to share offerings following the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Fund&#8217;s initial offering, such as rights and shelf offerings (including expenses associated with offerings made pursuant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">to the Prospectus), and expenses associated with tender offers and other share repurchases and redemptions; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">extraordinary expenses including extraordinary legal expenses as may arise, including expenses incurred in connection </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">employees, shareholders, distributors, and agents with respect thereto; and expenses of the Fund which are capitalized </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in accordance with generally accepted accounting principles.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 net asset value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(including daily net assets attributable to any preferred shares of the Fund that may be outstanding) minus accrued </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">liabilities, the Investment Manager has a financial incentive for the Fund to use certain forms of leverage (e.g., reverse </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">repurchase agreements, dollar rolls, borrowings and preferred shares), which may create a conflict of interest between </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Investment Manager, on the one hand, and the Common Shareholders, on the other hand.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">A discussion regarding the basis for the Board&#8217;s most recent continuation of the Investment Management </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Agreement is available in the Fund&#8217;s annual report to shareholders for the fiscal year ended June 30, 2024 . Pursuant to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Investment Management Agreement, the Fund paid the Investment Manager the following amounts for the fiscal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">years ended June 30, 2024, June 30, 2023 and the fiscal period ended June 30, 2022:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<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:310.88pt"> <div style="line-height:9.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span 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/Period</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:169.12pt"> <div style="line-height:9.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:3.55%;margin-right:0.89%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Management Fee Paid by Fund (in thousands)</span></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:310.88pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">June 30, 2024</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;white-space:nowrap;width:169.12pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:160.12pt"> <div style="display:flex;margin:auto;width:24.5pt"> <div style="display:flex;white-space:nowrap;width:24.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:24.5pt">5,494</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:310.88pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">June 30, 2023</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:169.12pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:160.12pt"> <div style="display:flex;margin:auto;width:24.5pt"> <div style="display:flex;white-space:nowrap;width:24.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:24.5pt">5,468</span></div> </div> </div> </td> </tr>
<tr style="height:10pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:310.88pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">August 1, 2021 &#8211; June 30, 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(1)</span> <div style="clear:right"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:169.12pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:160.12pt"> <div style="display:flex;margin:auto;width:24.5pt"> <div style="display:flex;white-space:nowrap;width:24.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:24.5pt">5,609</span></div> </div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:0">1</span></div> </div> <div style="line-height:12.0pt;margin-left:30pt;margin-top:-12pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Effective April 1, 2022, the end of the Fund's fiscal year changed from July 31 to June 30.</span></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">third-party services, including decreases resulting from an increase in net assets.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">In rendering investment advisory services to the Fund, PIMCO may use the resources of one or more foreign </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(non-U.S.) affiliates that are not registered under the Investment Advisers Act of 1940, as amended (the &#8220;Advisers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Act&#8221;) (the &#8220;PIMCO Overseas Affiliates&#8221;), to provide portfolio management, research and trading services to the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">under the Memorandums of Understanding (&#8220;MOUs&#8221;). Each of the PIMCO Overseas Affiliates are Participating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Affiliates of PIMCO as that term is used in relief granted by the staff of the SEC allowing U.S. registered advisers to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">use investment advisory and trading resources of unregistered advisory affiliates subject to the regulatory supervision </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of the registered adviser. Each PIMCO Overseas Affiliate and any of their respective employees who provide services </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to the Funds are considered under the MOUs to be &#8220;associated persons&#8221; of PIMCO as that term is defined in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Advisers Act for purposes of PIMCO&#8217;s required supervision.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Certain Terms of the Investment Management Agreement</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund. The Investment Management Agreement automatically terminates on assignment. The Investment Management </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to the Investment Manager.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fee, payable on a monthly basis, at the annual rate of 0.76% of the Fund&#8217;s &#8220;average daily net asset.&#8221; Average daily net </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">asset value includes total assets of the Fund (including daily net assets attributable to any preferred shares of the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that may be outstanding) minus accrued liabilities.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">100</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_101"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 net asset value of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding), PIMCO </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">has a financial incentive for the Fund to utilize reverse repurchase agreements, dollar rolls, borrowings and preferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shares, which may create a conflict of interest between PIMCO, on the one hand, and Common Shareholders, on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other hand.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Investment Management Agreement provides that neither the Investment Manager nor its members, officers, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">directors or employees shall be subject to any liability for, or any damages, expenses or losses incurred, in connection </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with any act or omission or mistake in judgment connected with or arising out of any services rendered under the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Investment Management Agreement except by reason of willful misfeasance, bad faith or gross negligence in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">performance of the Investment Manager&#8217;s duties, or by reason of reckless disregard of the Investment Manager&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligations and duties under the Investment Management Agreement.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Portfolio Managers</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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, 2024: (i) the number of </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">number and total assets of such other companies, vehicles and accounts with respect to which the management fee is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">based on performance. The information includes amounts managed by a team, committee, or other group that includes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the portfolio managers.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Portfolio Manager</span></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:8.67%;margin-right:8.67%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Total Number of</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Other Accounts</span></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:9.68%;margin-right:9.68%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Total Assets</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">of All Other</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Accounts</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">(in $ Millions)</span></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:7.77%;margin-right:7.77%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Number of Other</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Accounts Paying</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">a Performance Fee</span></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:9.26%;margin-right:0%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Total Assets of</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Other Accounts</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Paying a</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Performance Fee</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">(in $ Millions)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Alfred T. Murata</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:0.5pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"> </div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Registered</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Investment</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Companies</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">24</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">231,785.62</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">0</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:12pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:22.5pt">0.00</span></div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Other Pooled</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Investment Vehicles</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">22</span></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">57,346.51</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">7</span></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:12pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">14,973.82</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td> </tr>
<tr style="height:12pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Other Accounts</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">5</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">2,414.30</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">0</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:12pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:22.5pt">0.00</span></div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Mohit Mittal</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:0.5pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"> </div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Registered</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Investment</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Companies</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">27</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">80,367.39</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">0</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:12pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:22.5pt">0.00</span></div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Other Pooled</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Investment Vehicles</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">22</span></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">36,989.31</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">3</span></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:12pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">4,772.40</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td> </tr>
<tr style="height:12pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Other Accounts</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">147</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">78,565.42</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">11</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:12pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">5,123.21</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Giang Bui</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:0.5pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"> </div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Registered</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Investment</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Companies</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">7</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">5,923.20</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">0</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:12pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:22.5pt">0.00</span></div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Other Pooled</span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Investment Vehicles</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt"> </span></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">7</span></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">8,097.37</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">2</span></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:12pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">6,495.68</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td> </tr>
<tr style="height:11.5pt">
<td style="background-color:#FFFFFF;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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">Other Accounts</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:69.22pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:57.22pt"> <div style="display:flex;margin:auto;width:17.0pt"> <div style="display:flex;white-space:nowrap;width:17.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:10pt">1</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:62pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:50pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:17.5pt">547.47</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:77.19pt"> <div style="line-height:12pt;margin-left:6pt;margin-right:6pt;text-align:right;width:65.19pt"> <div style="display:flex;margin:auto;width:12.0pt"> <div style="display:flex;white-space:nowrap;width:12.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt">0</span></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;white-space:nowrap;width:64.8pt"> <div style="line-height:12pt;margin-left:6pt;text-align:right;width:58.8pt"> <div style="display:flex;margin:auto;width:47.0pt"> <div style="display:flex;white-space:nowrap;width:47.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:22.5pt">0.00</span></div> </div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Conflicts of Interest</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:17pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">material non-public information (&#8220;MNPI&#8221;) about an issuer. Other accounts managed by a portfolio manager might </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">101</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_102"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">have similar investment objectives or strategies as the Fund, track the same index the Fund tracks or otherwise hold, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. The other accounts might also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">have different investment objectives or strategies than the Fund. Investors should be aware that investments made by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the Fund and the results achieved by the Fund at any given time, including for the same or similar instruments, are not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">expected to be the same as those made by other funds for which PIMCO acts as investment adviser, including funds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">with names, investment objectives and policies, and/or portfolio management teams, similar to the Fund. This may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">attributable to a wide variety of factors, including, but not limited to, the use of a different strategy or portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">management team, the execution venue(s) used for a given strategy or fund, when a particular fund commenced </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">operations or the size of a particular fund, in each case as compared to other similar funds. Potential and actual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">conflicts of interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Fund or to accounts in which the Fund invests. In this case, such conflicts of interest could in theory give rise to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">incentives for PIMCO to, among other things, vote proxies, purchase or redeem shares of the underlying account, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">take other actions with respect to the underlying account, in a manner beneficial to the investing account and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">PIMCO but detrimental to the underlying account. Such conflicts of interest could similarly in theory give rise to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">incentives for PIMCO to, among other things, vote proxies or purchase or redeem shares of the underlying account, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">take other actions with respect to the underlying account, in a manner beneficial to the underlying account and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">PIMCO and that may or may not be detrimental to the investing account. For example, even if there is a fee waiver or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">reimbursement in place relating to the Fund's investment in an underlying account, or relating to an investing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">account's investment in the Fund, this will not necessarily eliminate all conflicts of interest, as PIMCO could </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">nevertheless have a financial incentive to favor investments in PIMCO-affiliated funds and managers (for example, to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">increase the assets under management of PIMCO or a fund, product or line of business, or otherwise provide support </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">to, certain funds, products or lines of business), which could also impact the manner in which certain transaction fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">are set. Conversely, PIMCO&#8217;s duties to the Fund, as well as regulatory or other limitations applicable to the Fund, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">affect the courses of action available to PIMCO-advised accounts (including the Fund) that invest in the Fund in a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">manner that is detrimental to such investing accounts. In addition, regulatory restrictions, actual or potential conflicts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Because PIMCO is affiliated with Allianz SE, a large multi-national financial institution (together with its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">affiliates, &#8220;Allianz&#8221;), conflicts similar to those described below may occur between the Fund or other accounts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">managed by PIMCO and PIMCO&#8217;s affiliates or accounts managed by those affiliates. Those affiliates (or their clients), </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which generally operate autonomously from PIMCO, may take actions that are adverse to the Fund or other accounts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address those </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">conflicts, which could adversely affect the performance of the Fund or other accounts managed by PIMCO (each, a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;Client,&#8221; and collectively, the &#8220;Clients&#8221;). In addition, because certain Clients are affiliates of PIMCO or have investors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve conflicts of interest in favor of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">these Clients over other Clients.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline">Knowledge and Timing of Fund Trades.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">day-to-day management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">timing and possible market impact of the Fund&#8217;s trades. It is theoretically possible that the portfolio managers could </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline">Cross Trades.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">or sells an instrument to a Client (each, a &#8220;cross trade&#8221;). Such conflicts of interest may arise, among other reasons, as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">result of PIMCO representing the interests of both the buying party and the selling party in the cross trade or because </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the price at which the instrument is bought or sold through a cross trade may not be as favorable as the price that might </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">have been obtained had the trade been executed in the open market. PIMCO effects cross trades when appropriate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">pursuant to procedures adopted under applicable rules and SEC guidance. Among other things, such procedures require </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">that the cross trade is consistent with the respective investment policies and investment restrictions of both parties and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">is in the best interests of both the buying and selling accounts.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline">Selection of Service Providers.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO, its affiliates and its employees may have relationships with service providers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">that recommend, or engage in transactions with or for, the Fund, and these relationships may influence PIMCO&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">selection of these service providers for the Fund. Additionally, as a result of these relationships, service providers may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">have conflicts that create incentives for them to promote the Fund over other funds or financial products. In such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">circumstances, there is a conflict of interest between PIMCO and the Fund if the Fund determines not to engage or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">continue to engage these service providers.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">102</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_103"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline">Investment Opportunities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">more Clients, but may not be available in sufficient quantities for all accounts to participate fully. In addition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">regulatory issues applicable to PIMCO or the Funds or other accounts may result in the Funds not receiving securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">that may otherwise be appropriate for them. Similarly, there may be limited opportunity to sell an investment held by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the Fund and another Client. In addition, regulatory issues applicable to PIMCO or the Fund or other accounts may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">result in the Fund not receiving securities that may otherwise be appropriate for it. Similarly, there may be limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">opportunity to sell an investment held by the Fund and another Client. PIMCO has adopted policies and procedures </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">reasonably designed to allocate investment opportunities on a fair and equitable basis over time. In addition, regulatory </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">issues applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">otherwise be appropriate for them.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">PIMCO seeks to allocate orders across eligible Client accounts with similar investment guidelines and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">styles fairly and equitably, taking into consideration relevant factors including, among others, applicable investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">restrictions and guidelines, including regulatory restrictions; Client account-specific investment objectives, restrictions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and other Client instructions, as applicable; risk tolerances; amounts of available cash; the need to rebalance a Client </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">account&#8217;s portfolio (e.g., due to investor contributions and redemptions); whether the allocation would result in a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Client account receiving a trivial amount or an amount below the established minimum quantity; regulatory </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirements; the origin of the investment; the bases for an issuer&#8217;s allocation to PIMCO; and other Client </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">account-specific factors. As part of PIMCO&#8217;s trade allocation process, portions of new fixed income investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">opportunities are distributed among Client account categories where the relevant portfolio managers seek to participate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in the investment. Those portions are then further allocated among the Client accounts within such categories pursuant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to PIMCO&#8217;s trade allocation policy. Portfolio managers managing quantitative strategies and specialized accounts, such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as those focused on international securities, mortgage-backed securities, bank loans, or other specialized asset classes, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will likely receive an increased distribution of new fixed income investment opportunities where the investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">involves a quantitative strategy or specialized asset class that matches the investment objectives or focus of the Client </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">account category. PIMCO seeks to allocate fixed income investments to Client accounts with the general purpose of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">maintaining consistent concentrations across similar accounts and achieving, as nearly as possible, portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">characteristic parity among such accounts. Client accounts furthest from achieving portfolio characteristic parity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">typically receive priority in allocations. With respect to an order to buy or sell an equity security in the secondary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market, PIMCO seeks to allocate the order across Client accounts with similar investment guidelines and investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">styles fairly and equitably over time, taking into consideration the relevant factors discussed above.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Any particular allocation decision among Client accounts may be more or less advantageous to any one Client or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">group of Clients, and certain allocations will, to the extent consistent with PIMCO&#8217;s fiduciary obligations, deviate from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a pro rata basis among Clients in order to address for example, differences in legal, tax, regulatory, risk management, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">concentration, exposure, Client guideline limitations and/or mandate or strategy considerations for the relevant Clients. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO may determine that an investment opportunity or particular purchases or sales are appropriate for one or more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Clients, but not appropriate for other Clients, or are appropriate or suitable for, or available to, Clients but in different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sizes, terms, or timing than is appropriate or suitable for other Clients. For example, some Clients have higher risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tolerances than other Clients, such as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">greater percentage of certain types of investments (which may or may not outperform other types of investments) to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">such Clients. Further, the respective risk tolerances of different types of Clients may change over time as market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">conditions change. Those Clients receiving an increased allocation as a result of the effect of their respective risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tolerance may be Clients that pay higher investment management fees or that pay incentive fees. In addition, certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Client account categories focusing on certain types of investments or asset classes will be given priority in new issue </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">distribution and allocation with respect to the investments or asset classes that are the focus of their investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">mandate. PIMCO may also take into account the bases for an issuer&#8217;s allocation to PIMCO, for example, by giving </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">priority allocations to Client accounts holding existing positions in the issuer&#8217;s debt if the issuer&#8217;s allocation to PIMCO </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">is based on such holdings. PIMCO also may determine not to allocate to or purchase or sell for certain Clients all </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investments for which all Clients may be eligible. Legal, contractual, or regulatory issues and/or related expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be appropriate for them or may result in PIMCO selling securities out of Client accounts even if it might otherwise be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">beneficial to continue to hold them. Additional factors that are taken into account in the distribution and allocation of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment opportunities to Client accounts include, without limitation: ability to utilize leverage and risk tolerance of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Client account; the amount of discretion and trade authority given to PIMCO by the Client; availability of other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">similar investment opportunities; the Client account&#8217;s investment horizon and objectives; hedging, cash and liquidity </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">103</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_104"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">needs of the portfolio; minimum increments and lot sizes; and underlying benchmark factors. Given all of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, including the Fund, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">differ from, and performance may be lower than, investments and performance of other Clients, including those that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">may provide greater fees or other compensation (including performance-based fees or allocations) to PIMCO. PIMCO </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">has also adopted additional procedures to complement the general trade allocation policy that are designed to address </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">potential conflicts of interest due to the side-by-side management of the Fund and certain pooled investment vehicles, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">including investment opportunity allocation issues.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Clients.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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) </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">relative to such other Client.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">markets.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">104</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_105"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Client.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">finance vehicle, in which other Clients have an interest.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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). Moreover, restrictions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">imposed by or through third-party automated trading platforms could affect a Client's ability to transact through, or the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">quality of execution achieved through, such platforms.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">105</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_106"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">in a particular issuer&#8217;s securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">also be restricted from making (or divesting of) investments in respect of some Clients but not others. In some cases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice </span><span 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.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">actions in which not all Clients with similar investments may participate, and such non-participating Clients may </span><span 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, </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline">Co-Investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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. The Fund has </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">received exemptive relief from the SEC that, to the extent the Fund relies on such relief, permits it to (among other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">things) co-invest with certain other persons, including certain affiliates of the Investment Manager and certain public </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">or private funds managed by the Investment Manager and its affiliates, subject to certain terms and conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Co-investment transactions may give rise to conflicts of interest or perceived conflicts of interest among the Fund and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">its affiliates. The exemptive relief from the SEC with respect to co-investments imposes extensive conditions on any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">co-investments made in reliance on such relief that may limit or restrict the Fund&#8217;s ability to participate in an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">investment or participate in an investment to a lesser extent. An inability to receive the desired allocation to potential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">investments may affect the Fund&#8217;s ability to achieve the desired investment returns. In the event investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">opportunities are allocated among the Fund and its affiliates pursuant to co-investment exemptive relief, the Fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">not be able to structure its investment portfolio in the manner desired. Although PIMCO will endeavor to allocate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">investment opportunities in a fair and equitable manner, the Fund will generally not be permitted to co-invest in any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">issuer in which a fund managed by PIMCO or any of its downstream affiliates (other than the Fund and its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">downstream affiliates) currently has an investment. However, the Fund would be able to co-invest with funds managed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">by PIMCO or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">regulations and its allocation procedures. Pursuant to co-investment exemptive relief, the Fund will be able to invest in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">opportunities in which PIMCO and/or its affiliates has an investment, and PIMCO and/or its affiliates will be able to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">invest in opportunities in which the Fund has made an investment. From time to time, the Fund and its affiliates may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">make investments at different levels of an issuer&#8217;s capital structure or otherwise in different classes of an issuer&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">securities. Such investments inherently give rise to conflicts of interest or perceived conflicts of interest between or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">among the various classes of securities that may be held by such entities. PIMCO has adopted procedures governing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the co-investment in securities acquired in private placements with certain clients of PIMCO.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. Clients (and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investors in the Fund) should also be aware that the Fund may experience losses associated with decisions or actions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">directly or indirectly attributable to PIMCO, and PIMCO may determine whether compensation to the Fund for such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">losses is appropriate in view of its standard of care. PIMCO will attempt to resolve such matters fairly subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">applicable PIMCO policies and procedures, and applicable laws, but even so, such matters may not be resolved in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">favor of Clients' (and Fund investors') interests and may in fact be resolved in a manner adverse to their interests. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">There can be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest did not exist.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">106</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_107"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">is affiliated with Allianz SE, a large multi-national financial institution, conflicts similar to those described above may </span><span 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 </span><span 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 </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which could adversely affect Client performance. In addition, certain regulatory or internal restrictions may prohibit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Allianz SE) because of the applicability of certain laws and regulations or internal Allianz SE policies applicable to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO, Allianz SE or their affiliates. An account&#8217;s willingness to negotiate terms or take actions with respect to an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and/or their affiliates, directors, partners, managers, members, officers or personnel are also invested therein or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">otherwise have a connection to the subject investment (e.g., serving as a trustee or board member thereof).</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Certain service providers to the Fund are expected to be owned by or otherwise related to or affiliated with a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Client, and in certain cases, such service providers are expected to be, or are owned by, employed by, or otherwise </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">related to, PIMCO, Allianz SE, their affiliates and/or their respective employees, consultants and other personnel. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO may, in its sole discretion, determine to provide, or engage or recommend an affiliate of PIMCO to provide, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">certain services to the Fund, instead of engaging or recommending one or more third parties to provide such services. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Subject to the governance requirements of a particular fund and applicable law, PIMCO or its affiliates, as applicable, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will receive compensation in connection with the provision of such services. As a result, PIMCO faces a conflict of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest when selecting or recommending service providers for the Fund. Fees paid to an affiliated service provider will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be determined in PIMCO&#8217;s commercially reasonable discretion, taking into account the relevant facts and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">circumstances, and consistent with PIMCO&#8217;s responsibilities. Although PIMCO has adopted various policies and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">there can be no guarantee that such policies and procedures (which may be modified or terminated at any time in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO&#8217;s sole discretion) will be successful.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline">Performance Fees.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">believes might be the most profitable to such other accounts instead of allocating them to the Fund. PIMCO has </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">adopted policies and procedures reasonably designed to allocate investment opportunities between the Fund and such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">other accounts on a fair and equitable basis over time.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Portfolio Manager Compensation</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">PIMCO&#8217;s and its affiliates&#8217; approach to compensation seeks to provide professionals with a compensation process </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that is driven by values of collaboration, openness, responsibility and excellence.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Generally, compensation packages consist of three components. The compensation program for portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">managers is designed to align with clients&#8217; interests, emphasizing each portfolio manager&#8217;s ability to generate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">long-term investment success for clients, among other factors. A portfolio manager&#8217;s compensation is not based solely </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on the performance of the Fund or any other account managed by that portfolio manager:</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Base Salary &#8211;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">significant change in market levels.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Variable Compensation &#8211;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">In addition to a base salary, portfolio managers have a variable component of their </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">compensation, which is based on a combination of individual and company performance and includes both qualitative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and quantitative factors. The following non-exhaustive list of qualitative and quantitative factors is considered when </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">determining total compensation for portfolio managers:</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:justify;width:439.0pt"><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">performance as judged against the applicable benchmarks (which may include internal investment </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">107</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_108"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;margin-left:36pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%">performance-related benchmarks) for each account managed by a portfolio manager (including the Fund) and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">relative to applicable industry peer groups and;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Amount and nature of assets managed by the portfolio manager.</span></div> </div> <div style="clear:both;position:relative"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The variable compensation component of an employee&#8217;s compensation may include a deferred component. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">deferred portion will generally be subject to vesting and may appreciate or depreciate based on the performance of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO and/or its affiliates. PIMCO&#8217;s Long-Term Incentive Plan provides participants with deferred cash awards that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">appreciate or depreciate based on PIMCO&#8217;s operating earnings over a rolling three-year period. Additionally, PIMCO's </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Carried Interest Plan provides eligible participants (i.e. those who provide services to PIMCO&#8217;s alternative funds) a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">percentage of the carried interest otherwise payable to PIMCO if the applicable performance measurements described </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in the alternative fund's partnership agreements are achieved.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sharing plan consisting of a portion of PIMCO&#8217;s net profits. Portfolio managers who are Managing Directors receive </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">an amount determined by the Compensation Committee, based upon an individual&#8217;s overall contribution to the firm.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Securities Ownership</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">owned as of June 30, 2024 by each portfolio manager of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<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:390.64pt"> <div style="line-height:9.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span 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</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:89.36pt"> <div style="line-height:9.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:6.71%;margin-right:1.68%;padding-bottom:1pt"> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Dollar Range of Equity</span></div> <div style="text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Securities in the Fund</span></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:390.64pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Alfred T. Murata</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;white-space:nowrap;width:89.36pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:80.36pt"> <div style="display:flex;margin:auto;width:23.66pt"> <div style="display:flex;white-space:nowrap;width:23.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:23.66pt">None</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:390.64pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Mohit Mittal</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:89.36pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:80.36pt"> <div style="display:flex;margin:auto;width:23.66pt"> <div style="display:flex;white-space:nowrap;width:23.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:23.66pt">None</span></div> </div> </div> </td> </tr>
<tr style="height:10pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:390.64pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Giang Bui</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:89.36pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:80.36pt"> <div style="display:flex;margin:auto;width:23.66pt"> <div style="display:flex;white-space:nowrap;width:23.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:23.66pt">None</span></div> </div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Proxy Voting Policies and Procedures</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">under the Advisers Act. The Fund has adopted the Proxy Policy of PIMCO when voting proxies on its behalf.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline">Policy Statement:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">applicable law; the policy applies to any voting or consent rights with respect to securities held in accounts over which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">PIMCO has discretionary voting authority. The Proxy Policy is designed in a manner reasonably expected to ensure </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline">Overview:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">PIMCO has adopted a written Proxy Policy as required by Rule 206(4)-6 under the Advisers Act. Proxies </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">generally describe corporate action-consent rights (relative to fixed income securities) and proxy voting ballots </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">(relative to fixed income or equity securities) as determined by the issuer or custodian. As a general matter, when </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">PIMCO has proxy voting authority, PIMCO has a fiduciary obligation to monitor corporate events and to take </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">appropriate action on client proxies that come to its attention. Each proxy is voted on a case-by-case basis, taking into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">account relevant facts and circumstances. When considering client proxies, PIMCO may determine not to vote a proxy </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in limited circumstances.</span></div> </div> <div style="line-height:12.0pt;margin-top:6.0pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Equity Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The term &#8220;equity securities&#8221; means common and preferred stock, including common and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">preferred shares issued by investment companies; it does not include debt securities convertible into equity securities. </span><span 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 recommendations for proxies </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">relating to equity securities in accordance with the ISP&#8217;s guidelines. By following the guidelines of an independent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">third party, PIMCO seeks to mitigate potential conflicts of interest PIMCO may have with respect to proxies covered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">by the ISP. PIMCO will follow the recommendations of the ISP unless: (i) the ISP does not provide a voting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">recommendation; or (ii) a portfolio manager or analyst decides to override the ISP&#8217;s voting recommendation. In either </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">such case as described above, the Legal and Compliance department will review the proxy to determine whether an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">actual or potential conflict of interest exists. When the ISP does not provide a voting recommendation, the relevant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio manager or analyst will make a determination regarding how, or if, the proxy will be voted by completing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">required documentation.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">108</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_109"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Fixed Income Securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fixed income securities can be processed as proxy ballots or corporate action-consents </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">at the discretion of the issuer/custodian. Voting or consent rights shall not include matters which are primarily </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">decisions to buy or sell investments, such as tender offers, exchange offers, conversions, put options, redemptions, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Dutch auctions. When processed as proxy ballots, the ISP generally does not provide a voting recommendation and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">their role is limited to election processing and recordkeeping. In such instances, any elections would follow the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">standard process discussed above for equity securities. When processed as corporate action-consents, the Legal and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Compliance department will review all election forms to determine whether an actual or potential conflict of interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exists with respect to the portfolio manager&#8217;s or analyst&#8217;s consent election. PIMCO&#8217;s Credit Research and Portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Management Groups are responsible for issuing recommendations on how to vote proxy ballots and corporation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">action-consents with respect to fixed income securities.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%">Resolution of Potential and Identified Conflicts of Interest.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Proxy Policy permits PIMCO to seek to resolve </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">material conflicts of interest by pursuing any one of several courses of action. With respect to material conflicts of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest between PIMCO and a client account, the Proxy Policy permits PIMCO to either: (i) convene a working group </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to assess and resolve the conflict (the &#8220;Proxy Working Group&#8221;); or (ii) vote in accordance with protocols previously </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Legal and Compliance department or PIMCO&#8217;s Conflict Committee with respect to specific types of conflicts.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Policy. PIMCO&#8217;s Proxy Policy, and information about how PIMCO voted a client&#8217;s proxies, is available upon request.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%">Sub-Adviser Engagement.&#160;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt">&#8201;</span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">to provide portfolio management services to certain funds. Consistent with its management responsibilities, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Sub-Adviser will assume the authority for voting proxies on behalf of PIMCO for these Funds. Sub-Advisers may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">utilize third parties to perform certain services related to their portfolio management responsibilities. As a fiduciary, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">PIMCO will maintain oversight of the investment management responsibilities performed by the Sub-Adviser and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contracted third parties.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund at (844) 312-2113), on the Fund's website at www.pimco.com and on the SEC&#8217;s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">http://www.sec.gov</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">PORTFOLIO TRANSACTIONS AND BROKERAGE</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Investment Decisions and Portfolio Transactions</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio manager preference. Where applicable, PIMCO considers relevant ESG factors in its investment research </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">process with the goal of enhancing risk-adjusted returns. Integrating relevant factors into the evaluation process does </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not mean that ESG related information is the sole or primary consideration for an investment decision. PIMCO&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio managers and analyst teams consider a variety of factors including the materiality of those factors to make </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment decisions. Where material, ESG factors can be important considerations when evaluating long-term </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment opportunities and risks for asset classes, where applicable. The materiality of ESG considerations to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment decisions typically varies across asset classes, strategies, products and valuations. PIMCO may acquire on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">behalf of its clients (including the Fund) securities or other financial instruments providing exposure to different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">aspects of the capital and debt structure of an issuer, including without limitation those that relate to senior and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">junior/subordinate obligations of such issuer. In certain circumstances, the interests of those clients exposed to one </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portion of the issuer&#8217;s capital and debt structure may diverge from those clients exposed to a different portion of the </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">109</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_110"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">issuer&#8217;s capital and debt structure. PIMCO may advise some clients or take actions for them in their best interests with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">respect to their exposures to an issuer&#8217;s capital and debt structure that may diverge from the interests of other clients </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with different exposures to the same issuer&#8217;s capital and debt structure.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund, from that or another broker-dealer. PIMCO has adopted procedures it believes are reasonably designed to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obtain the best execution for the transactions by each account.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Brokerage and Research Services</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">commission payments.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">factor when choosing financial firms to effect those transactions.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund paid $280.75, $4,170.04 and $2,253.44 in brokerage commissions during the fiscal years ended </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">June 30, 2024 and June 30, 2023 and the fiscal period from August 1, 2021 - June 30, 2022, respectively.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">110</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_111"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">managing such other clients.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, PIMCO may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">cause the Fund to pay broker-dealers which provide them with &#8220;brokerage and research services&#8221; (as defined in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Exchange Act) an amount of commission for effecting a securities transaction for the Fund in excess of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">commission which another broker-dealer would have charged for effecting that transaction if PIMCO determines in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">good faith that the commission is reasonable in relation to the value of the brokerage and research services provided by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the broker-dealer viewed in terms of either a particular transaction or PIMCO&#8217;s overall responsibilities to the advisory </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">accounts for which PIMCO exercises investment discretion.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">at least as favorable as other qualified broker-dealers.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">expressly permitting the affiliated broker-dealer to receive and retain such compensation.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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;</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, 2024 or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">June 30, 2023 or for the fiscal period from August 1, 2021 - June 30, 2022.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span 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</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fiscal year ended June 30, 2024, as well as the Fund&#8217;s holdings in such brokers or dealers as of June 30, 2024.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Broker or Dealer</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Value of Securities</span></div> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Held by the Fund as</span></div> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">of June 30, 2024 ($000)</span></div> </div> </td> </tr>
<tr style="height:13.85pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:0.85pt;vertical-align:Top;width:395.49pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">BOFA Securities, INC</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:0.85pt;vertical-align:Top;white-space:nowrap;width:84.51pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:80.01pt"> <div style="display:flex;margin:auto;width:34.5pt"> <div style="display:flex;white-space:nowrap;width:34.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:34.5pt">17,405</span></div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Goldman Sachs &amp; Co.</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:84.51pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:80.01pt"> <div style="display:flex;margin:auto;width:34.5pt"> <div style="display:flex;white-space:nowrap;width:34.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:34.5pt">4,812</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:395.49pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">JPMorgan Chase &amp; Co.</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:84.51pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:80.01pt"> <div style="display:flex;margin:auto;width:34.5pt"> <div style="display:flex;white-space:nowrap;width:34.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:34.5pt">13,731</span></div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Citigroup Global Markets, Inc.</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:84.51pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:80.01pt"> <div style="display:flex;margin:auto;width:34.5pt"> <div style="display:flex;white-space:nowrap;width:34.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:34.5pt">10,043</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:395.49pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Nomura Securities International Inc.</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:84.51pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:80.01pt"> <div style="display:flex;margin:auto;width:34.5pt"> <div style="display:flex;white-space:nowrap;width:34.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:34.5pt">5,699</span></div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">STATE STREET BANK &amp; TRUST</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:84.51pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:80.01pt"> <div style="display:flex;margin:auto;width:34.5pt"> <div style="display:flex;white-space:nowrap;width:34.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:34.5pt">689</span></div> </div> </div> </td> </tr>
<tr style="height:12pt">
<td style="background-color:azure;padding-top:3pt;vertical-align:Top;width:395.49pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">SG AMERICAS SECURITIES</span></div> </div> </td>
<td style="background-color:azure;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:84.51pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:80.01pt"> <div style="display:flex;margin:auto;width:34.5pt"> <div style="display:flex;white-space:nowrap;width:34.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:34.5pt">1,238</span></div> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">111</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_112"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:17.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">DISTRIBUTIONS</span></div> <div style="line-height:12.0pt;margin-left:20pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">See &#8220;Distributions&#8221; in the Prospectus for information relating to distributions to Fund shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">DESCRIPTION OF SHARES</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Common Shares</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund&#8217;s Declaration authorizes the issuance of an unlimited number of Common Shares. The Common Shares </span><span 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. All Common Shares of the Fund have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">equal rights as to the payment of dividends and the distribution of assets upon liquidation of the Fund. The Common </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Shares currently outstanding have been fully paid and, subject to matters discussed in &#8220;Anti-Takeover and Other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Provisions in the Declaration of Trust&#8212;Shareholder Liability&#8221; below, are non-assessable, and have no pre-emptive or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">conversion rights or rights to cumulative voting. Upon liquidation of the Fund, after paying or adequately providing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#8217;s Common Shareholders.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund&#8217;s Common Shares are listed on the NYSE under the trading or &#8220;ticker&#8221; symbol &#8220;PHK&#8221;. The Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">intends to hold annual meetings of shareholders so long as the Common Shares are listed on a national securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exchange and such meetings are required as a condition to such listing. Common Shares of the Fund entitle their </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">holders to one vote for each Common Share held; however, separate votes are taken by each class of Common Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">on matters affecting an individual class of Common Shares. Each fractional share shall be entitled to a proportionate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">fractional vote, except as otherwise provided by the Declaration, Bylaws, or required by applicable law (including any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">voting, share ownership or similar limitations or requirements that may apply to a shareholder). If preferred shares are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issued, holders of preferred shares will be able to elect two Trustees and vote as a separate class on certain matters.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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;</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION OF TRUST AND BYLAWS</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Shareholder Liability</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">obligations, and thus should be considered remote.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">112</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_113"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Anti-Takeover Provisions</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">As described below, the Declaration and the Bylaws include provisions that could limit the ability of other entities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or persons to acquire control of the Fund, convert the Fund to open-end status or to change the composition of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Board, and could have the effect of depriving shareholders of opportunities to sell their shares at a premium over </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">prevailing market prices by discouraging a third party from seeking to obtain control of the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">As described below, the Declaration grants special approval rights with respect to certain matters to members of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Board who qualify as &#8220;Continuing Trustees,&#8221; which term means a Trustee who either (i) has been a member of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Board of Trustees for a period of at least thirty-six months (or since the commencement of the Trust&#8217;s operations, if </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">less than thirty-six months) or (ii) was nominated to serve as a member of the Board, or designated as a Continuing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Trustee, by a majority of the Continuing Trustees then members of the Board. The Declaration requires the affirmative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">vote or consent of at least seventy-five percent (75%) of the Board and holders of at least seventy-five percent (75%) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of the Fund&#8217;s shares to authorize certain Fund transactions not in the ordinary course of business, including a merger or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">consolidation or share exchange, any shareholder proposal as to specific investment decisions made or to be made with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">respect to the assets of the Fund or issuance or transfer by the Fund of the Fund&#8217;s shares having an aggregate fair </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">market value of $1,000,000 or more (except for transactions in securities effected by the Trust or a series or class in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ordinary course of business), unless the transaction is authorized by both a majority of the Trustees and seventy-five </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">percent (75%) of the Continuing Trustees (in which case no shareholder authorization would be required by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Declaration, but may be required in certain cases under the 1940 Act). The Declaration also requires the affirmative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">vote or consent of holders of at least seventy-five percent (75%) of each class of the Fund&#8217;s shares outstanding and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">entitled to vote on the matter to authorize a conversion of the Fund from a closed-end to an open-end investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">company, unless the conversion is authorized by both a majority of the Trustees and seventy-five percent (75%) of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Continuing Trustees (in which case shareholders would have only the minimum voting rights required by the 1940 Act </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with respect to the conversion). Also, the Declaration provides that the Fund may be terminated at any time by vote or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">consent of at least seventy-five percent (75%) of the Fund&#8217;s shares entitled to vote or, alternatively, by vote or consent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of both a majority of the Board and seventy-five percent (75%) of the Continuing Trustees upon written notice to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholders of the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Trustees may from time to time grant other voting rights to shareholders with respect to these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">matters in the Bylaws, certain of which are required by the 1940 Act.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The overall effect of these provisions is to render more difficult the accomplishment of a merger or the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">assumption of control of the Fund by a third party. These provisions also provide, however, the advantage of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">potentially requiring persons seeking control of the Fund to negotiate with its management regarding the price to be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">paid and facilitating the continuity of the Fund&#8217;s investment objectives and policies. The Board has considered the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">foregoing anti-takeover provisions and concluded that they are in the best interests of the Fund and its shareholders, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">including Common Shareholders.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Declaration and the Bylaws, both of which are on file with the SEC.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Liability of Trustees</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">individually, but only upon the assets and property of the Fund, and that the Trustees shall not be liable for errors of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">judgment or mistakes of fact or law. Nothing in the Declaration, however, protects a Trustee against any liability to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disregard of the duties involved in the conduct of his office.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Forum for Adjudication of Disputes</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Bylaws provide that unless the Fund consents in writing to the selection of an alternative forum, the sole and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exclusive forum for (i) any action or proceeding brought on behalf of the Fund or one or more of the shareholders, (ii) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer, other employee of the Fund, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund&#8217;s investment adviser to the Fund or the Fund&#8217;s shareholders, (iii) any action asserting a breach of contract by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund, by any Trustee, officer or other employee of the Fund, or by the Fund&#8217;s investment adviser, (iv) any action </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">113</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_114"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">asserting a claim arising pursuant to any provision of the Massachusetts Business Corporation Act, Chapter 182 of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Massachusetts General Laws or the Declaration or the Bylaws, (v) any action to interpret, apply, enforce or determine </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the validity of the Declaration or the Bylaws or any agreement contemplated by any provision of the 1940 Act, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Declaration or the Bylaws, or (vi) any action asserting a claim governed by the internal affairs doctrine shall be within </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the federal or state courts in the Commonwealth of Massachusetts (each, a &#8220;Covered Action&#8221;).</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Bylaws further provide that if any Covered Action is filed in a court other than in a federal or state court </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sitting within the Commonwealth of Massachusetts (a &#8220;Foreign Action&#8221;) in the name of any shareholder, such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholder shall be deemed to have consented to (i) the personal jurisdiction of the federal and state courts within The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commonwealth of Massachusetts in connection with any action brought in any such courts to enforce the preceding </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sentence (an &#8220;Enforcement Action&#8221;) and (ii) having service of process made upon such shareholder in any such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Enforcement Action by service upon such shareholder&#8217;s counsel in the Foreign Action as agent for such shareholder.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will be (i) deemed to have notice of and consented to the foregoing paragraph and (ii) deemed to have waived any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">argument relating to the inconvenience of the forum referenced above in connection with any action or proceeding </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">described in the foregoing paragraph.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">This forum selection provision may limit a shareholder&#8217;s ability to bring a claim in a judicial forum that it finds </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">favorable for disputes with Trustees, officers or other agents of the Fund and its service providers, which may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">discourage such lawsuits with respect to such claims and increase the costs for a shareholder to pursue such claims. If </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a court were to find the forum selection provision contained in the Bylaws to be inapplicable or unenforceable in an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">action, the Fund may incur additional costs associated with resolving such action in other jurisdictions. This forum </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">selection provision shall not apply to claims made under federal securities laws. The enforceability of exclusive forum </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">provisions is questionable.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Derivative and Direct Claims of Shareholders</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 45 days of its receipt by the Fund. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shares, as appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in their business judgment and shall be binding upon the shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">A shareholder&#160;or a group of shareholders may not bring or maintain a direct action or claim for monetary damages </span><span 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 </span><span 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, </span><span 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 </span><span 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, </span><span 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 45 days </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in their business judgment and shall be binding on all shareholders.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">providers, which may discourage such lawsuits with respect to such claims.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">These provisions in the Declaration regarding derivative and direct claims of shareholders shall not apply to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">claims made under federal securities laws.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">114</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_115"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">REPURCHASE OF COMMON SHARES;&#160;CONVERSION TO OPEN-END FUND</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund to redeem their shares. Instead, the Fund&#8217;s Common Shares trade in the open market at a price that will be a </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in this section.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">borrowing that might be approved by the Board would have to comply with the Exchange Act and the 1940 Act and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the rules and regulations thereunder.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund&#8217;s Board may also from time to time consider submitting to the holders of the shares of beneficial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">interest of the Fund a proposal to convert the Fund to an open-end investment company. In determining whether to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">exercise its sole discretion to submit this issue to shareholders, the Board would consider all factors then relevant, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">including the relationship of the market price of the Common Shares to net asset value and the extent to which the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s capital structure is leveraged.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 and seventy-five </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">percent (75%) of the Continuing Trustees (as defined above under &#8220;Anti-Takeover and Other Provisions in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Declaration of Trust and Bylaws&#8212;Anti-Takeover Provisions&#8221;). This seventy-five percent (75%) shareholder approval </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the outstanding&#8221; Common Shares and preferred shares (if issued); voting together as a single class, and the holders of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a &#8220;majority of the outstanding&#8221; preferred shares (if issued), voting as a separate class, in order to authorize a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">conversion.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in-flows and out-flows that can complicate portfolio management.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">115</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_116"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">value that might otherwise exist.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#8220;Principal Risks of the Fund&#8212;Leverage Risk.&#8221;</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">would consider all relevant factors, including the extent and duration of the discount, the liquidity of the Fund&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio, the impact of any action that might be taken on the Fund or its shareholders and market considerations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Based on these considerations, even if the Fund&#8217;s shares should trade at a discount, the Board may determine that, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the interest of the Fund and its shareholders, no action should be taken.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">TAXATION</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Taxation of the Fund</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund has elected and intends&#160;each year to qualify and&#160;be eligible to be treated as a RIC under Subchapter M </span><span 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, </span><span 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, </span><span 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 </span><span 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) </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">items (including receivables), U.S. government securities, securities of other RICs, and other securities limited in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">respect of any one issuer to a value not greater than 5% of the value of the Fund&#8217;s total assets and not more than 10% </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund&#8217;s total assets is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or more qualified publicly traded partnerships (as defined below); and (c) distribute with respect to each taxable year at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">116</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_117"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the deduction for dividends paid&#8212;generally, taxable ordinary income and the excess, if any, of net short-term capital </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">gains over net long-term capital losses) and any net tax-exempt interest income for such year.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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) </span><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to items attributable to an interest in a qualified publicly traded partnership.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 or grantor trusts for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. federal income tax purposes. In the case of a Subsidiary that is so treated, for U.S. federal income tax purposes, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(i) the Fund is treated as owning the Subsidiary's assets directly; (ii) any income, gain, loss, deduction or other tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">items arising in respect of the Subsidiary's assets will be treated as if they are realized or incurred, as applicable, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">directly by the Fund; and (iii) distributions, if any, the Fund receives from the Subsidiary will have no effect on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund's U.S. federal income tax liability.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">With respect to the distribution test in (c) above, the Fund must distribute at least 90% of its investment company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">taxable income to qualify as a RIC, and must distribute substantially all of its income in order to avoid a fund-level </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tax. In addition, if the Fund were to fail to distribute in a calendar year a sufficient amount of its income for such year, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">it would be subject to an excise tax.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 favorable tax </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">certain holding period and other requirements in respect of the Fund&#8217;s Common Shares (as described below). In </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">With respect to the distribution test in (c) above, the Fund must distribute at least 90% of its investment company </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">taxable income to qualify as a RIC, and must distribute substantially all of its income in order to avoid a fund-level </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tax. In addition, if the Fund were to fail to distribute in a calendar year a sufficient amount of its income for such year, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">it would be subject to an excise tax.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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&#160;(if </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">117</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_118"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">would then, in turn, (i) be required to include in income for U.S. federal income tax purposes, as long-term capital </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">gain, their share of such undistributed amount, and (ii) be entitled to credit their proportionate shares of the tax paid by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">U.S. federal income tax purposes, the tax basis of Common Shares owned by a shareholder of the Fund will be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">increased by an amount equal to the difference between the amount of undistributed capital gains included in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">shareholder&#8217;s gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance that the Fund </span><span 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.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to comply with the distribution requirement applicable to RICs.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will be carried forward to one or more subsequent taxable years without expiration. The Fund must apply such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">carryforwards against gains of the same character. The Fund&#8217;s available capital loss carryforwards, if any, will be set </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">forth in its annual shareholder report for each fiscal year.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">December 31) as if incurred in the succeeding taxable year.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">November 30 of that year if the RIC is permitted to elect and so elects) generally are treated as arising on January 1 of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the following calendar year; in the case of a RIC with a December 31 year end that makes the election described </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Fund Distributions</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">118</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_119"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Reinvestment Plan, generally the fair market value of the newly issued Common Shares issued to the shareholder or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">(ii) if reinvestment is made through open-market purchases under the Dividend Reinvestment Plan, the amount of cash </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">allocated to the shareholder for the purchase of Common Shares on its behalf in the open market. For U.S. federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">income tax purposes, all distributions are generally taxable in the manner described below, whether a shareholder takes </span><span 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.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">declared, rather than the calendar year in which the distributions are received. However, a distribution by the Fund will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be treated as paid on December 31 of any calendar year if it is declared by the Fund in October, November or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">December with a record date in such a month and paid by the Fund during January of the following calendar year. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">than the calendar year in which the distributions are received.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Distributions received by tax-exempt shareholders generally will not be subject to U.S. federal income tax to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">extent permitted under applicable tax law.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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; including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">allocations of income from a partnership in which it invests that are eligible for qualified dividend treatment, will be </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">distributions to be derived from qualified dividend income.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">eligible for the dividends-received deduction.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 for each tax year </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">between and among its Common Shares and each series of its preferred shares, if any, in proportion to the total </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividends paid to each class with respect to such tax year. Dividends qualifying for the dividends received deduction or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as qualified dividend income will be allocated between and among Common Shares and each series of preferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shares, if any, separately from dividends that do not so qualify, in each case in proportion to the total dividends paid to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">each share class for the Fund&#8217;s tax year.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">119</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_120"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, &#8220;net </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment income&#8221; generally includes, among other things, (i) distributions paid by the Fund of net investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">income and capital gains as described above, and (ii) any net gain from the sale, exchange or other taxable disposition </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">of Fund shares. Common Shareholders are advised to consult their tax advisors regarding the possible implications of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">this additional tax on their investment in the Fund.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">disposition by the shareholder of such shares. Where one or more such distributions occur in and with respect to any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">taxable year of the Fund, the available earnings and profits would be allocated first to the distributions made to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">holders of preferred shares, if, and only thereafter to distributions made to holders of Common Shares. As a result, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">holders of preferred shares, if any, would receive a disproportionate share of the distributions, if any, treated as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividends, and the holders of the Common Shares will receive a disproportionate share of the distributions, if any, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">treated as a return of capital.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholders early in the succeeding year.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">limitations imposed by the Code on the credits involved. Even if the Fund is eligible to pass through tax credits to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholders, the Fund may choose not to do so.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Sales, Exchanges or Repurchases of Shares</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">purchased shares will be adjusted to reflect the disallowed loss.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">120</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_121"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">harbors under the Code with respect to percentage voting interest and reduction in ownership of the Fund following </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">completion of the tender offer, or (iii) the tender offer otherwise results in a &#8220;meaningful reduction&#8221; of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">shareholder&#8217;s ownership percentage interest in the Fund, which determination depends on a particular shareholder&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">facts and circumstances.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">basis adjustments in accordance with the provisions of the Code.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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) </span><span 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. </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">allocable to it.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">determining whether such distribution requirements have been satisfied.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">whose percentage share interests in the Fund increase as a result of any such open-market sale will be treated as having </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">received a taxable distribution from the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">them of participating or not participating in the tender offer.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Issuer Deductibility of Interest</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">issuer or a related party will not be deductible to the issuer. This may affect the cash flow of the issuer. If a portion of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the interest paid or accrued on certain high-yield discount obligations is not deductible, that portion will be treated as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividend paid by the issuer for purposes of the corporate dividends received deduction. In such cases, if the issuer of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the high-yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividends-received deduction to the extent attributable to the deemed dividend portion of such accrued interest.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Commodity-Linked Notes</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">121</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_122"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">(&#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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">repayment or disposition of the debt obligation. Increases in the principal amount of an inflation-indexed bond will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">generally be treated as OID.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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) </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Securities.&#8221;</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">advantageous to do so) that it otherwise would have continued to hold.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">accrual methods the Fund elects.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">cash distribution.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">distribution than they might otherwise receive in the absence of such transactions.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">122</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_123"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Higher-Risk Securities</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">federal income or excise tax.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Securities Purchased at a Premium</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to take bond premium into account currently, it will recognize a capital loss when the bond matures.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Catastrophe Bonds</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">IRS position on the subject following the publication of such a position.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Passive Foreign Investment Companies</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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;), </span><span 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">regardless of whether it receives any distribution from the company. Under U.S.&#160;Treasury regulations, any such income </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to be treated as &#8220;qualified dividend income.&#8221;</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Municipal Bonds</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholders under the applicable tax rules. As a result, interest on municipal bonds is taxable to shareholders of the </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">123</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_124"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Fund when received as a distribution from the Fund. In addition, gains realized by the Fund on the sale or exchange of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">municipal bonds are taxable to shareholders of the Fund when distributed to shareholders.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Investments in Real Estate</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund's investments in real estate will potentially be limited by the Fund's intention to qualify as a RIC, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">will potentially limit the Fund's ability to so qualify. Income and gains from direct investments in real estate do not </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">not to constitute qualifying income, and, together with any other nonqualifying income, caused the Fund's </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">nonqualifying income to exceed 10% of its gross income in any taxable year, or the Fund's nonqualifying income in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">any taxable year otherwise exceeded 10% of its gross income, the Fund would fail to qualify as a RIC unless it is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">eligible to and does pay a tax at the Fund level.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Certain Investments in REITs</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividend income.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 non </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">qualified REIT dividends received by them, subject to certain limitations. Currently, eligible non-corporate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholders can claim the deduction for tax years beginning after December 31, 2017, and ending on or before </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">December 31, 2025. Very generally, a &#8220;section 199A dividend&#8221; is any dividend or portion thereof that is attributable to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">beginning 45 days before the shares become ex dividend, and is not under an obligation to make related payments with </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">respect to a position in substantially similar or related property. The Fund is permitted to report such part of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividends as section 199A dividends as are eligible, but is not required to do so.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Foreign Currency Transactions</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Options, Futures, and Forward Contracts, Swap Agreements, and other Derivatives</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">124</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_125"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">Gain or loss arising in respect of a termination of the Fund&#8217;s obligation under an option other than through the exercise </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">of the option will be short-term capital gain or loss depending on whether the premium income received by the Fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">written by the Fund expires unexercised, the Fund generally will recognize short-term capital gain equal to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">premium received.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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) </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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% </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are &#8220;marked-to-market&#8221; </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">treated as ordinary or 60/40 gain or loss, as applicable.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Derivatives, Hedging, and Other Transactions</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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., </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">notional principal contract, constructive sale, straddle, wash sale and short sale rules). These rules may affect whether </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund&#8217;s securities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">rules could, therefore, affect the amount, timing and/or character of distributions to shareholders.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Commodities and Commodity-Linked Instruments</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">125</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_126"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">and, together with any other nonqualifying income, caused the Fund&#8217;s nonqualifying income to exceed 10% of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund level.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Book-Tax Differences</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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&#160;(if any). If such a difference arises, and </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(including realized capital gains) and net tax-exempt income&#160;(if any), the distribution (if any) of such excess generally </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">capital asset.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Short Sales</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Mortgage-Related Securities</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(&#8220;CRTs&#8221;), as noted below.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">notwithstanding any exemption from such income tax otherwise available under the Code.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Non-U.S. Taxation</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">between certain countries and the United States may reduce or eliminate such taxes.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">126</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_127"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span 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) </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tax credit or deduction.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Tax-Exempt Shareholders</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividends paid by the Fund).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a RIC </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">consequences of investing in the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Non-U.S. Shareholders</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">are not subject to withholding of U.S. federal income tax.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">127</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_128"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">properly reported when paid by the Fund to foreign shareholders. The exception to withholding for interest-related </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">dividends does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">the beneficial owner is not a United States person, (B) to the extent that the dividend is attributable to certain interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%">attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a controlled foreign corporation.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to shareholders.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">accounts.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">treaty rate).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">gain attributable to the sale or exchange of &#8220;USRPIs&#8221; apply to the foreign shareholder&#8217;s sale of shares of the Fund (as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">described below).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">determining whether the Fund is a QIE.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">128</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_129"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:justify"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholder (including, in certain cases, distributions made by the Fund in repurchase of its shares) attributable directly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as USRPI gain in its hands, or (ii) gains realized by the Fund on the disposition of USRPIs would retain their character </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as gains realized from USRPIs in the hands of the Fund&#8217;s foreign shareholders, and would be subject to </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund.</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">investment in the Fund.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">-payment obligations discussed above through the sale and repurchase of Fund shares.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">tax advisors in this regard.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">U.S. federal income tax referred to above.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Backup Withholding</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and proceeds of share repurchases, if any, paid to any individual shareholder who fails to properly furnish the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">certify to the Fund that he or she is not subject to such withholding. Backup withholding is not an additional tax. Any </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">amounts withheld may be credited against the shareholder&#8217;s U.S. federal income tax liability, provided the appropriate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">information is furnished to the IRS.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Tax Shelter Reporting Regulations</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 with respect to Fund shares of at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">$10 million in any single taxable year or $20 million or more in any combination of taxable years for a corporate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">affect the legal determination of whether the taxpayer&#8217;s treatment of the loss is proper. Shareholders should consult </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">their tax advisors to determine the applicability of these regulations in light of their individual circumstances.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">129</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_130"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Other Reporting and Withholding Requirements</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">dividends. The IRS and the Department of the Treasury have issued proposed regulations providing that these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">short-term capital gain dividends and interest-related dividends).</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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, </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">this reporting requirement.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">intermediary.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Shares Purchased Through Tax-Qualified Plans</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">PERFORMANCE RELATED AND COMPARATIVE INFORMATION</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">accurate.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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 </span><span 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.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be worth more or less than their original investment.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSEMENT AGENT</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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, 2323 Grand Boulevard, 5</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt">th</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt"> Floor, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Kansas City, Missouri 64108. The custodian performs custodial and fund accounting services as well as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">sub-administrative services on behalf of the Fund. State Street Bank and Trust Company will also serve as custodian of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">assets held by the Fund&#8217;s Subsidiaries, as applicable.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">Equiniti Trust Company, LLC, 48 Wall Street, Floor 23, New York, New York, 10005, serves as the Fund&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">transfer agent, registrar and dividend disbursement agent and shareholder servicing agent, as well as agent for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Fund&#8217;s Dividend Reinvestment Plan.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">130</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_131"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), 1100 Walnut Street, Suite 1300, Kansas City, Missouri 64106, serves as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the independent registered public accounting firm for the Fund. PwC provides audit services, tax assistance and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">consultation in connection with the review of SEC and IRS filings.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">COUNSEL</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">REGISTRATION STATEMENT</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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;), </span><span 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. </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">qualified in all respects by such reference. Copies of&#160;all or any part of the Registration Statement may be obtained </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">from the SEC upon the payment of certain fees prescribed by the SEC.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">FINANCIAL STATEMENTS</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 semi-annual shareholder report for the period </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">ended December 31, 2024 are incorporated by reference in this Statement of Additional Information.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund&#8217;s financial statements appearing in the Fund&#8217;s annual shareholder report for the year ended June 30, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">2024 are incorporated by reference in this Statement of Additional Information and have been so incorporated in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">reliance upon the reports of PwC, independent registered public accounting firm for the Fund, which report is included </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in such annual shareholder report.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%">The Fund&#8217;s shareholder reports are available upon request and without charge by writing to the Fund at c/o </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">131</span></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 id="xx_c83ed507-9226-4266-ab2f-074925d99011_132"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">INCORPORATION BY REFERENCE</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Fund is permitted to &#8220;incorporate by reference&#8221; the information filed with the SEC, which means that the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">can disclose important information to you by referring you to those documents. In addition, all documents </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">subsequently filed by the Fund pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">as amended (the &#8220;Exchange Act&#8221;) (excluding any information furnished rather than filed) prior to the termination of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the offering shall be deemed to be incorporated by reference into the Prospectus and this Statement of Additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Information. The information incorporated by reference is an important part of this this Statement of Additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Information. Any statement in a document incorporated by reference into this Statement of Additional Information will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">be deemed to be automatically modified or superseded to the extent a statement contained in (1) this Statement of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Additional Information or (2) any other subsequently filed document that is incorporated by reference into this </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Statement of Additional Information modifies or supersedes such statement. The documents incorporated by reference </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">herein include:</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund&#8217;s prospectus, dated April 14, 2025, filed with this Statement of Additional Information;</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund&#8217;s </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001219360/000119312525047431/d858377dncsrs.htm"><span style="font-family:Times New Roman;font-size:10pt">Semiannual Report on Form N-CSR</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, filed on March 6, 2025</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund&#8217;s </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001219360/000119312524213127/d849118dncsr.htm"><span style="font-family:Times New Roman;font-size:10pt">Annual Report on Form N-CSR</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, filed on September 4, 2024</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">&#9679;</span></div> <div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">the Fund&#8217;s </span><a href="https://www.sec.gov/Archives/edgar/data/1219360/000092701603001300/d8a12b.txt"><span style="font-family:Times New Roman;font-size:10pt;text-decoration:underline">Description of Common Shares on Form 8-A</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, filed on March 24, 2003</span></div> </div> <div style="clear:both;position:relative"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Information, at no charge, by calling toll-free (844)-337-4626 or by writing to the Fund at c/o Pacific Investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Management Company LLC, 1633 Broadway, New York, New York 10019. The Fund's periodic reports filed pursuant </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Statement of Additional Information, are available on the Fund's website http://www.pimco.com/prospectuses. In </span><span 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's proxy and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">information statements, and other information relating to the Fund.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">132</span></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 id="xx_cd1b42bf-edea-470e-9378-36f2b70f3fb0_1"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;text-transform:uppercase">Appendix A</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span 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</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify"> <div style="margin-top:12pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">for the Committee&#8217;s consideration.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">1.</span></div> <div style="float:left;line-height:12pt;margin-left:6.5pt;text-align:justify;width:451.0pt"><span 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 </span><span 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.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">2.</span></div> <div style="float:left;line-height:12pt;margin-left:6.5pt;text-align:justify;width:451.0pt"><span 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 </span><span 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 </span><span 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.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">3.</span></div> <div style="float:left;line-height:12pt;margin-left:6.5pt;text-align:justify;width:451.0pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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. </span><span 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 </span><span 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.</span></div> </div> <div style="clear:both;position:relative"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:right"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">CEF0023SAI_041425_31</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt">A-1</span></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"/>
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<hr style="color:#999999;height:3px;width:100%;clear:both"/> <div> <div><a id="xx_0f1bc219-a31b-468a-8c34-425c3ac9053f_1"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">PART C. OTHER INFORMATION</span></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Item 25: Financial Statements and Exhibits</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Included in Part A:</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Financial highlights for the fiscal years ended December 31, 2024; the the fiscal years ended June 30, 2024 and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">June 30, 2023; the fiscal period ended June 30, 2022; and fiscal years ended July 31, 2021, July 31, 2020, July 31, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">2019, July 31, 2018, July 31, 2017, July 31, 2016 and .July 31, 2015.</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Incorporated into Part B by reference to Registrant&#8217;s most recent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Certified Shareholder Report on Form </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">N-CSRS, filed on March 6, 2025 (File No. 811-21311) and </span><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312524223751/d823144dncsra.htm"><span style="font-family:Times New Roman;font-size:10pt;text-decoration:underline">Certified Shareholder Report on Form N-CSR/A</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt">, filed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">September 23, 2024 (File No. 811-21311)</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Consolidated Schedule of Investments as of June 30, 2024.</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Consolidated Statement of Assets and Liabilities as of June 30, 2024.</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Consolidated Statement of Operations for the fiscal year ended June 30, 2024.</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Consolidated Statements of Changes in Net Assets for the year ended June 30, 2024.</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Consolidated Statement of Cash Flows for the fiscal year June 30, 2024.</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Notes to Financial Statements</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Exhibits</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold">&#8195;</span></div> </div> <div style="margin-top:0.0pt">
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(a)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(1)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000092701603001892/dex99a2.txt"><span 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 April 8, 2003</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(1)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99a2.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees and Principal Address dated September 5, 2014</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(3)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99a3.htm"><span 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</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(4)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99a4.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees dated January 8, 2020</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(5)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99a5.htm"><span 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</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(6)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99a6.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees dated January 29, 2021</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(7)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99a7.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees dated June 30, 2021</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <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:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(8)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99a8.htm"><span 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</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(9)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dex99a9.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees dated July 18, 2022</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.*</span></div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(10)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dex99a10.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees dated March 13, 2023</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.*</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(11)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dex99a11.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees dated May 8, 2023</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.*</span></div> </div> </td> </tr>
<tr style="height:17pt">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(12)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dex99a12.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees dated July 3, 2023</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.*</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(13)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dex99a13.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees dated July 1, 2024</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.*</span></div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(14)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dex99a14.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Notice of Change of Trustees dated December 31, 2024</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.*</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(b)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dex99b.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Eighth Amended and Restated Bylaws of Registrant dated November 11, 2024</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">*</span> <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:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(c)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">None.</span></div> </div> </td> </tr>
<tr style="height:29pt">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(d)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(1)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Article III (Shares) and Article V (Shareholders&#8217; Voting Powers and Meetings) of the Amended and </span></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Restated Agreement and Declaration of Trust (see (a)(1) above).</span></div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Article 10 (Shareholders&#8217; Voting Powers and Meetings) of the Amended and Restated Bylaws of </span></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Registrant (see (b) above).</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(3)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000092701603001892/dex99d3.txt"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Form of Share Certificate of the Common Shares.</span></a><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(1)</span> <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:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(e)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000092701603001892/dex99e.txt"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Terms and Conditions of Dividend Reinvestment Plan</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(1)</span> <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:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(f)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">None.</span></div> </div> </td> </tr>
<tr style="height:26pt">
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(g)</span></div> </div> </td>
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(1)</span></div> </div> </td>
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99g1.htm"><span 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 </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99g1.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Company LLC dated September 5, 2014</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </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 id="xx_0f1bc219-a31b-468a-8c34-425c3ac9053f_2"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="margin-top:0.0pt">
<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:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99g2.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Amendment to Investment Management Agreement between Registrant and Pacific Investment </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99g2.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Management Company LLC dated March 25, 2022</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(4)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(h)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Sales Agreement dated [ ], 2025.**</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(i)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">None.</span></div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(j)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(1)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99j1.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Custody and Investment Accounting Agreement between Registrant and State Street Bank and Trust </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99j1.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Company</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99j2.htm"><span 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 and Trust Company </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99j2.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">dated September 5, 2014</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(k)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(1)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99k1.htm"><span 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 </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k1.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Company, LLC dated as of April 19, 2016</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000092701603001892/dex99k2.txt"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Organizational and Offering Expenses Agreement between Registrant and Pacific Investment </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1219360/000092701603001892/dex99k2.txt"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Management Company LLC</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(1)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(3)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99k3.htm"><span 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 </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k3.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">LLC</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(4)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99k4.htm"><span 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</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(5)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99k5.htm"><span 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</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(l)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dex99l.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Opinion and consent of Ropes &amp; Gray LLP</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.*</span></div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(m)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">None.</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(n)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dex99n.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Consent of Registrant&#8217;s independent registered public accounting firm</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.*</span></div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(o)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">None.</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(p)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000092701603001892/dex99p.txt"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Subscription Agreement of Allianz Dresdner Asset Management of America L.P dated April 8, </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1219360/000092701603001892/dex99p.txt"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">2003</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(1)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(q)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">None.</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(r)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(1)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99r1.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Code of Ethics of Registrant</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1886878/000119312524283325/d868542dex99r2.htm"><span 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</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(3)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(3)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99r3.htm"><span 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 Executive </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99r3.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">and Senior Financial Officers</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(s)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="d902387dexfilingfees.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Filing Fee Table</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.*</span></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(t)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(1)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1886878/000119312524283325/d868542dex99t1.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Power of Attorney for Libby D. Cantrill, Sarah E. Cogan, Deborah A. DeCotis, David Fisher, </span></a></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap"><a href="https://www.sec.gov/Archives/edgar/data/1886878/000119312524283325/d868542dex99t1.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Kathleen A. McCartney, Alan Rappaport and E. Grace Vandecruze</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(3)</span> <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:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(2)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1886878/000119312524283325/d868542dex99t2.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Power of Attorney for Joshua D. Ratner</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(3)</span> <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:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(3)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1886878/000119312521355870/d268168dex99s3.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Power of Attorney for Bijal Parikh</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <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:23.44pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(4)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1886878/000119312524283325/d868542dex99t4.htm"><span style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline">Power of Attorney for David Flattum</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(3)</span> <div style="clear:right"> </div> </div> </div> </td> </tr>
<tr style="height:14pt">
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:23.44pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(u)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:34.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">&#160;</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:421.9pt"> <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/1219360/000119312522164101/d317847dex99u.htm"><span 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</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">.</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt">(2)</span> <div style="clear:right"> </div> </div> </div> </td> </tr> </table> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(1)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Incorporated by reference to </span><a href="https://www.sec.gov/Archives/edgar/data/1219360/000092701603001892/dn2a.txt"><span style="font-family:Times New Roman;font-size:10pt;text-decoration:underline">Pre-Effective Amendment No. 3 the Registrant's Registration Statement on Form </span></a><a href="https://www.sec.gov/Archives/edgar/data/1219360/000092701603001892/dn2a.txt"><span style="font-family:Times New Roman;font-size:10pt;text-decoration:underline">N-2, Registration Nos. 333-103389 and 811-21311 (filed on April 17, 2003)</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt">.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Incorporated by reference to </span><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dn2asr.htm"><span style="font-family:Times New Roman;font-size:10pt;text-decoration:underline">Registrant's Registration Statement on Form N-2, Registration Nos. 333-265327 </span></a><a href="https://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dn2asr.htm"><span style="font-family:Times New Roman;font-size:10pt;text-decoration:underline">and 811-21311 (filed on May 31, 2022)</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt">.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(3)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Incorporated by reference to </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1886878/000119312524283325/d868542dn2a.htm"><span style="font-family:Times New Roman;font-size:10pt">PIMCO Access Income Fund's Post-Effective Amendment No. 6 to Registration </span></a><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1886878/000119312524283325/d868542dn2a.htm"><span style="font-family:Times New Roman;font-size:10pt">Statement on Form N-2, File Nos. 333-272394 and 811-23749 (filed on December 20, 2024)</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt">.</span></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:5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">*</span></div> <div style="float:left;line-height:12pt;margin-left:15pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Filed herewith</span></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:10pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">**</span></div> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">To be filed by amendment.</span></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 id="xx_0f1bc219-a31b-468a-8c34-425c3ac9053f_3"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Item 26: Marketing Arrangements</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt"> </span></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Reference is made to the sales agreement for the Registrant&#8217;s common shares (to be filed by amendment) and the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">section entitled &#8220;Plan of Distribution&#8221; contained in the Registrant&#8217;s Prospectus, filed as Part A of the Registrant&#8217;s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Registration Statement and incorporated herein by reference.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Item 27: Other Expenses of Issuance and Distribution</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold">&#8195;</span></div> </div> <div style="margin-top:0.0pt">
<table style="empty-cells:show;width:480pt" cellpadding="0" cellspacing="0">
<tr style="height:10pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Securities and Exchange Commission Fees</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">32,445</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Financial Industry Regulatory Authority, Inc. Fees</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">53,150</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Printing and Engraving Expenses</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">15,000</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Legal Fees</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">300,000</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">New York Stock Exchange Fees</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">94,235</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Accounting Expenses</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">72,030</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Transfer Agent Fees</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">0</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee Fees</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">0</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Marketing Expenses</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">0</span></div> </div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Miscellaneous Expenses</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">0</span></div> </div> </div> </td> </tr>
<tr style="height:12pt">
<td style="background-color:#FFFFFF;padding-top:3pt;vertical-align:Top;width:438pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Total</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:42pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:37.5pt"> <div style="display:flex;margin:auto;width:39.5pt"> <div style="display:flex;white-space:nowrap;width:39.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:auto">$</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:39.5pt">566,860</span></div> </div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span 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</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:17pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Registrant owns 100% of the following consolidated subsidiaries: PAXSLS I LLC, CLM 4355 LLC and RLM </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">4355 LLC (each a &#8220;Subsidiary&#8221; and, collectively, the &#8220;Subsidiaries&#8221;). Each Subsidiary is a Delaware limited liability </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">company.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Item 29: Number of Holders of Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt"> </span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">At March 31, 2025:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<table style="empty-cells:show;width:480pt" cellpadding="0" cellspacing="0">
<tr style="height:8.85pt">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:381.39pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Title of Class</span></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:98.61pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Number of Record Holders</span></div> </div> </td> </tr>
<tr style="height:12.85pt">
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:381.39pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Common Shares, par value $0.00001</span></div> </div> </td>
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;white-space:nowrap;width:98.61pt"> <div style="line-height:12pt;margin-left:4.5pt;text-align:right;width:94.11pt"> <div style="display:flex;margin:auto;width:52.0pt"> <div style="display:flex;white-space:nowrap;width:52.0pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;width:52.0pt">171,049,828</span></div> </div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Item 30: Indemnification</span></div> </div> <div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Reference is made to Article VIII, Sections 1 through 5, of the Registrant&#8217;s Amended and Restated Agreement and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Declaration of Trust, which is incorporated by reference herein.</span></div> </div> <div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"> <div style="margin-top:4pt"><span 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;), </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Amended and Restated Agreement and Declaration of Trust of PIMCO Access Income Fund, its Amended and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Restated Bylaws or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Commission, such indemnification is against public policy as expressed in the Securities Act and, therefore, is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Registrant of expenses incurred or paid by trustees, officers or controlling persons of the Registrant in the successful </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">defense of any action, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">adjudication of such issue.</span></div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Item 31: Business and Other Connections of Investment Adviser</span></div> </div> <div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"> <div style="margin-top:4pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Advisers Act of 1940 (the &#8220;Advisers Act&#8221;), as amended. The list required by this Item 31 of officers and directors of </span><span 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 </span><span 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 from </span><span 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).</span></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 id="xx_0f1bc219-a31b-468a-8c34-425c3ac9053f_4"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Item 32: Location of Accounts and Records</span></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Advisers Act and the rules thereunder will be maintained at the offices of PIMCO, 1633 Broadway, New York, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">New York 10019 or the Registrant&#8217;s custodian, State Street Bank and Trust Company, 801 Pennsylvania Avenue, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Kansas City, Missouri 64105.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Item 33: Management Services</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Not applicable.</span></div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Item 34: Undertakings</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">1. Not applicable.</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">2. Not applicable.</span></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">3. The Registrant undertakes:</span></div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%"> <div style="float:left;line-height:12pt;text-align:left;width:11.1pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(a)</span></div> <div style="float:left;line-height:12pt;margin-left:8.9pt;text-align:left;width:455.00pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Registration Statement:</span></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:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(1)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span 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;</span></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:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span 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 </span><span 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 </span><span 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 or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that </span><span 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 </span><span 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 </span><span 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 </span><span 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.</span></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:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(3)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Registration Statement or any material change to such information in the Registration Statement.</span></div> </div> <div style="clear:both;position:relative"> </div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic">Provided, however,</span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Rule 424(b) that is part of the registration statement.</span></div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%"> <div style="float:left;line-height:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(b)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span 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 </span><span 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 </span><span 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;</span></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:12pt;text-align:left;width:11.1pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(c)</span></div> <div style="float:left;line-height:12pt;margin-left:8.9pt;text-align:left;width:455.00pt"><span 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 which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">remain unsold at the termination of the offering; and</span></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:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(d)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that, for purposes of determining liability under the Securities Act to any purchaser:</span></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:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(1)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">if the Registrant is subject to Rule 430B:</span></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:12pt;text-align:left;width:13.88pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(A)</span></div> <div style="float:left;line-height:12pt;margin-left:6.12pt;text-align:left;width:455.00pt"><span 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 </span><span 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</span></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:12pt;text-align:left;width:13.33pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(B)</span></div> <div style="float:left;line-height:12pt;margin-left:6.67pt;text-align:left;width:455.00pt"><span 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 </span><span 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 </span><span 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 </span><span 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 of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering </span><span 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 is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span></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 id="xx_0f1bc219-a31b-468a-8c34-425c3ac9053f_5"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;margin-left:20pt;text-align:left"><span 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 </span><span 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 </span><span 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</span></div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%"> <div style="float:left;line-height:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span 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 </span><span 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 Rule 430B </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">or other than prospectuses filed in reliance on Rule, shall be deemed to be part of and included in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">in a registration statement or prospectus that is part of the registration statement or made in a document </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">modify any statement that was made in the registration statement or prospectus that was part of the registration </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">statement or made in any such document immediately prior to such date of first use.</span></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:12pt;text-align:left;width:11.1pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(e)</span></div> <div style="float:left;line-height:12pt;margin-left:8.9pt;text-align:left;width:455.00pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">initial distribution of securities:</span></div> </div> <div style="clear:both;position:relative"> </div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">securities are offered or sold to such purchaser by means of any of the following communications, the undersigned </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:</span></div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%"> <div style="float:left;line-height:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(1)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">filed pursuant to Rule 424 under the Securities Act;</span></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:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(2)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span 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 or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">referred to by the undersigned Registrant;</span></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:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(3)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">provided by or on behalf of the undersigned Registrant; and</span></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:12pt;text-align:left;width:11.66pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">(4)</span></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:455.00pt"><span 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.</span></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:12pt;text-align:left;width:7.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">4.</span></div> <div style="float:left;line-height:12pt;margin-left:12.5pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">The Registrant undertakes that:</span></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:12pt;text-align:left;width:6.94pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a.</span></div> <div style="float:left;line-height:12pt;margin-left:13.06pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">For the purpose of determining any liability under the Securities Act, the information omitted from the form of </span><span 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 a form of </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">this registration statement as of the time it was declared effective; and</span></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:12pt;text-align:left;width:7.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">b.</span></div> <div style="float:left;line-height:12pt;margin-left:12.5pt;text-align:left;width:455.00pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">contains a form of prospectus shall be deemed to be a new registration statement relating to the securities </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">thereof.</span></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:12pt;text-align:left;width:7.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">5.</span></div> <div style="float:left;line-height:12pt;margin-left:12.5pt;text-align:left;width:455.00pt"><span 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 Securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Act, each filing of the Registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">that is incorporated by reference into the registration statement shall be deemed to be a new registration </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">statement relating to the securities offered therein, and the offering of such securities at that time shall be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">deemed to be the initial bona fide offering thereof.</span></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:12pt;text-align:left;width:7.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">6.</span></div> <div style="float:left;line-height:12pt;margin-left:12.5pt;text-align:left;width:455.00pt"><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span 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 by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">a director, officer or controlling person of the Registrant in the successful defense of any action, suit or </span><span 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 </span><span 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 </span><span 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 against </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">public policy as expressed in the Act and will be governed by the final adjudication of such issue.</span></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:12pt;text-align:left;width:7.5pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">7.</span></div> <div style="float:left;line-height:12pt;margin-left:12.5pt;text-align:left;width:455.00pt"><span 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 delivery, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">within two business days of receipt of a written or oral request, any prospectus or Statement of Additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Information.</span></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 id="xx_0f1bc219-a31b-468a-8c34-425c3ac9053f_6"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">Notice</span></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span 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 High Income Fund (the </span><span 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 </span><span 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 </span><span 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 </span><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">and property of the Fund.</span></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"> </p>
<hr style="color:#999999;height:3px;width:100%;clear:both"/> <div> <div><a id="xx_b12de313-635c-4ff4-a324-fc283a6d3556_1"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">SIGNATURES</span></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span 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 </span><span 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, </span><span 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 14th day of April, 2025.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="margin-top:0.0pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">PIMCO HIGH INCOME FUND</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">By:</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Joshua D. Ratner*</span></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> </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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Name:</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Joshua D. Ratner</span></div> </div> </td> </tr>
<tr style="height:13.5pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Title:</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President</span></div> </div> </td> </tr> </table> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><span 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt">following persons in the capacities and on the date indicated.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt">&#8195;</span></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<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:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt">Name</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Center;white-space:nowrap"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Capacity</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Center;white-space:nowrap"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold">Date</span></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:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Joshua D. Ratner*</span></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:173.93pt"/> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Joshua D. Ratner</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.75pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">President (Principal Executive Officer)</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.75pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">April 14, 2025</span></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:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Bijal Y. Parikh*</span></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:173.93pt"/> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Bijal Y. Parikh</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Treasurer (Principal Financial &amp; Accounting Officer)</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">April 14, 2025</span></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:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Libby D. Cantrill*</span></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:173.93pt"/> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Libby D. Cantrill</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">April 14, 2025</span></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:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Sarah E. Cogan*</span></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:173.93pt"/> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Sarah E. Cogan</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">April 14, 2025</span></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:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deborah A. DeCotis*</span></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:173.93pt"/> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Deborah A. DeCotis</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">April 14, 2025</span></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:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">David Flattum*</span></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:173.93pt"/> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">David Flattum</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">April 14, 2025</span></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:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Kathleen McCartney*</span></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:173.93pt"/> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Kathleen McCartney</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">April 14, 2025</span></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:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Alan Rappaport*</span></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:173.93pt"/> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Alan Rappaport</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">April 14, 2025</span></div> </div> </td> </tr>
<tr style="height:33.5pt">
<td style="background-color:azure;padding-bottom:6pt;padding-top:4.5pt;vertical-align:Top;width:177.43pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">E. Grace Vandercruze*</span></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:173.93pt"/> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">E. Grace Vandercruze</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:6pt;padding-top:4.5pt;vertical-align:Top;width:230.98pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Trustee</span></div> </div> </td>
<td style="background-color:azure;padding-bottom:6pt;padding-top:4.5pt;vertical-align:Top;width:71.59pt"> <div style="line-height:14pt;text-align:left"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">April 14, 2025</span></div> </div> </td> </tr> </table> </div> <div style="line-height:5.0pt;text-align:left"><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:5pt">&#8195;</span></div> <div style="margin-top:0.0pt">
<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">*By:</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">/s/ David C. Sullivan</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">David C. Sullivan</span></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">as attorney-in-fact</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">*</span></div> <div style="float:left;line-height:12pt;margin-left:15pt;text-align:left;width:455.00pt"><span style="color:#000000;font-family:Times New Roman;font-size:10pt">Pursuant to powers of attorney.</span></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"> </p>
<hr style="color:#999999;height:3px;width:100%;clear:both"/> <div> <div><a id="xx_60653ac3-0489-4d23-8000-dff84bd96490_1"></a> <div style="page-break-after:always;position:relative"> <div style="clear:both"> </div> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt"> <div style="line-height:12.0pt;text-align:center"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold">INDEX OF EXHIBITS</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold">&#8195;</span></div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> </div> </div> <div style="margin-top:0.0pt">
<table style="empty-cells:show;width:480pt" cellpadding="0" cellspacing="0">
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<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"><span 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</span></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"><span 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</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(a)(9)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Notice of Change of Trustees dated July 18, 2022.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(a)(10)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Notice of Change of Trustees dated March 13, 2023.</span></div> </div> </td> </tr>
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<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(a)(11)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Notice of Change of Trustees dated May 8, 2023.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(a)(12)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Notice of Change of Trustees dated July 3, 2023.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(a)(13)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Notice of Change of Trustees dated July 1, 2024.</span></div> </div> </td> </tr>
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<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(a)(14)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Notice of Change of Trustees dated December 31, 2024.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(b)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Second Amended and Restated Bylaws of Registrant dated November 11, 2004.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(l)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Opinion and Consent of Ropes &amp; Gray LLP.</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(n)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Consent of Registrant's independent registered public accounting firm.</span></div> </div> </td> </tr>
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<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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">(s)</span></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"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt">Filing Fee Table.</span></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;text-align:left"> </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"/>
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<DOCUMENT>
<TYPE>EX-99.(A)(9)
<SEQUENCE>2
<FILENAME>d902387dex99a9.htm
<DESCRIPTION>EX-99.(A)(9)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(a)(9)</TITLE>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO HIGH 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 High 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> the Board nominated and appointed Kathleen McCartney as a Trustee of the Trust, effective as of July&nbsp;1, 2022;
</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 nomination and appointment, the nine (9)&nbsp;Trustees of the Trust are: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="93%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="top">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">David N. Fisher</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">New York, New York
10019</P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Joseph B. Kittredge, Jr.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New York, New York 10019</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">John C. Maney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">650 Newport Center Drive</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">Newport Beach, CA 92660</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">William B. Ogden, IV</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">E. Grace Vandecruze</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Kathleen McCartney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">New York, New York
10019</P></TD></TR>
</TABLE></DIV>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this 18<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> day of July, 2022, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>/s/ Ryan Leshaw&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ryan Leshaw, Chief Legal 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:10pt; font-family:Times New Roman" ALIGN="center">Signature Page &#150;
PIMCO High Income Fund (PHK) </P>

</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(10)
<SEQUENCE>3
<FILENAME>d902387dex99a10.htm
<DESCRIPTION>EX-99.(A)(10)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(a)(10)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO HIGH 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 High 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> William B. Ogden, IV retired as a Trustee of the Trust, effective as of December&nbsp;31, 2022; </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 retirement, the eight (8)&nbsp;Trustees of the Trust are: </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="93%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></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">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">David N. Fisher</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; 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">Joseph B. Kittredge, Jr.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">John C. Maney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">650 Newport Center Drive</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">Newport Beach, CA 92660</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">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">E. Grace Vandecruze</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Kathleen McCartney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">New York, New York
10019</P></TD></TR>
</TABLE></DIV>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this 13<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> day of March, 2023, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>/s/ Ryan Leshaw&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ryan Leshaw, Chief Legal 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:10pt; font-family:Times New Roman" ALIGN="center">Signature Page &#150;
PIMCO High Income Fund (PHK) </P>

</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(11)
<SEQUENCE>4
<FILENAME>d902387dex99a11.htm
<DESCRIPTION>EX-99.(A)(11)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(a)(11)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO HIGH 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 High 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> John C. Maney retired as a Trustee of the Trust, effective as of April&nbsp;30, 2023; </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 retirement, the seven (7)&nbsp;Trustees of the Trust are: </P>
<P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="93%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></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">1633 Broadway</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">New York, New York 10019</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">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">David N. Fisher</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; 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">Joseph B. Kittredge, Jr.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">E. Grace Vandecruze</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Kathleen A. McCartney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">New York, New York
10019</P></TD></TR>
</TABLE></DIV>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this 8<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> day of May, 2023, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><U>/s/ Ryan Leshaw&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Ryan Leshaw, Chief Legal Officer</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">Signature Page &#150;
PIMCO High Income Fund (PHK) </P>

</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(12)
<SEQUENCE>5
<FILENAME>d902387dex99a12.htm
<DESCRIPTION>EX-99.(A)(12)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(a)(12)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO HIGH 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 High 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> the Board nominated and appointed Libby D. Cantrill as a Trustee of the Trust, effective as of June&nbsp;30, 2023;
</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 appointment, the eight (8)&nbsp;Trustees of the Trust are: </P>
<P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="93%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Libby D. Cantrill</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">650 Newport Center Drive</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">Newport Beach, CA 92660</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">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">David N. Fisher</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center Drive</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; 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">Joseph B. Kittredge, Jr.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Kathleen A<B>. </B>McCartney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; 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">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">E. Grace Vandecruze</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</TD></TR>
</TABLE></DIV>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this 3<SUP
STYLE="font-size:75%; vertical-align:top">rd</SUP> day of July, 2023, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><U>/s/ Ryan Leshaw&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195; </U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Ryan Leshaw, Chief Legal Officer</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">Signature Page &#150;
PIMCO High Income Fund (PHK) </P>

</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(13)
<SEQUENCE>6
<FILENAME>d902387dex99a13.htm
<DESCRIPTION>EX-99.(A)(13)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(a)(13)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO HIGH 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 High 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> Joseph B. Kittredge, Jr. retired as a Trustee of the Trust, effective as of June&nbsp;28, 2024; </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 retirement, the seven (7)&nbsp;Trustees of the Trust are: </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="93%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Libby D. Cantrill</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">650 Newport Center Drive</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">Newport Beach, CA 92660</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">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">David N. Fisher</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">650 Newport Center Drive</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">Newport Beach, CA 92660</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">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">E. Grace Vandecruze</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Kathleen A.<B> </B>McCartney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">New York, New York
10019</P></TD></TR>
</TABLE></DIV>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this 1<SUP
STYLE="font-size:75%; vertical-align:top">st</SUP> day of July, 2024, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </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 WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><U>/s/ Ryan Leshaw&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Ryan Leshaw, Chief Legal Officer</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">Signature Page &#150;<B>
</B>PIMCO High Income Fund (PHK<B>)</B> </P>

</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(14)
<SEQUENCE>7
<FILENAME>d902387dex99a14.htm
<DESCRIPTION>EX-99.(A)(14)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(a)(14)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO HIGH 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 High Income Fund (the &#147;Trust&#148;) is organized as a trust under 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"><B>WHEREAS,</B> David N. Fisher retired as a Trustee of the Trust, effective as of December&nbsp;1, 2024; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS</B>, the Board nominated and appointed David Flattum as a Trustee of the Trust, effective as of December&nbsp;1, 2024; </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 retirement and appointment, the seven (7)&nbsp;Trustees of the Trust are: </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="93%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Libby D. Cantrill</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">650 Newport Center Drive</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">Newport Beach, CA 92660</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">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">David Flattum</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">650 Newport Center Drive</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">Newport Beach, CA 92660</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">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">E. Grace Vandecruze</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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">New York, New York 10019</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">Kathleen A.<B> </B>McCartney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">New York, New York
10019</P></TD></TR>
</TABLE></DIV>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this 31st day of December, 2024,
by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </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 WIDTH="100%"></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">&#8195;/s/ Ryan G. Leshaw</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Ryan&nbsp;G.&nbsp;Leshaw,&nbsp;Chief&nbsp;Legal&nbsp;Officer&nbsp;and&nbsp;Secretary</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">Signature Page &#150;<B>
</B>PIMCO High Income Fund (PHK) </P>

</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>8
<FILENAME>d902387dex99b.htm
<DESCRIPTION>EX-99.(B)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(b)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EIGHTH </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED BYLAWS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO HIGH INCOME
FUND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Amended and Restated as of November&nbsp;11, 2024) </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Agreement and
Declaration of Trust and Principal Office </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">1.1&#8194;&#8195;<U>Principal Office of the Trust</U>. A principal office of the Trust
shall be located in New York, New York. The Trust may have other principal offices within or without Massachusetts as the Trustees may determine or as they may authorize. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">1.2&#8194;&#8195;<U>Agreement and Declaration of Trust</U>. These Eighth Amended and Restated Bylaws (the &#147;Bylaws&#148;) shall be subject
to the Agreement and Declaration of Trust, as amended or restated from time to time (the &#147;Declaration of Trust&#148;), of PIMCO High Income Fund, the Massachusetts business trust established by the Declaration of Trust (the &#147;Trust&#148;).
Capitalized terms used in these Bylaws and not otherwise defined herein shall have the meanings given to such terms in the Declaration of Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 2 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Meetings of
Trustees </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">2.1&#8194;&#8195;<U>Regular Meetings</U>. Regular meetings of the Trustees may be held without call or notice at such places
and at such times as the Trustees may from time to time determine, provided that notice of the first regular meeting following any such determination shall be given to absent Trustees. A regular meeting of the Trustees may be held without call or
notice immediately after and at the same place as the annual meeting of the Shareholders (as defined in the Declaration of Trust). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">2.2&#8194;&#8195;<U>Special Meetings</U>. Special meetings of the Trustees may be held at any time and at any place designated in the call of
the meeting when called by the Chairman of the Trustees, the President or the Treasurer or by two or more Trustees, sufficient notice thereof being given to each Trustee by the Secretary or an Assistant Secretary or by the officer or the Trustees
calling the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">2.3&#8194;&#8195;<U>Notice</U>. It shall be sufficient notice to a Trustee of a special meeting to send notice by
mail at least forty-eight hours or by telegram, telex or telecopy or other electronic facsimile transmission method at least twenty-four hours before the meeting addressed to the Trustee at his or her usual or last known business or residence
address or to give notice to him or her in person or by telephone at least twenty-four hours before the meeting. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him or her, before or after the meeting,
is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her. Neither notice of a meeting nor a waiver of a notice need specify the
purposes of the meeting. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">2.4&#8194;&#8195;<U>Quorum</U>. At any meeting of the Trustees a majority of the Trustees
then in office shall constitute a quorum. Any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Officers and
Chairman of the Trustees </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.1&#8194;&#8195;<U>Enumeration; Qualification</U>. The officers of the Trust shall be a President, a
Treasurer, a Secretary, a Chief Compliance Officer and such other officers, if any, as the Trustees from time to time may in their discretion elect. The Trust may also have such agents as the Trustees from time to time may in their discretion
appoint. Any officer may but need not be a Trustee or a Shareholder. Any two or more offices may be held by the same person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.2&#8194;&#8195;<U>Election</U>. The President, the Treasurer, and the Secretary shall be elected annually by the Trustees. Other officers,
if any, may be elected or appointed by the Trustees at the same meeting at which the President, Treasurer and Secretary are elected, or at any other time. If required by the 1940 Act, the Chief Compliance Officer shall be elected or appointed by a
majority of the trustees, as well as a majority of the Trustees who are not Interested Persons of the Trust (&#147;<U>Independent Trustees</U>&#148;), and otherwise in accordance with Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> (or any
successor rule) under the 1940 Act, as such rule may be amended from time to time (&#147;<U>Rule <FONT STYLE="white-space:nowrap">38a-1</FONT></U>&#148;). Vacancies in any office may be filled at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.3&#8194;&#8195;<U>Tenure</U>. The Chairman of the Trustees, if one is elected, the President, the Treasurer, the Secretary and the Chief
Compliance Officer shall hold office until their respective successors are chosen and qualified, or in each case until he or she sooner dies, resigns, is removed with or without cause or becomes disqualified, provided that, if required by the 1940
Act, any renewal of the Chief Compliance Officer shall be in accordance with Rule <FONT STYLE="white-space:nowrap">38a-1.</FONT> Each other officer shall hold office and each agent of the Trust shall retain authority at the pleasure of the Trustees.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.4&#8194;&#8195;<U>Powers</U>. Subject to the other provisions of these Bylaws, each officer shall have, in addition to the duties and
powers herein and in the Declaration of Trust set forth, such duties and powers as are commonly incident to the office occupied by him or her as if the Trust were organized as a Massachusetts business corporation and such other duties and powers as
the Trustees may from time to time designate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.5&#8194;&#8195;<U>Chairman of the Trustees</U>. There shall be an office of the Chairman
of the Trustees, which shall serve on behalf of the Trustees, but shall not be an officer of the Trust. The office of the Chairman of the Trustees may be held by more than one person. Any Chairman of the Trustees shall be elected by a majority of
the Trustees, as well as a majority of the Independent Trustees if required by the 1940 Act. If required by the 1940 Act, any Chairman of the Trustees shall be an Independent Trustee and may, but need not, be a shareholder. The powers and the duties
of the Chairman of the Trustees shall include any and all such powers and duties relating to the operations of the Trustees as, from time to time, may be conferred upon or assigned to such office by the Trustees or as may be required by law,
provided that the Chairman of the Trustees shall have no individual authority to act for the Trust as an officer of the Trust. </P>
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In carrying out the responsibilities and duties of the office, the Chairman of the Trustees may seek assistance and input from other Trustees or Committees of the Trustees, officers of the Trust
and the Trust&#146;s investment adviser(s) and other service providers, as deemed necessary or appropriate. The Trustees, including a majority of the Independent Trustees if required by the 1940 Act, may appoint one or more persons to perform the
duties of the Chairman of the Trustees, in the event of his absence at any meeting or in the event of his disability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.6&#8194;&#8195;<U>President; Vice President</U>. The President shall be the chief executive officer. Any Vice President shall have such
duties and powers as may be designated from time to time by the Trustees or the President. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.7&#8194;&#8195;<U>Treasurer; Assistant
Treasurer</U>. The Treasurer shall be the chief financial and accounting officer of the Trust, and shall, subject to the provisions of the Declaration of Trust and to any arrangement made by the Trustees with a custodian, investment adviser, <FONT
STYLE="white-space:nowrap">sub-adviser</FONT> or manager, or transfer, shareholder servicing or similar agent, be in charge of the valuable papers, books of account and accounting records of the Trust, and shall have such other duties and powers as
may be designated from time to time by the Trustees or by the President. Any Assistant Treasurer shall have such duties and powers as may be designated from time to time by the Trustees or the President. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.8&#8194;&#8195;<U>Secretary; Assistant Secretary</U>. The Secretary shall record all proceedings of the Shareholders and the Trustees in
books to be kept therefor, which books or a copy thereof shall be kept at the principal office of the Trust. In the absence of the Secretary from any meeting of the Shareholders or Trustees, an Assistant Secretary, or if there be none or if he or
she is absent, a temporary secretary chosen at such meeting shall record the proceedings thereof in the aforesaid books. Any Assistant Secretary shall have such duties and powers as may be designated from time to time by the Trustees or the
President. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.9&#8194;&#8195;<U>Chief Compliance Officer</U>. The Chief Compliance Officer shall perform the duties and have the
responsibilities of the chief compliance officer of the Trust, including if required by the 1940 Act any such duties and responsibilities imposed by Rule <FONT STYLE="white-space:nowrap">38a-1,</FONT> and shall have such other duties and powers as
may be designated from time to time by the Trustees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">3.10&#8195;<U>Resignations</U>. Any officer may resign at any time by written
instrument signed by him or her and delivered to the Chairman of the Trustees, if any, the President or the Secretary, or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other
time. Except to the extent expressly provided in a written agreement with the Trust, no officer resigning and no officer removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to
damages on account of such removal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Committees </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">4.1&#8194;&#8195;<U>Quorum; Voting</U>. Except as provided below or as otherwise specifically provided in the resolutions constituting a
Committee of the Trustees and providing for the conduct of its meetings, a majority of the members of any Committee of the Trustees shall constitute a quorum </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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for the transaction of business, and any action of such a Committee may be taken at a meeting by a vote of a majority of the members present (a quorum being present) or evidenced by one or more
writings signed by such a majority. Members of a Committee may participate in a meeting of such Committee by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each
other at the same time and participation by such means shall constitute presence in person at a meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">With respect to a Valuation
Committee of the Trustees, one or more of the Committee members shall constitute a quorum for the transaction of business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Except as
specifically provided in the resolutions constituting a Committee of the Trustees and providing for the conduct of its meetings, <U>Article 2</U>, <U>Sections 2.2</U> and <U>2.3</U> of these Bylaws relating to special meetings shall govern the
notice requirements for Committee meetings, except that it shall be sufficient notice to a Valuation Committee of the Trustees to send notice by telegram, telex or telecopy or other electronic means (including by telephone voice-message or <FONT
STYLE="white-space:nowrap">e-mail)</FONT> at least fifteen minutes before the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Reports </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">5.1&#8194;&#8195;<U>General</U>. The Trustees and officers shall render reports at the time and in the manner required by the Declaration of
Trust or any applicable law. Officers and Committees shall render such additional reports as they may deem desirable or as may from time to time be required by the Trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 6 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Fiscal Year
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">6.1&#8194;&#8195;<U>General</U>. Except as from time to time otherwise provided by the Trustees, the initial fiscal year of the Trust
shall end on such date as is determined in advance or in arrears by the Treasurer, and the subsequent fiscal years shall end on such date in subsequent years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 7 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Seal </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">7.1&#8194;&#8195;<U>General</U>. The seal of the Trust shall, subject to alteration by the Trustees, consist of a flat-faced die with the word
&#147;Massachusetts&#148;, together with the name of the Trust and the year of its organization cut or engraved thereon; provided, however, that unless otherwise required by the Trustees, the seal shall not be necessary to be placed on, and its
absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 8 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Execution of
Papers </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">8.1&#8194;&#8195;<U>General</U>. Except as the Trustees may generally or in particular cases authorize the execution thereof
in some other manner, all deeds, leases, transfers, contracts, bonds, notes, checks, drafts and other obligations made, accepted or endorsed by the Trust shall be executed </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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by the President, any Vice President, the Treasurer or by whomever else shall be designated for that purpose by vote of the Trustees, and need not bear the seal of the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 9 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Issuance of
Share Certificates </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">9.1&#8194;&#8195;<U>Share Certificates</U>. Each Shareholder shall be entitled to a certificate stating the number
of Shares (as defined in the Declaration of Trust) owned by him or her, in such form as shall be prescribed from time to time by the Trustees. Such certificates shall be signed by the President or any Vice President and by the Treasurer or any
Assistant Treasurer. Such signatures may be by facsimile if the certificate is signed by a transfer agent, or by a registrar, other than a Trustee, officer or employee of the Trust. In case any officer who has signed or whose facsimile signature has
been placed on such certificate shall cease to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were such officer at the time of its issuance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Notwithstanding the foregoing, in lieu of issuing certificates for Shares, the Trustees or the transfer agent may either issue receipts
therefor or may keep accounts upon the books of the Trust for the record holders of such Shares, who shall in either case be deemed, for all purposes hereunder, to be the holders of certificates for such Shares as if they had accepted such
certificates and shall be held to have expressly assented and agreed to the terms hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">9.2&#8194;&#8195;<U>Loss of Certificates</U>.
In case of the alleged loss or destruction or the mutilation of a share certificate, a duplicate certificate may be issued in place thereof, upon such terms as the Trustees shall prescribe. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">9.3&#8194;&#8195;<U>Issuance of New Certificates to Pledgee</U>. A pledgee of Shares transferred as collateral security shall be entitled to a
new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of pledgor shall be
stated thereon, who alone shall be liable as a Shareholder and entitled to vote thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">9.4&#8194;&#8195;<U>Discontinuance of Issuance
of Certificates</U>. Notwithstanding anything to the contrary in this <U>Article 9</U>, the Trustees may at any time discontinue the issuance of share certificates and may, by written notice to each Shareholder, require the surrender of share
certificates to the Trust for cancellation. Such surrender and cancellation shall not effect the ownership of Shares in the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 10 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Shareholders&#146; Voting Powers and Meetings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">10.1&#8195;<U>Voting Powers</U>. The Shareholders shall have power to vote only (i)&nbsp;for the election or removal of Trustees as provided
in Article IV, Sections 1 and 3 of the Declaration of Trust, (ii)&nbsp;with respect to any Manager or <FONT STYLE="white-space:nowrap">sub-adviser</FONT> as provided in Article IV, Section&nbsp;8 of the Declaration of Trust to the extent required by
the 1940 Act, (iii)&nbsp;with respect to certain transactions and other matters to the extent and as provided in Article V, Sections 2 and 3 of the Declaration of Trust, (iv)&nbsp;with respect to any termination of this Trust to the extent and as
provided in Article IX, Section&nbsp;4 of the Declaration of Trust (for the avoidance of any doubt, </P>
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Shareholders shall have no separate right to vote with respect to the termination of the Trust or a series or class of Shares if the Trustees (including the Continuing Trustees) exercise their
right to terminate the Trust or such series or class pursuant to clauses (ii)&nbsp;or (y) of Article IX, Section&nbsp;4 of the Declaration of Trust), (v) with respect to any amendment of the Declaration of Trust to the extent and as provided in
Article IX, Section&nbsp;7 of the Declaration of Trust and <U>Article 12</U> hereto, (vi)&nbsp;to the same extent as the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should
not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders, and (vii)&nbsp;with respect to such additional matters relating to the Trust as may be required by law, the Declaration of Trust, these Bylaws
or any registration of the Trust with the Securities and Exchange Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it
is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote, except as otherwise provided in the Declaration of Trust, these Bylaws, or required by applicable law. Except as otherwise provided in the
Declaration of Trust or in respect of the terms of a class of preferred shares of beneficial interest of the Trust as reflected in these Bylaws or required by applicable law, all Shares of the Trust then entitled to vote shall be voted in the
aggregate as a single class without regard to classes or series of Shares. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy with respect to Shares held in the name of two or more
persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. The placing of a Shareholder&#146;s name on a proxy pursuant to
telephonic or electronically transmitted instructions obtained pursuant to procedures reasonably designed to verify that such instructions have been authorized by such Shareholder shall constitute execution of such proxy by or on behalf of such
Shareholder. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Until Shares of a particular class
or series are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, the Declaration of Trust or these Bylaws to be taken by Shareholders as to such class or series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">10.2&#8195;<U>Voting Power and Meetings</U>. Except as provided in the next sentence, regular meetings of the Shareholders for the election of
Trustees and the transaction of such other business as may properly come before the meeting shall be held, so long as Common Shares are listed for trading on the New York Stock Exchange, on at least an annual basis, on such day and at such place as
shall be designated by the Trustees. In the event that such a meeting is not held in any annual period if so required, whether the omission be by oversight or otherwise, a subsequent special meeting may be called by the Trustees and held in lieu of
such meeting with the same effect as if held within such annual period. Special meetings of the Shareholders or any or all classes or series of Shares may also be called by the Trustees from time to time for such other purposes as may be prescribed
by law, by the Declaration of Trust or by these Bylaws, or for the purpose of taking action upon any other matter deemed by a majority of the Trustees and a majority of the Continuing Trustees to be necessary or desirable. A special meeting of
Shareholders may be held at any such time, day and place as is designated by the Trustees. Written notice of any meeting of Shareholders, stating the date, time, place and purpose of the meeting, shall be given or caused to be given by a majority of
the Trustees and a majority of the Continuing Trustees at least seven days before such meeting to each Shareholder entitled to vote </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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thereat by leaving such notice with the Shareholder at his or her residence or usual place of business or by mailing such notice, postage prepaid, to the Shareholder&#146;s address as it appears
on the records of the Trust. Such notice may be given by the Secretary or an Assistant Secretary or by any other officer or agent designated for such purpose by the Trustees. Whenever notice of a meeting is required to be given to a Shareholder
under the Declaration of Trust or these Bylaws, a written waiver thereof, executed before or after the meeting by such Shareholder or his or her attorney thereunto authorized and filed with the records of the meeting, shall be deemed equivalent to
such notice. Notice of a meeting need not be given to any Shareholder who attends the meeting without protesting prior thereto or at its commencement the lack of notice to such Shareholder. No ballot shall be required for any election unless
required by a Shareholder present or represented at the meeting and entitled to vote in such election. Notwithstanding anything to the contrary in this <U>Section</U><U></U><U>&nbsp;10.2</U>, no matter shall be properly before any annual or special
meeting of Shareholders and no business shall be transacted thereat unless in accordance with <U>Section</U><U></U><U>&nbsp;10.6</U> of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">10.3&#8195;<U>Quorum and Required Vote</U>. Except when a larger quorum is required by any provision of law or the Declaration of Trust or
these Bylaws, thirty percent (30%) of the Shares entitled to vote on a particular matter shall constitute a quorum for the transaction of business at a Shareholders&#146; meeting, except that where any provision of law or the Declaration of Trust or
these Bylaws permits or requires that holders of any class or series of Shares shall vote as an individual class or series, then thirty percent (30%) (unless a larger quorum is required as specified above) of Shares of that class or series entitled
to vote shall be necessary to constitute a quorum for the transaction of business by that class or series. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held, within a reasonable time after the date
set for the original meeting, without the necessity of further notice. Except when a different vote is required by any provision of law or the Declaration of Trust or these Bylaws, a plurality of the quorum of Shares necessary for the transaction of
business at a Shareholders&#146; meeting shall decide any questions and a plurality of Shares voted shall elect a Trustee, provided that where any provision of law or of the Declaration of Trust or these Bylaws permits or requires that the holders
of any class or series of Shares shall vote as an individual class or series, then a plurality of the quorum of Shares of that class or series necessary for the transaction of business by that class or series at a Shareholders&#146; meeting shall
decide that matter insofar as that class or series is concerned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">10.4&#8195;<U>Action by Written Consent</U>. Any action taken by
Shareholders may be taken without a meeting if a majority of Shareholders entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of law or the Declaration of Trust or these Bylaws) consent to
the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">10.5&#8195;<U>Record Dates</U>. For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any
adjournment thereof, or who are entitled to receive payment of any dividend or of any other distribution, the Trustees may from time to time fix a time, which shall be not more than 90 days before the date of any meeting of Shareholders or the date
for the payment of any dividend or of any other distribution, as the record date for determining the Shareholders having the right to notice of and to vote at such meeting and any adjournment </P>
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thereof or the right to receive such dividend or distribution, and in such case only Shareholders of record on such record date shall have the right notwithstanding any transfer of Shares on the
books of the Trust after the record date; or without fixing such record date the Trustees may for any of such purposes close the register or transfer books for all or any part of such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">10.6&#8195;<U>Advance Notice of Shareholder Nominees for Trustees and Other Shareholder Proposals</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12pt; font-family:Times New Roman">(a)&#8195;As used in this <U>Section</U><U></U><U>&nbsp;10.6</U>, the term &#147;annual meeting&#148; refers to any annual meeting of
Shareholders as well as any special meeting held in lieu of an annual meeting as described in the first two sentences of <U>Section</U><U></U><U>&nbsp;10.2</U> of these Bylaws, and the term &#147;special meeting&#148; refers to all meetings of
Shareholders other than an annual meeting or a special meeting in lieu of an annual meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12pt; font-family:Times New Roman">(b)&#8195;The matters to be considered and
brought before any annual or special meeting of Shareholders shall be limited to only such matters, including the nomination and election of Trustees, as shall be brought properly before such meeting in compliance with the procedures set forth in
this <U>Section</U><U></U><U>&nbsp;10.6</U>. Only persons who are nominated in accordance with the procedures set forth in this <U>Section</U><U></U><U>&nbsp;10.6</U> shall be eligible for election as Trustees, and no proposal to fix the number of
Trustees shall be brought before an annual or special meeting of Shareholders or otherwise transacted unless in accordance with the procedures set forth in this <U>Section</U><U></U><U>&nbsp;10.6</U>, except as may be otherwise provided in these
Bylaws with respect to the right of holders of preferred shares of beneficial interest, if any, of the Trust to nominate and elect a specified number of Trustees in certain circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12pt; font-family:Times New Roman">(c)&#8195;For any matter to be properly before any annual meeting, the matter must be (i)&nbsp;specified in the notice of meeting given by or
at the direction of a majority of the Trustees and a majority of the Continuing Trustees pursuant to <U>Section</U><U></U><U>&nbsp;10.2</U> of these Bylaws, (ii)&nbsp;otherwise brought before the meeting by or at the direction of a majority of the
Continuing Trustees (or any duly authorized committee thereof), or (iii)&nbsp;brought before the meeting in the manner specified in this <U>Section</U><U></U><U>&nbsp;10.6(c)</U> by a Shareholder of record entitled to vote at the meeting or by a
Shareholder (a &#147;<U>Beneficial Owner</U>&#148;) that holds Shares entitled to vote at the meeting through a nominee or &#147;street name&#148; holder of record and that can demonstrate to the Trust such indirect ownership and such Beneficial
Owner&#146;s entitlement to vote such Shares, provided that the Shareholder was the Shareholder of record or the Beneficial Owner held such Shares at the time the notice provided for in this <U>Section</U><U></U><U>&nbsp;10.6(c)</U> is delivered to
the Secretary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">In addition to any other requirements under applicable law and the Declaration of Trust and these Bylaws, persons
nominated by Shareholders for election as Trustees and any other proposals by Shareholders may be properly brought before an annual meeting only pursuant to timely notice (the &#147;<U>Shareholder Notice</U>&#148;) in writing to the Secretary. To be
timely, the Shareholder Notice must be delivered to or mailed and received at the principal executive offices of the Trust not less than forty-five (45)&nbsp;nor more than sixty (60)&nbsp;days prior to the first anniversary date of the date on which
the Trust first mailed its proxy materials for the prior year&#146;s annual meeting; <U>provided</U>, <U>however</U>, with respect to the annual meeting to be held in the calendar year 2003, the Shareholder Notice must be so delivered or mailed and
so received on or before May&nbsp;1, 2003; <U>provided further</U>, <U>however</U>, if and only if the annual meeting is not </P>
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scheduled to be held within a period that commences thirty (30)&nbsp;days before the first anniversary date of the annual meeting for the preceding year and ends thirty (30)&nbsp;days after such
anniversary date (an annual meeting date outside such period being referred to herein as an &#147;Other Annual Meeting Date&#148;), such Shareholder Notice must be given in the manner provided herein by the later of the close of business on
(i)&nbsp;the date forty-five (45)&nbsp;days prior to such Other Annual Meeting Date or (ii)&nbsp;the tenth (10<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) business day following the date such Other Annual Meeting Date is first publicly
announced or disclosed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Any Shareholder desiring to nominate any person or persons (as the case may be) for election as a Trustee or
Trustees of the Trust shall deliver, as part of such Shareholder Notice: (i)&nbsp;a statement in writing setting forth (A)&nbsp;the name, age, date of birth, business address, residence address and nationality of the person or persons to be
nominated; (B)&nbsp;the class or series and number of all Shares of the Trust owned of record or beneficially by each such person or persons, as reported to such Shareholder by such nominee(s); (C) any other information regarding each such person
required by paragraphs (a), (d), (e) and (f)&nbsp;of Item 401 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> or paragraph (b)&nbsp;of Item 22 of Rule <FONT STYLE="white-space:nowrap">14a-101</FONT> (Schedule 14A) under the Securities
Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or
any successor agency applicable to the Trust); (D) any other information regarding the person or persons to be nominated that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitation
of proxies for election of Trustees or directors pursuant to Section&nbsp;14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E)&nbsp;whether such Shareholder believes any nominee is or will be an &#147;interested
person&#148; of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an &#147;interested person,&#148; information regarding each nominee that will be sufficient for the Trust to make such determination; and
(ii)&nbsp;the written and signed consent of the person or persons to be nominated to be named as nominees and to serve as Trustees if elected. In addition, the Trustees may require any proposed nominee to furnish such other information as they may
reasonably require or deem necessary to determine the eligibility of such proposed nominee to serve as a Trustee. Any Shareholder Notice required by this <U>Section</U><U></U><U>&nbsp;10.6(c)</U> in respect of a proposal to fix the number of
Trustees shall also set forth a description of and the text of the proposal, which description and text shall state a fixed number of Trustees that otherwise complies with applicable law, these Bylaws and the Declaration of Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Without limiting the foregoing, any Shareholder who gives a Shareholder Notice of any matter proposed to be brought before a Shareholder
meeting (whether or not involving nominees for Trustees) shall deliver, as part of such Shareholder Notice: (i)&nbsp;the description of and text of the proposal to be presented; (ii)&nbsp;a brief written statement of the reasons why such Shareholder
favors the proposal; (iii)&nbsp;such Shareholder&#146;s name and address as they appear on the Trust&#146;s books; (iv)&nbsp;any other information relating to the Shareholder that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with the solicitation of proxies with respect to the matter(s) proposed pursuant to Section&nbsp;14 of the Exchange Act and the rules and regulations promulgated thereunder; (v)&nbsp;the class or series and
number of all Shares of the Trust owned beneficially and of record by such Shareholder; (vi)&nbsp;any material interest of such Shareholder in the matter proposed (other than as a Shareholder); (vii) a representation that the Shareholder intends to
appear in person or by proxy at the Shareholder </P>
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meeting to act on the matter(s) proposed; (viii)&nbsp;if the proposal involves nominee(s) for Trustees, a description of all arrangements or understandings between the Shareholder and each
proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by the Shareholder; and (ix)&nbsp;in the case of a Beneficial Owner, evidence establishing such Beneficial Owner&#146;s
indirect ownership of, and entitlement to vote, Shares at the meeting of Shareholders. As used in this <U>Section</U><U></U><U>&nbsp;10.6</U>, Shares &#147;beneficially owned&#148; shall mean all Shares which such person is deemed to beneficially
own pursuant to Rules <FONT STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12pt; font-family:Times New Roman">(d)&#8195;For any matter to be properly before any special meeting, the matter must be specified in the notice of meeting given by or at the
direction of a majority of the Trustees and a majority of the Continuing Trustees pursuant to <U>Section</U><U></U><U>&nbsp;10.2</U> of these Bylaws. In the event the Trust calls a special meeting for the purpose of electing one or more Trustees,
any Shareholder may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Trust&#146;s notice of meeting if and only if the Shareholder provides a notice containing the information required in the
Shareholder Notice to the Secretary required with respect to annual meetings by <U>Section</U><U></U><U>&nbsp;10.6(c)</U> hereof, and such notice is delivered to or mailed and received at the principal executive office of the Trust not later than
the close of business on the tenth (10<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day following the day on which the date of the special meeting and of the nominees proposed by the Trustees to be elected at such meeting are publicly
announced or disclosed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12pt; font-family:Times New Roman">(e)&#8195;For purposes of this <U>Section</U><U></U><U>&nbsp;10.6</U>, a matter shall be deemed to have been
&#147;publicly announced or disclosed&#148; if such matter is disclosed in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service, in a document publicly filed by the Trust with the Securities
and Exchange Commission, or in a Web site accessible to the public maintained by the Trust or by its investment adviser or an affiliate of such investment adviser with respect to the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12pt; font-family:Times New Roman">(f)&#8195;In no event shall an adjournment or postponement (or a public announcement thereof) of a meeting of Shareholders commence a new
time period (or extend any time period) for the giving of notice as provided in this <U>Section</U><U></U><U>&nbsp;10.6</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12pt; font-family:Times New Roman">(g)&#8195;The person presiding at any meeting of Shareholders, in addition to making any other determinations that may be appropriate to the
conduct of the meeting, shall have the power and duty to (i)&nbsp;determine whether a nomination or proposal of other matters to be brought before a meeting and notice thereof have been duly made and given in the manner provided in this
<U>Section</U><U></U><U>&nbsp;10.6</U> and elsewhere in these Bylaws and the Declaration of Trust and (ii)&nbsp;if not so made or given, to direct and declare at the meeting that such nomination and/or such other matters shall be disregarded and
shall not be considered. Any determination by the person presiding shall be binding on all parties absent manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:12pt; font-family:Times New Roman">(h)&#8195;Notwithstanding anything to the contrary in this <U>Section</U><U></U><U>&nbsp;10.6</U> or otherwise in these Bylaws, unless
required by federal law, no matter shall be considered at or brought before any annual or special meeting unless such matter has been approved for these purposes by a majority of the Continuing Trustees and, in particular, no Beneficial Owner shall
have any rights as a Shareholder except as may be required by federal law. Furthermore, nothing in this </P>
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<U>Section</U><U></U><U>&nbsp;10.6</U> shall be construed as creating any implication or presumption as to the requirements of federal law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 11 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[Reserved]
</B></P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 12 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Amendment to the Bylaws </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">12.1&#8195;<U>General</U>. Except to the extent that the Declaration of Trust or applicable law requires a vote or consent of Shareholders,
these Bylaws may be amended, changed, altered or repealed, in whole or part, only by resolution of a majority of the Trustees then in office at any meeting of the Trustees, or by one or more writings signed by such Trustees. </P>
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<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">ROPES&nbsp;&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:1pt; font-size:7pt; font-family:ARIAL">WWW.ROPESGRAY.COM</P></TD></TR>
</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">April&nbsp;14, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO High
Income Fund </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">We have acted as counsel
to PIMCO High 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 $350,000,000. </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. &#8195;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. &#8195;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:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Very truly yours,</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">/s/ Ropes&nbsp;&amp; Gray LLP</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Ropes&nbsp;&amp; Gray
LLP</P></TD></TR>
</TABLE> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">PHK Shelf Offering Registration Statement Opinion </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </U></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the incorporation by reference in the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of PIMCO High Income
Fund of our report dated August&nbsp;27, 2024 relating to the financial statements and financial highlights, which appears in PIMCO High Income Fund&#146;s Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;N-CSR</FONT> for the year ended
June&nbsp;30, 2024. We also consent to the references to us on the cover page of the Statement of Additional Information and under the headings &#147;Financial Statements&#148;, &#147;Independent Registered Public Accounting Firm&#148; and
&#147;Financial Highlights&#148; in such Registration Statement. </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ PricewaterhouseCoopers LLP</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kansas City, Missouri</P></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">April&nbsp;14, 2025</P></TD></TR>
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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>11
<FILENAME>d902387dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<TITLE>EX-FILING FEES</TITLE>
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<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:0pt; 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:12pt; 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 High 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>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="6%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</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"><B>Security<BR>Type</B></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"><B>Security<BR>Class&nbsp;Title</B></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"><B>Fee<BR>Calculation<BR>or Carry<BR>Forward<BR>Rule</B></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"><B>Amount<BR>Registered</B></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"><B>Proposed<BR>Maximum<BR>Offering<BR>Price Per<BR>Unit</B></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"><B>Maximum<BR>Aggregate<BR>Offering&nbsp;Price<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP>&#8201;</B></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"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Fee</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Rate</B></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"><B>Amount&nbsp;of<BR>Registration<BR>Fee</B></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"><B>Carry<BR>Forward<BR>Form<BR>Type</B></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"><B>Carry<BR>Forward<BR>File<BR>Number</B></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"><B>Carry<BR>Forward<BR>Initial<BR>effective<BR>date</B></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"><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></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="1" COLSPAN="25" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="25" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt"><B>Newly Registered Securities</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Fees to Be&#8201; Paid</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">Equity</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">Common Shares of Beneficial Interest, $0.00001 par value per share</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">Rule 456(b) and Rule 457(r)</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">(1)</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">(1)</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">(1)</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">(2)</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">(2)</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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Fees Previously&#8201; Paid</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">--</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">--</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">--</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">--</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">--</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">--</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">--</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">--</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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" COLSPAN="25" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="25" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt"><B>Carry Forward Securities</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Carry Forward Securities&#8201;</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">--</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">--</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">--</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">--</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"><FONT SIZE="1">&nbsp;</FONT></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">--</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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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">--</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">--</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">--</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">--</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT: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="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Total Offering Amounts</B></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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">--</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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT: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="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-RIGHT: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-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-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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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">--</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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT: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="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; 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="top" STYLE="BORDER-RIGHT:1px solid #000000; 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="top" STYLE="BORDER-RIGHT:1px solid #000000; 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="top" STYLE="BORDER-RIGHT:1px solid #000000; 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="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" 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:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT: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="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; 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="top" STYLE="BORDER-RIGHT:1px solid #000000; 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="top" STYLE="BORDER-RIGHT:1px solid #000000; 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="top" STYLE="BORDER-RIGHT:1px solid #000000; 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="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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"><FONT SIZE="1">&nbsp;</FONT></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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&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:8pt; font-family:Times New Roman; " ALIGN="left">The registration fee is calculated in accordance with Rule 457(o) under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), based on the proposed maximum aggregate offering price. </P></TD></TR></TABLE>
</DIV>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:8pt; font-family:Times New Roman">(2)&#8194;&#8201;&#8202;In accordance with Rule 456(b) and Rule 457(r) under the Securities Act of
1933, as amended, the registrant is deferring payment of all of the registration fees and will pay any registration fees subsequently in advance or on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">pay-as-you-go</FONT></FONT></FONT> basis.</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>

</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>12
<FILENAME>cik0001219360-20250414.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
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<link:definition>1002 - Disclosure - N-2 - [Investment Objectives]</link:definition>
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<link:definition>1003 - Disclosure - N-2 - [Risk Factors]</link:definition>
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<link:definition>1005 - Disclosure - N-2 - [Share Price Table]</link:definition>
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<link:definition>1006 - Disclosure - N-2 - [Capital Stock]</link:definition>
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<element name="EmergingMarketsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001219360_EmergingMarketsRiskMember" substitutionGroup="xbrli:item" />
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<element name="USGovernmentSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001219360_USGovernmentSecuritiesRiskMember" substitutionGroup="xbrli:item" />
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<element name="ZeroCouponBondsStepUpsAndPaymentInKindSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001219360_ZeroCouponBondsStepUpsAndPaymentInKindSecuritiesRiskMember" substitutionGroup="xbrli:item" />
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>13
<FILENAME>cik0001219360-20250414_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>14
<FILENAME>cik0001219360-20250414_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_CyberSecurityRiskMember" xml:lang="en-US">Cyber Security Risk [Member]</label>
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<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_EquitySecuritiesAndRelatedMarketRiskMember" xlink:label="loc_cik0001219360_EquitySecuritiesAndRelatedMarketRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_EquitySecuritiesAndRelatedMarketRiskMember" xml:lang="en-US">Equity Securities and Related Market Risk [Member]</label>
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<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_FocusedInvestmentRiskMember" xlink:label="loc_cik0001219360_FocusedInvestmentRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_FocusedInvestmentRiskMember" xml:lang="en-US">Focused Investment Risk [Member]</label>
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<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_ForeignNonUSInvestmentRiskMember" xlink:label="loc_cik0001219360_ForeignNonUSInvestmentRiskMember" />
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_GeopoliticalConflictsMember" xml:lang="en-US">Geopolitical Conflicts [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_GeopoliticalConflictsMember" xlink:to="lab_cik0001219360_GeopoliticalConflictsMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_HighYieldSecuritiesRiskMember" xlink:label="loc_cik0001219360_HighYieldSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_HighYieldSecuritiesRiskMember" xml:lang="en-US">High Yield Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_HighYieldSecuritiesRiskMember" xlink:to="lab_cik0001219360_HighYieldSecuritiesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_InflationDeflationRiskMember" xlink:label="loc_cik0001219360_InflationDeflationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_InflationDeflationRiskMember" xml:lang="en-US">Inflation Deflation Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_InflationDeflationRiskMember" xlink:to="lab_cik0001219360_InflationDeflationRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_InflationIndexedSecurityRiskMember" xlink:label="loc_cik0001219360_InflationIndexedSecurityRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_InflationIndexedSecurityRiskMember" xml:lang="en-US">Inflation Indexed Security Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_InflationIndexedSecurityRiskMember" xlink:to="lab_cik0001219360_InflationIndexedSecurityRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_InsuranceLinkedandOtherInstrumentsRiskMember" xlink:label="loc_cik0001219360_InsuranceLinkedandOtherInstrumentsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_InsuranceLinkedandOtherInstrumentsRiskMember" xml:lang="en-US">Insurance Linked and Other Instruments Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_InsuranceLinkedandOtherInstrumentsRiskMember" xlink:to="lab_cik0001219360_InsuranceLinkedandOtherInstrumentsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_InvestmentsInReitsRiskMember" xlink:label="loc_cik0001219360_InvestmentsInReitsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_InvestmentsInReitsRiskMember" xml:lang="en-US">Investments in REITs Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_InvestmentsInReitsRiskMember" xlink:to="lab_cik0001219360_InvestmentsInReitsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_IssuerRiskMember" xlink:label="loc_cik0001219360_IssuerRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_IssuerRiskMember" xml:lang="en-US">Issuer Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_IssuerRiskMember" xlink:to="lab_cik0001219360_IssuerRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_LeverageRiskMember" xlink:label="loc_cik0001219360_LeverageRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_LeverageRiskMember" xml:lang="en-US">Leverage Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_LeverageRiskMember" xlink:to="lab_cik0001219360_LeverageRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_LiquidityRiskMember" xlink:label="loc_cik0001219360_LiquidityRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_LiquidityRiskMember" xml:lang="en-US">Liquidity Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_LiquidityRiskMember" xlink:to="lab_cik0001219360_LiquidityRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" xlink:label="loc_cik0001219360_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" xml:lang="en-US">Loans and Other Indebtedness Loan Acquisitions Participations and Assignments Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" xlink:to="lab_cik0001219360_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_ManagementRiskMember" xlink:label="loc_cik0001219360_ManagementRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_ManagementRiskMember" xml:lang="en-US">Management Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_ManagementRiskMember" xlink:to="lab_cik0001219360_ManagementRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_MarketDiscountRiskMember" xlink:label="loc_cik0001219360_MarketDiscountRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_MarketDiscountRiskMember" xml:lang="en-US">Market Discount Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_MarketDiscountRiskMember" xlink:to="lab_cik0001219360_MarketDiscountRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_MarketDisruptionsRiskMember" xlink:label="loc_cik0001219360_MarketDisruptionsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_MarketDisruptionsRiskMember" xml:lang="en-US">Market Disruptions Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_MarketDisruptionsRiskMember" xlink:to="lab_cik0001219360_MarketDisruptionsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_MarketRiskMember" xlink:label="loc_cik0001219360_MarketRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_MarketRiskMember" xml:lang="en-US">Market Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_MarketRiskMember" xlink:to="lab_cik0001219360_MarketRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xlink:label="loc_cik0001219360_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xml:lang="en-US">Mortgage Related and Other Asset Backed Instruments Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xlink:to="lab_cik0001219360_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_MortgageRelatedDerivativeInstrumentsRiskMember" xlink:label="loc_cik0001219360_MortgageRelatedDerivativeInstrumentsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_MortgageRelatedDerivativeInstrumentsRiskMember" xml:lang="en-US">Mortgage Related Derivative Instruments Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_MortgageRelatedDerivativeInstrumentsRiskMember" xlink:to="lab_cik0001219360_MortgageRelatedDerivativeInstrumentsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_OperationalRiskMember" xlink:label="loc_cik0001219360_OperationalRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_OperationalRiskMember" xml:lang="en-US">Operational Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_OperationalRiskMember" xlink:to="lab_cik0001219360_OperationalRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_OtherInvestmentCompaniesRiskMember" xlink:label="loc_cik0001219360_OtherInvestmentCompaniesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_OtherInvestmentCompaniesRiskMember" xml:lang="en-US">Other Investment Companies Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_OtherInvestmentCompaniesRiskMember" xlink:to="lab_cik0001219360_OtherInvestmentCompaniesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_PlatformRiskMember" xlink:label="loc_cik0001219360_PlatformRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_PlatformRiskMember" xml:lang="en-US">Platform Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_PlatformRiskMember" xlink:to="lab_cik0001219360_PlatformRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_PortfolioTurnoverRiskMember" xlink:label="loc_cik0001219360_PortfolioTurnoverRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_PortfolioTurnoverRiskMember" xml:lang="en-US">Portfolio Turnover Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_PortfolioTurnoverRiskMember" xlink:to="lab_cik0001219360_PortfolioTurnoverRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_PotentialConflictsofInterestRiskAllocationofInvestmentOpportunitiesMember" xlink:label="loc_cik0001219360_PotentialConflictsofInterestRiskAllocationofInvestmentOpportunitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_PotentialConflictsofInterestRiskAllocationofInvestmentOpportunitiesMember" xml:lang="en-US">Potential Conflicts of Interest Risk Allocation of Investment Opportunities [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_PotentialConflictsofInterestRiskAllocationofInvestmentOpportunitiesMember" xlink:to="lab_cik0001219360_PotentialConflictsofInterestRiskAllocationofInvestmentOpportunitiesMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_PreferredSecuritiesRiskMember" xlink:label="loc_cik0001219360_PreferredSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_PreferredSecuritiesRiskMember" xml:lang="en-US">Preferred Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_PreferredSecuritiesRiskMember" xlink:to="lab_cik0001219360_PreferredSecuritiesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_PrivacyAndDataSecurityRiskMember" xlink:label="loc_cik0001219360_PrivacyAndDataSecurityRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_PrivacyAndDataSecurityRiskMember" xml:lang="en-US">Privacy and Data Security Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_PrivacyAndDataSecurityRiskMember" xlink:to="lab_cik0001219360_PrivacyAndDataSecurityRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" xlink:label="loc_cik0001219360_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" xml:lang="en-US">Privately Issued Mortgage Related Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" xlink:to="lab_cik0001219360_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:label="loc_cik0001219360_PrivatePlacementsAndRestrictedSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xml:lang="en-US">Private Placements and Restricted Securities Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:to="lab_cik0001219360_PrivatePlacementsAndRestrictedSecuritiesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_RealEstateRiskMember" xlink:label="loc_cik0001219360_RealEstateRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_RealEstateRiskMember" xml:lang="en-US">Real Estate Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_RealEstateRiskMember" xlink:to="lab_cik0001219360_RealEstateRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_RegulatoryChangesRiskMember" xlink:label="loc_cik0001219360_RegulatoryChangesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_RegulatoryChangesRiskMember" xml:lang="en-US">Regulatory Changes Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_RegulatoryChangesRiskMember" xlink:to="lab_cik0001219360_RegulatoryChangesRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_RegulatoryRiskCommodityPoolOperatorMember" xlink:label="loc_cik0001219360_RegulatoryRiskCommodityPoolOperatorMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_RegulatoryRiskCommodityPoolOperatorMember" xml:lang="en-US">Regulatory Risk Commodity Pool Operator [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_RegulatoryRiskCommodityPoolOperatorMember" xlink:to="lab_cik0001219360_RegulatoryRiskCommodityPoolOperatorMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_ReinvestmentRiskMember" xlink:label="loc_cik0001219360_ReinvestmentRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_ReinvestmentRiskMember" xml:lang="en-US">Reinvestment Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_ReinvestmentRiskMember" xlink:to="lab_cik0001219360_ReinvestmentRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_RepurchaseAgreementsRiskMember" xlink:label="loc_cik0001219360_RepurchaseAgreementsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_RepurchaseAgreementsRiskMember" xml:lang="en-US">Repurchase Agreements Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_RepurchaseAgreementsRiskMember" xlink:to="lab_cik0001219360_RepurchaseAgreementsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_RiskRetentionInvestmentRiskMember" xlink:label="loc_cik0001219360_RiskRetentionInvestmentRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_RiskRetentionInvestmentRiskMember" xml:lang="en-US">Risk Retention Investment Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_RiskRetentionInvestmentRiskMember" xlink:to="lab_cik0001219360_RiskRetentionInvestmentRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_SecuritiesLendingRiskMember" xlink:label="loc_cik0001219360_SecuritiesLendingRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_SecuritiesLendingRiskMember" xml:lang="en-US">Securities Lending Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_SecuritiesLendingRiskMember" xlink:to="lab_cik0001219360_SecuritiesLendingRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_SeniorDebtRiskMember" xlink:label="loc_cik0001219360_SeniorDebtRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_SeniorDebtRiskMember" xml:lang="en-US">Senior Debt Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_SeniorDebtRiskMember" xlink:to="lab_cik0001219360_SeniorDebtRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_ShortExposureRiskMember" xlink:label="loc_cik0001219360_ShortExposureRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_ShortExposureRiskMember" xml:lang="en-US">Short Exposure Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_ShortExposureRiskMember" xlink:to="lab_cik0001219360_ShortExposureRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_SmallerCompanyRiskMember" xlink:label="loc_cik0001219360_SmallerCompanyRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_SmallerCompanyRiskMember" xml:lang="en-US">Smaller Company Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_SmallerCompanyRiskMember" xlink:to="lab_cik0001219360_SmallerCompanyRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_SovereignDebtRiskMember" xlink:label="loc_cik0001219360_SovereignDebtRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_SovereignDebtRiskMember" xml:lang="en-US">Sovereign Debt Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_SovereignDebtRiskMember" xlink:to="lab_cik0001219360_SovereignDebtRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_SpecialPurposeAcquisitionCompaniesSPACsRiskMember" xlink:label="loc_cik0001219360_SpecialPurposeAcquisitionCompaniesSPACsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_SpecialPurposeAcquisitionCompaniesSPACsRiskMember" xml:lang="en-US">Special Purpose Acquisition Companies SPACs Risk [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001219360_SpecialPurposeAcquisitionCompaniesSPACsRiskMember" xlink:to="lab_cik0001219360_SpecialPurposeAcquisitionCompaniesSPACsRiskMember" />
<loc xlink:type="locator" xlink:href="cik0001219360-20250414.xsd#cik0001219360_StructuredInvestmentsRiskMember" xlink:label="loc_cik0001219360_StructuredInvestmentsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001219360_StructuredInvestmentsRiskMember" xml:lang="en-US">Structured Investments Risk [Member]</label>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>15
<FILENAME>cik0001219360-20250414_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>N-2 - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="11">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 14, 2025</div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Sep. 30, 2024</div></th>
<th class="th"><div>Jun. 30, 2024</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Sep. 30, 2023</div></th>
<th class="th"><div>Jun. 30, 2023</div></th>
<th class="th"><div>Mar. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Sep. 30, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">0001219360<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text">N-2<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Securities Act File Number</a></td>
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<td class="text">333-000000<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">811-21311<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">N-2ASR<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreEffectiveAmendment', window );">Pre-Effective Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PostEffectiveAmendment', window );">Post-Effective Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyActRegistration', window );">Investment Company Act Registration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyRegistrationAmendment', window );">Investment Company Registration Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyRegistrationAmendmentNumber', window );">Investment Company Registration Amendment Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">PIMCO High Income Fund<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">1633 Broadway<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">New York<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">NY<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">10019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">888<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">877-4626<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic', window );">Approximate Date of Commencement of Proposed Sale to Public</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From time to time after the effective date of this Registration Statement.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DividendOrInterestReinvestmentPlanOnly', window );">Dividend or Interest Reinvestment Plan Only</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DelayedOrContinuousOffering', window );">Delayed or Continuous Offering</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PrimaryShelfFlag', window );">Primary Shelf [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EffectiveUponFiling462e', window );">Effective Upon Filing, 462(e)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AdditionalSecuritiesEffective413b', window );">Additional Securities Effective, 413(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EffectiveWhenDeclaredSection8c', window );">Effective when Declared, Section 8(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NewEffectiveDateForPreviousFiling', window );">New Effective Date for Previous Filing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AdditionalSecurities462b', window );">Additional Securities. 462(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NoSubstantiveChanges462c', window );">No Substantive Changes, 462(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ExhibitsOnly462d', window );">Exhibits Only, 462(d)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RegisteredClosedEndFundFlag', window );">Registered Closed-End Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_BusinessDevelopmentCompanyFlag', window );">Business Development Company [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_IntervalFundFlag', window );">Interval Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PrimaryShelfQualifiedFlag', window );">Primary Shelf Qualified [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Yes<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_NewCefOrBdcRegistrantFlag', window );">New CEF or BDC Registrant [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_FeeTableAbstract', window );"><strong>Fee Table [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ShareholderTransactionExpensesTableTextBlock', window );">Shareholder Transaction Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Shareholder Transaction Expenses:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8195;</div></div></div> </div> <div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt">
<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:239.91pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Sales Load (as a percentage of offering price)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(1)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:20.09pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_137970526;display:inline;">[ ]</div>%</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:239.91pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Offering Expenses Borne by Common Shareholders (as a percentage of offering </div></div> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">price)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(2)</div> <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:20.09pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_137970527;display:inline;">[ ]</div>%</div></div> </div> </td> </tr>
<tr style="height:9.5pt">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:239.91pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend Reinvestment Plan Fees</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(3)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:20.09pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div> </div> </td> </tr> </table> </div> <div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(1)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">In the event that the Common Shares to which this prospectus relates are sold to or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">through underwriters or dealer managers, a corresponding prospectus supplement will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">disclose the applicable sales load and/or commission.</div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(2)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The related prospectus supplement will disclose the estimated amount of offering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">expenses, the offering price and the offering expenses borne by the Fund and indirectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">by all of its Common Shareholders as a percentage of the offering price.</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(3)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">You will pay brokerage charges if you direct your broker or the plan agent to sell your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares that you acquired pursuant to a dividend reinvestment plan. You may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">also pay a pro rata share of brokerage commissions incurred in connection with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">open-market purchases pursuant to the Fund&#8217;s Dividend Reinvestment Plan. See </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Dividend Reinvestment Plan.&#8221;</div><div style="clear: both; position: relative; max-height: 0px;"></div><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <div style="line-height:12.0pt;margin-top:6.0pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Annual Expenses</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8195;</div></div></div> </div> <div style="line-height:0.0pt;margin-top:6.0pt;text-align:left"> <div style="margin-top:6pt"></div> </div> <div style="margin-top:0.0pt">
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<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:126.25pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Annual Expenses</div></div></div> </div> </td>
<td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:133.75pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Percentage of</div></div></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Net Assets Attributable to Common</div></div></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Shares (reflecting leverage</div></div></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">attributable to preferred shares and reverse</div></div></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">repurchase agreements)</div></div></div> </div> </td> </tr>
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<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(1)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.80%</div></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:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend Cost on Preferred Shares</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(2)</div> <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:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.01%</div></div> </div> </td> </tr>
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<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interest Payments on Borrowed Funds</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(3)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.06%</div></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:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(4)</div> <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:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.05%</div></div> </div> </td> </tr>
<tr style="height:9.5pt">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:126.25pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Annual Expenses</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(5)</div> <div style="clear:right"></div> </div> </div> </td>
<td style="padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:133.75pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.92%</div></div> </div> </td> </tr> </table> </div> <div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(1)</div> <div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees include fees payable to the Investment Manager for advisory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">services and for supervisory, administrative and other services. The Fund pays for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">advisory, supervisory and administrative services it requires under what is essentially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">an all-in fee structure (the &#8220;unified management fee&#8221;). Pursuant to an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">management agreement, PIMCO is paid a Management Fee of 0.76% of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">average daily net assets (including daily net assets attributable to any preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">for certain fees and expenses, which are reflected in the table above, that are not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">covered by the unified management fee under the investment management </div><div style="line-height:10.0pt;margin-left:10pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">agreement. Please see &#8220;Management of the Fund&#8211;Investment Management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221; for an explanation of the unified management fee and definition of &#8220;net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">assets.&#8221;</div></div>  <div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(2)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Reflects the Fund&#8217;s preferred shares averaged over the fiscal year ended June 30, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2024, which represented 0.21% of the Fund&#8217;s total average managed assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(including the liquidation preference of outstanding Preferred Shares and assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">attributable to reverse repurchase agreements) as of that date, at an annual dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">cost to the Fund of 4.26%. The Fund purchased the bulk of its preferred shares in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">tender offer completed in April 2024 and redeemed its remaining preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">between November 4, 2024 and November 8, 2024. The Fund has no preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding as of the date of this prospectus.</div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(3)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Reflects the Fund&#8217;s use of leverage in the form of reverse repurchase agreements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">averaged over the fiscal year ended June 30, 2024, which represented 14.59% of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s average total managed assets, (including assets attributable to reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements), at an annual interest rate cost to the Fund of 5.80%, which is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the weighted average interest rate cost during the fiscal year ended June 30, 2024. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Use of Leverage&#8212;Effects of Leverage.&#8221; The actual amount of interest expense </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements, dollar rolls and/or borrowings and variations in market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Borrowing expense is required to be treated as an expense of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">for accounting purposes. Any associated income or gains (or losses) realized from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">leverage obtained through such instruments is not reflected in the Annual Expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">table above, but would be reflected in the Fund&#8217;s performance results.</div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(4)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending June 30, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2025.</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(5)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Dividend Cost on Preferred Shares&#8221;, including distributions on Preferred Shares, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Interest Payments on Borrowed Funds&#8221; are borne by the Fund separately from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">management fees paid to PIMCO. Excluding these expenses, Total Annual Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Operating Expenses are 0.85%. Excluding only distributions on Preferred Shares of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">0.01%, Total Annual Fund Operating Expenses are 2.91%.</div><div style="clear: both; position: relative; max-height: 0px;"></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">0.80%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InterestExpensesOnBorrowingsPercent', window );">Interest Expenses on Borrowings [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="nump">2.06%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_DividendExpenseOnPreferredSharesPercent', window );">Dividend Expenses on Preferred Shares [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">0.01%<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">0.05%<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_TotalAnnualExpensesPercent', window );">Total Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="nump">2.92%<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <div style="line-height:14.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Example</div></div></div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left"> <div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following example illustrates the expenses that you would pay on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$1,000 investment in Common Shares of the Fund, assuming (1) that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s net assets do not increase or decrease, (2) that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurs total annual expenses of 2.92% of net assets attributable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares in years 1 through 10 (assuming outstanding Preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares and assets attributable to reverse repurchase agreements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing 14.80% of the Fund's average total managed assets) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(3) a 5% annual return</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">(1)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"></div> </div> <div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt">
<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"> <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-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></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"> <div style="line-height:7pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">1 Year</div></div></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"> <div style="line-height:7pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">3 Years</div></div></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"> <div style="line-height:7pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">5 Years</div></div></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:32.96pt"> <div style="line-height:7pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">10 Years</div></div></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"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Expenses Incurred</div></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"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$30</div></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"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$90</div></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"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$154</div></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:32.96pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$324</div></div> </div> </td> </tr> </table> </div> <div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">(1)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">The example above should not be considered a representation of future </div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">expenses. Actual expenses may be higher or lower than those shown.</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">example assumes that the estimated Interest Payments on Borrowed Funds, Dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Cost on Preferred Shares and Other Expenses set forth in the Annual Expenses table </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">are accurate, that the rate listed under Total Annual Expenses remains the same each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">year and that all dividends and distributions are reinvested at NAV. Actual expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">may be greater or less than those assumed. Moreover, the Fund&#8217;s actual rate of return </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">may be greater or less than the hypothetical 5% annual return shown in the example. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The example does not include commissions or estimated offering expenses, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">would cause the expenses shown in the example to increase. In connection with an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">offering of Common Shares, the prospectus supplement will set forth an example </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">including sales load and estimated offering costs.</div><div style="clear: both; position: relative; max-height: 0px;"></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="nump">$ 30<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="nump">90<span></span>
</td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="nump">154<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="nump">$ 324<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
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<td class="text"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table is intended to assist investors in understanding the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees and expenses (annualized) that an investor in Common Shares of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund would bear, directly or indirectly, as a result of an offering. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">table reflects the use of leverage attributable to the Fund's outstanding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred shares and reverse repurchase agreements averaged over the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fiscal year ended June 30, 2024 in an amount equal to 14.80% of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's average total managed assets, including the assets attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to such leverage (or 17.37% of the Fund's average net assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attributable to Common Shares), and shows Fund expenses as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">percentage of net assets attributable to Common Shares. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">percentage above and information below do not reflect the Fund&#8217;s use </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of other forms of economic leverage, such as credit default swaps or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other derivative instruments. The table and example below are based on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s capital structure as of June 30, 2024. The extent of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s assets attributable to leverage following an offering, and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s associated expenses, are likely to vary (perhaps significantly) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from these assumptions.</div><span></span>
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<td class="text"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The related prospectus supplement will disclose the estimated amount of offering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">expenses, the offering price and the offering expenses borne by the Fund and indirectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">by all of its Common Shareholders as a percentage of the offering price.</div><span></span>
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<td class="text"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending June 30, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2025.</div><span></span>
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<td class="text"> <div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees include fees payable to the Investment Manager for advisory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">services and for supervisory, administrative and other services. The Fund pays for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">advisory, supervisory and administrative services it requires under what is essentially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">an all-in fee structure (the &#8220;unified management fee&#8221;). Pursuant to an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">management agreement, PIMCO is paid a Management Fee of 0.76% of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">average daily net assets (including daily net assets attributable to any preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">for certain fees and expenses, which are reflected in the table above, that are not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">covered by the unified management fee under the investment management </div><div style="line-height:10.0pt;margin-left:10pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">agreement. Please see &#8220;Management of the Fund&#8211;Investment Management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221; for an explanation of the unified management fee and definition of &#8220;net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">assets.&#8221;</div></div> <span></span>
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<td class="text"><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Objectives and Policies</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When used in this prospectus, the term &#8220;invest&#8221; includes both direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing and indirect investing and the term &#8220;investments&#8221; includes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both direct investments and indirect investments. For example, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may invest indirectly by investing in derivatives or through its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wholly-owned subsidiaries (each, a &#8220;Subsidiary&#8221; and collectively, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries). References herein to the Fund include, as appropriate, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries through which the Fund may gain exposure to investments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may be exposed to the different types of investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described below through its investments in its Subsidiaries. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocation of the Fund&#8217;s assets to a Subsidiary will vary over time and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will likely not include all of the different types of investments described </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">herein at any given time.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund seeks high current income as a primary objective and capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appreciation as a secondary objective. The Fund's investment objectives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are considered non-fundamental and may be changed by the Board </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without shareholder approval. The Fund seeks to achieve its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objectives by utilizing a dynamic asset allocation strategy among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multiple fixed income sectors in the global credit markets, which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include corporate debt (including, among other things, fixed-, variable- </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and floating-rate bonds, loans (including, but not limited to, bank </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or other syndicated loans and non-syndicated (private direct) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans), convertible securities and stressed debt securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. or foreign (non-U.S.) corporations or other business entities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including emerging market issuers), mortgage-related and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed securities, government and sovereign debt, taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">municipal bonds and other fixed-, variable- and floating-rate </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing securities of U.S. and foreign issuers, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market issuers. Aiming to identify securities that provide high </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current income and/or capital appreciation, the Fund focuses on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration management, credit quality analysis, risk management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">techniques and broad diversification among issuers, industries and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sectors as well as other risk management techniques designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manage default risk. The Fund may invest in investment grade debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and below investment grade debt securities (commonly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;), including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of stressed, distressed or defaulted issuers. The types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and instruments in which the Fund may invest are described </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under &#8220;Portfolio Contents&#8212;Principal Investments&#8221; below. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cannot assure you that it will achieve its investment objectives or that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investment program will be successful, and you could lose all </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of your investment in the Fund.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Other Strategy Information. </div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio securities may be sold at any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time. By way of example, sales may occur when PIMCO determines to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take advantage of what it considers to be a better investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunity, when the portfolio managers believe the portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities no longer represent relatively attractive investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities, when the portfolio managers perceive deterioration in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit fundamentals of an issuer, or when an individual security has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reached the portfolio managers&#8217; sell target. PIMCO may engage in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">active and frequent trading of the Fund&#8217;s portfolio investments. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that it does so, the Fund may incur greater transaction costs and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may make greater distributions of income and gains, which will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable to shareholders who do not hold their shares through a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax-advantaged or tax-deferred account.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
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<td class="text"><div style="line-height:14.0pt;margin-top:10.0pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Principal Risks of the Fund</div></div></div></div><div style="line-height:12.0pt;margin-top:2.0pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to the principal risks noted below, whether through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s direct investments, investments by its Subsidiaries or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives positions.</div></div></div><div style="line-height:12.0pt;margin-top:10.0pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Discount Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The price of the Fund&#8217;s Common Shares will fluctuate with market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions and other factors. If you sell your Common Shares, the price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received may be more or less than your original investment. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares are designed for long-term investors and should not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treated as trading vehicles. Shares of closed-end management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies frequently trade at a discount from their NAV. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares may trade at a price that is less than the offering price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for Common Shares issued pursuant to an offering. This risk may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater for investors who sell their Common Shares relatively shortly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">after completion of an offering. The sale of Common Shares by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(or the perception that such sales may occur), particularly if sold at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discount to the then current market price of the Common Shares, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have an adverse effect on the market price of the Common Shares.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market price of securities owned by the Fund may go up or down, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sometimes rapidly or unpredictably. Securities may decline in value due </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to factors affecting securities markets generally or particular industries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or companies represented in the securities markets. The value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security may decline due to general market conditions that are not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specifically related to a particular company, such as real or perceived </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse economic conditions, changes in the general outlook for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate earnings, changes in inflation, interest or currency rates, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial system instability, adverse changes to credit markets or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse investor sentiment generally. The value of a security may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline due to factors that affect a particular industry or industries, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as labor shortages or increased production costs and competitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions within an industry. During a general downturn in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities markets, multiple asset classes may decline in value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">simultaneously even if the performance of those asset classes is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise historically correlated. Investments may also be negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by market disruptions and by attempts by other market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants to manipulate the prices of particular investments. Equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities generally have greater price volatility than fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Credit ratings downgrades may also negatively affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund. Even when markets perform well, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the investments held by the Fund will increase in value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">along with the broader market.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, market risk includes the risk that geopolitical and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events will disrupt the economy on a national or global level. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instance, war, terrorism, social unrest, recessions, supply chain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, market manipulation, government defaults, government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shutdowns, political changes, diplomatic developments or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imposition of sanctions and other similar measures, public health </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emergencies (such as the spread of infectious diseases, pandemics and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">epidemics), natural/environmental disasters, climate-change and climate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related events can all negatively impact the securities markets, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could cause the Fund to lose value. These events could reduce consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand or economic output, result in market closures, changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, inflation/deflation, travel restrictions or quarantines, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly adversely impact the economy.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As computing technology and data analytics continually advance there </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has been an increasing trend towards machine driven and artificially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intelligent trading systems, particularly providing such systems with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increasing levels of autonomy in trading decisions. Regulators of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial markets have become increasingly focused on the potential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of artificial intelligence on investment activities and may issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulations that are intended to affect the use of artificial technology in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading activities. Any such regulations may not have the intended affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on financial markets. Moreover, advancements in artificial intelligence </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other technologies may suffer from the introduction of errors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defects or security vulnerabilities which can go undetected. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential speed of such trading and technologies may exacerbate the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of any such flaws, particularly where such flaws are exploited by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other artificially intelligent systems and may act to impair or prevent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intervention of a human control.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The current contentious domestic political environment, as well as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political and diplomatic events within the United States and abroad, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the U.S. government&#8217;s inability at times to agree on a long-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">budget and deficit reduction plan, has in the past resulted, and may in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the future result, in a government shutdown or otherwise adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the U.S. regulatory landscape, the general market environment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or investor sentiment, which could have an adverse impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments and operations. Additional and/or prolonged </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal government shutdowns may affect investor and consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">confidence and may adversely impact financial markets and the broader </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy, perhaps suddenly and to a significant degree. Governmental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and quasi-governmental authorities and regulators throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">world have previously responded to serious economic disruptions with a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variety of significant fiscal and monetary policy changes, including but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, direct capital infusions into companies, new monetary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">programs and dramatically lower interest rates. An unexpected or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sudden reversal of these policies, or the ineffectiveness of these policies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could increase volatility in securities markets, which could adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s investments. Any market disruptions could also prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund from executing advantageous investment decisions in a timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner. Funds that have focused their investments in a region enduring </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">geopolitical market disruption will face higher risks of loss, although the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increasing interconnectivity between global economies and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets can lead to events or conditions in one country, region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial market adversely impacting a different country, region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial market. Thus, investors should closely monitor current market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions to determine whether the Fund meets their individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial needs and tolerance for risk.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During inflationary price movements, fixed income securities markets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may experience heightened levels of interest rate, volatility and liquidity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Interest rate increases in the future could cause the value of a fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that invests in fixed income securities to decrease.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest rate increases and other market events have the potential to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact real estate values and real estate-related asset prices, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could, by extension, adversely impact the value of other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, such as loans, securitized debt and other fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Such an impact could materialize in one real estate sector and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not another, or in a different manner in different real estate sectors. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Examples of the current risks faced by real estate-related assets include: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenant vacancy rates; increase in tenant turnover and tenant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concentration; headwinds, delinquencies and difficulties in collecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rents and other payments faced by owners of real estate (which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases the risk of owners being unable to pay or otherwise defaulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on their own borrowings and obligations); decline in property values; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in inflation, upkeep costs and other expenses; lowered rent for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">many properties; and concentrated ownership of certain types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Exchanges and securities markets may close early, close late or issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading halts on specific securities, which may result in, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things, the Fund being unable to buy or sell certain securities or financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments at an advantageous time or accurately price its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Asset Allocation Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investment performance depends upon how its assets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocated and reallocated. A principal risk of investing in the Fund is that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may make less than optimal or poor asset allocation decisions. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO employs an active approach to allocation among multiple fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income sectors within the Fund's investment objectives and strategies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but there is no guarantee that such allocation techniques will produce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the desired results. It is possible that PIMCO will focus on an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that performs poorly or underperforms other investments under various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions, or underperforms as compared to funds with similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and strategies. You could lose money on your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund as a result of these allocation decisions.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to management risk because it is an actively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managed investment portfolio. PIMCO and each individual portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manager will apply investment techniques and risk analysis in making </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment decisions for the Fund, but there can be no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these decisions will produce the desired results. Certain securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments in which the Fund seeks to invest may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available in the quantities desired, including in circumstances where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other funds for which PIMCO acts as investment adviser, including funds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with names, investment objectives and policies, and/or portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management teams, similar to the Fund, are seeking to invest in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">same or similar securities or instruments. In addition, regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions, actual or potential conflicts of interest or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerations may cause PIMCO to restrict or prohibit participation in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain investments. In such circumstances, PIMCO or the individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio managers may determine to purchase other securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments as substitutes. Such substitute securities or instruments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not perform as intended, which could result in losses to the Fund. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent the Fund employs strategies targeting perceived pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inefficiencies, arbitrage strategies or similar strategies, it is subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the pricing or valuation of the securities and instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in such strategies may change unexpectedly, which may result </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in reduced returns or losses to the Fund. The Fund is also subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that deficiencies in the internal systems or controls of PIMCO or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">another service provider will cause losses for the Fund or hinder Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations. For example, trading delays or errors (both human and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systemic) could prevent the Fund from purchasing a security expected to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appreciate in value. Please refer to &#8220;Portfolio Managers &#8211; Conflicts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest&#8221; in the SAI for further information. Additionally, actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived conflicts of interest, legislative, regulatory, or tax restrictions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">policies or developments may affect the investment techniques available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to PIMCO and each individual portfolio manager in connection with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managing the Fund and may also adversely affect the ability of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to achieve its investment objectives. There also can be no assurance that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of the personnel of PIMCO will continue to be associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO for any length of time. The loss of services of one or more key </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employees of PIMCO could have an adverse impact on the Fund&#8217;s ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to realize its investment objectives.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund may rely on various third-party sources to calculate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its NAV. As a result, the Fund is subject to certain operational risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with reliance on service providers and service providers&#8217; data </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sources. In particular, errors or systems failures and other technological </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issues may adversely impact the Fund&#8217;s calculations of its NAV, and such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">NAV calculation issues may result in inaccurately calculated NAVs, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays in NAV calculation and/or the inability to calculate NAV over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extended periods. The Fund may be unable to recover any losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with such failures.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Issuer Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of a security may decline for a number of reasons that directly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relate to the issuer, such as management performance, major litigation, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investigations or other controversies, changes in the issuer&#8217;s financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condition or credit rating, changes in government regulations affecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer or its competitive environment and strategic initiatives such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as mergers, acquisitions or dispositions and the market response to any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such initiatives, financial leverage, reputation or reduced demand for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s goods or services, as well as the historical and prospective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earnings of the issuer and the value of its assets. A change in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition of a single issuer may affect one or more other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers or securities markets as a whole. These risks can apply to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares issued by the Fund and to the issuers of securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments in which the Fund invests.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest rate risk is the risk that fixed income securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in the Fund&#8217;s portfolio will fluctuate in value because of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in interest rates. For example, as nominal interest rates rise, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of certain fixed income securities held by the Fund is likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decrease. A nominal interest rate can be described as the sum of a real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate and an expected inflation rate. Interest rate changes can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sudden and unpredictable, and the Fund may lose money as a result of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">movements in interest rates. The Fund may not be able to effectively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedge against changes in interest rates or may choose not to do so for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cost or other reasons.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A wide variety of factors can cause interest rates or yields of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury securities (or yields of other types of bonds) to rise, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including but not limited to central bank monetary policies, changing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation or real growth rates, general economic conditions, increasing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond issuances or reduced market demand for low yielding investments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks associated with rising interest rates may be heightened under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recent market conditions, including because the U.S. Federal Reserve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(the &#8220;Federal Reserve&#8221;) has, in the recent past, raised interest rates from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">historically low levels. In addition, changes in monetary policy may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exacerbate the risks associated with changing interest rates. Further, in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market environments where interest rates are higher or rising, issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less willing or able to make principal and interest payments on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fixed income investments when due. Actions by governments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">central banking authorities can result in increases or decreases in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Periods of higher inflation could cause such authorities to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">raise interest rates, which may adversely affect the Fund and its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, fixed income securities with longer durations tend to be more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to changes in interest rates, usually making them more volatile. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Duration is a measure used to determine the sensitivity of a security&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price to changes in interest rates that incorporates a security&#8217;s yield, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coupon, final maturity and call features, among other characteristics. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Duration is useful primarily as a measure of the sensitivity of a fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income security&#8217;s market price to interest rate (i.e., yield) movements. All </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other things remaining equal, for each one percentage point increase in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, the value of a portfolio of fixed income investments would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally be expected to decline by one percent for every year of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio&#8217;s average duration above zero. For example, the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio of fixed income securities with an average duration of eight </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">years would generally be expected to decline by approximately 8% if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rose by one percentage point.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend-paying equity securities, particularly those whose market price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is closely related to their yield, may be more sensitive to changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. During periods of rising interest rates, the values of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline and may result in losses to the Fund. Variable and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating rate securities may decline in value if their interest rates do not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise as much, or as quickly, as interest rates in general. Conversely, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating rate securities will not generally increase in value if interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates decline. Inverse floating rate securities may decrease in value if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates increase. Inverse floating rate securities may also exhibit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater price volatility than a fixed rate obligation with similar credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality. When the Fund holds variable or floating rate securities, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decrease (or, in the case of inverse floating rate securities, an increase) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in market interest rates will adversely affect the income received from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities and the NAV of the Fund&#8217;s shares.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of very low or negative interest rates, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unable to maintain positive returns. Very low or negative interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may magnify interest rate risk. Changing interest rates, including rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that fall below zero, may have unpredictable effects on markets, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in heightened market volatility and may detract from Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance to the extent the Fund is exposed to such interest rates.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Measures such as average duration may not accurately reflect the true </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate sensitivity of the Fund. This is especially the case if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consists of securities with widely varying durations. Therefore, if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund has an average duration that suggests a certain level of interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate risk, the Fund may in fact be subject to greater interest rate risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than the average would suggest. This risk is greater to the extent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund uses leverage or derivatives in connection with the management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convexity is an additional measure used to understand a security's or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's interest rate sensitivity. Convexity measures the rate of change of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration in response to changes in interest rates. With respect to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security&#8217;s price, a larger convexity (positive or negative) may imply more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatic price changes in response to changing interest rates. Convexity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be positive or negative. Negative convexity implies that interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate increases result in increased duration and that interest rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decreases result in declining duration (i.e., increased sensitivity in prices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in response to rising and/or declining interest rates). Thus, securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with negative convexity, which may include bonds with traditional call </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">features and certain mortgage-backed securities, may experience </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater losses in periods of rising interest rates. Accordingly, if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holds such securities, the Fund may be subject to a greater risk of losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in periods of rising interest rates.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rising interest rates may result in periods of volatility and a decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s fixed income investments. Also, when interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise, issuers are less likely to refinance existing debt securities, causing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the average life of such securities to extend. Further, while U.S. bond </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets have steadily grown over the past three decades, dealer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;market making&#8221; ability has remained relatively stagnant. As a result, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer inventories of certain types of bonds and similar instruments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which provide a core indication of the ability of financial intermediaries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to &#8220;make markets,&#8221; are at or near historic lows in relation to market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">size. Because market makers provide stability to a market through their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediary services, a significant reduction in dealer inventories could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially lead to decreased liquidity and increased volatility in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fixed income markets. Such issues may be exacerbated during periods of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic uncertainty. All of these factors, collectively and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individually, could cause the Fund to lose value.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund could lose money if the issuer or guarantor of a fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security (including a security purchased with securities lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral), the counterparty to a derivatives contract, or the issuer or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantor of collateral, repurchase agreement or a loan of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities is unable or unwilling, or is perceived (whether by market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants, rating agencies, pricing services or otherwise) as unable or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unwilling, to make timely principal and/or interest payments, or to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise honor its financial obligations. The risk that such issuer, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantor or counterparty is less willing or able to do so is heightened </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in market environments where interest rates are changing, notably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when rates are rising. The downgrade of the credit rating of a security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the issuer of a security held by the Fund may decrease its value. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Measures such as average credit quality may not accurately reflect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">true credit risk of the Fund. This is especially the case if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consists of securities with widely varying credit ratings. This risk is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater to the extent the Fund uses leverage or derivatives. Rising or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high interest rates may deteriorate the credit quality of an issuer or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty, particularly if an issuer or counterparty faces challenges </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolling or refinancing its obligations. The Fund's investments may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected if any of the issuers it is invested in are subject to an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual or perceived (whether by market participants, rating agencies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pricing services or otherwise) deterioration to their credit quality.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit risk includes credit spread risk, which is the risk that credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads (i.e., the difference in yield between securities that is due to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differences in their actual or perceived credit quality) may increase when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market believes that investments generally have a greater risk of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default. Increasing credit spreads may reduce the market values of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's investments. Credit spreads often increase more for lower rated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and unrated securities than for investment grade securities. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when credit spreads increase, reductions in market value will generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be greater for longer-maturity securities. Further, credit spread duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(a measure of credit spread risk) can vary significantly from interest rate </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration (e.g., for floating rate debt securities, credit spread duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically will be higher than interest rate duration). The Fund may add </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit spread duration to its portfolio, for example through the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives (e.g., credit default swaps), even while it has lower interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate duration. The credit spread duration of the Fund&#8217;s portfolio may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vary, in some cases significantly, from its interest rate duration. All </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">descriptions of duration in this prospectus refer to interest rate duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unless otherwise noted.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related and Other Asset-Backed Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The mortgage-related assets in which the Fund may invest include, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not limited to, any security, instrument or other asset that is related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to U.S. or non-U.S. mortgages, including those issued by private </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originators or issuers, or issued or guaranteed as to principal or interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the U.S. government or its agencies or instrumentalities or by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. governments or authorities, such as, without limitation, assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing interests in, collateralized or backed by, or whose values </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are determined in whole or in part by reference to any number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages or pools of mortgages or the payment experience of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages or pools of mortgages, including REMICs, which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include Re-REMICs, mortgage pass-through securities, inverse floaters, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CMOs, CLOs, multi-class pass-through securities, private mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pass-through securities, stripped mortgage securities (generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest-only and principal-only securities), mortgage-related asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">backed securities and mortgage-related loans (including through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations, assignments, originations and whole loans), including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial and residential mortgage loans. Exposures to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related assets through derivatives or other financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments will be considered investments in mortgage-related assets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also invest in other types of ABS, including CDOs, CBOs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and CLOs and other similarly structured securities. See &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Objectives and Policies&#8212;Portfolio Contents&#8212;Mortgage-Related and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other Asset-Backed Instruments&#8221; in this prospectus and &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Objectives and Policies&#8212;Mortgage-Related and Other Asset-Backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Instruments&#8221; in the Statement of Additional Information for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">description of the various mortgage-related and other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in which the Fund may invest and their related risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related and other asset-backed instruments represent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests in &#8220;pools&#8221; of mortgages or other assets such as consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans or receivables held in trust and often involve risks that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different from or possibly more acute than risks associated with other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of debt instruments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Generally, rising interest rates tend to extend the duration of fixed rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related assets, making them more sensitive to changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Compared to other fixed income investments with similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity and credit, mortgage-related securities may increase in value to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a lesser extent when interest rates decline and may decline in value to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar or greater extent when interest rates rise. As a result, in a period </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of rising interest rates, the Fund may exhibit additional volatility since </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individual mortgage holders are less likely to exercise prepayment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">options, thereby putting additional downward pressure on the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these securities and potentially causing the Fund to lose money. This is </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">known as extension risk. Mortgage-backed securities can be highly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to rising interest rates, such that even small movements can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause the Fund to lose value. Mortgage-backed securities, and in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular those not backed by a government guarantee, are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk. When interest rates decline, borrowers may pay off their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages sooner than expected. This can reduce the returns of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund because the Fund may have to reinvest that money at the lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prevailing interest rates.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the creditworthiness, servicing practices, and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">viability of the servicers of the underlying mortgage pools present </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant risks. For instance, a servicer may be required to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advances in respect of delinquent loans underlying the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities; however, servicers experiencing financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulties may not be able to perform these obligations. Additionally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both mortgage-related securities and asset-backed securities are subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to risks associated with fraud or negligence by, or defalcation of, their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicers. These securities are also subject to the risks of the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans. In some circumstances, a servicer&#8217;s or originator&#8217;s mishandling of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">documentation related to the underlying collateral (e.g., failure to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properly document a security interest in the underlying collateral) may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the rights of security holders in and to the underlying collateral. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the underlying loans may have been extended pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inappropriate underwriting guidelines, to no underwriting guidelines at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all, or to fraudulent origination practices. The owner of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed security&#8217;s ability to recover against the sponsor, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicer or originator is uncertain and is often limited.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in other asset-backed instruments are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks similar to those associated with mortgage-related assets, as well </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as additional risks associated with the nature of the assets and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicing of those assets. Payment of principal and interest on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed instruments may be largely dependent upon the cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">flows generated by the assets backing the instruments, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed instruments may not have the benefit of any security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest in the related assets.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subordinate mortgage-backed or asset-backed instruments are paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest only to the extent that there are funds available to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments. To the extent the collateral pool includes a large percentage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of delinquent loans, there is a risk that interest payments on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinate mortgage-backed or asset-backed instruments will not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fully paid.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There are multiple tranches of mortgage-backed and asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, offering investors various maturity and credit risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics. For example, tranches may be categorized as senior, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mezzanine, and subordinated/equity or &#8220;first loss.&#8221; The most senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranche of a mortgage-backed or asset-backed instrument generally has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the greatest collateralization and generally pays the lowest interest rate. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If there are defaults or the collateral otherwise underperforms, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled payments to senior tranches generally take precedence over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those of mezzanine tranches, and scheduled payments to mezzanine </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches take precedence over those to subordinated/equity tranches. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lower tranches represent lower degrees of credit quality and pay higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates intended to compensate for the attendant risks. The return </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the lower tranches is especially sensitive to the rate of defaults in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral pool. The lowest tranche (i.e., the &#8220;equity&#8221; or &#8220;residual&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranche) generally specifically receives the residual interest payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i.e., money that is left over after the higher tranches have been paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses of the issuing entities have been paid) rather than a fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate. The Fund may also invest in the residual or equity tranches </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of mortgage-related and other asset-backed instruments, which may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as subordinate mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments and interest-only mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments. The Fund expects that investments in subordinate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed and other asset-backed instruments will be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks arising from delinquencies and foreclosures, thereby exposing its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment portfolio to potential losses. Subordinate securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed and other asset-backed instruments are also subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to greater credit risk than those mortgage-backed or other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are more highly rated.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The mortgage markets in the United States and in various foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries have experienced extreme difficulties in the past that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected the performance and market value of certain of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s mortgage-related investments. Delinquencies and losses on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residential and commercial mortgage loans (especially subprime and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">second-lien mortgage loans) may increase, and a decline in or flattening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of housing and other real property values may exacerbate such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delinquencies and losses. In addition, reduced investor demand for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loans and mortgage-related securities and increased investor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield requirements have caused limited liquidity in the secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for mortgage-related securities, which can adversely affect the market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of mortgage-related securities. It is possible that such limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity in such secondary markets could continue or worsen.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">With respect to risk retention tranches (i.e., eligible residual interests </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">initially held by the sponsors of CMBS and other eligible securitizations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursuant to the U.S. Risk Retention Rules), a third-party purchaser, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as the Fund, must hold its retained interest, unhedged, for at least five </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">years following the closing of the CMBS transaction, after which it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to transfer its interest in the securitization to another person </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that meets the requirements for a third-party purchaser. Even after the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required holding period has expired, due to the generally illiquid nature </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of such investments, no assurance can be given as to what, if any, exit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies will ultimately be available for any given position.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, there is limited guidance on the application of the final </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Risk Retention Rules to specific securitization structures. There can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance that the applicable federal agencies charged with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the final U.S. Risk Retention Rules (e.g., the FDIC, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Comptroller of the Currency, the Federal Reserve Board, the SEC, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Department of Housing and Urban Development, and the Federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Housing Finance Agency) could not take positions in the future that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differ from the interpretation of such rules taken or embodied in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securitizations, or that the final U.S. Risk Retention Rules will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, in situations where the Fund invests in risk retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches of securitizations structured by third parties, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to execute one or more letters or other agreements, the exact </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form and nature of which will vary (each, a &#8220;Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221;) under which it will make certain undertakings designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ensure such securitization complies with the U.S. Risk Retention Rules. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such Risk Retention Agreements may include a variety of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representations, warranties, covenants and other indemnities, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may run to various transaction parties. If the Fund breaches any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undertakings in any Risk Retention Agreement, it will be exposed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims by the other parties thereto, including for any losses incurred as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of such breach, which could be significant and exceed the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related Derivative Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in derivative transactions related to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities, including purchasing and selling </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange-listed and OTC put and call options, futures and forwards on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages and mortgage-backed securities. The Fund may also invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities credit default swaps, which include swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the reference obligation for which is a mortgage-backed security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related index, such as the CMBX Index (a tradeable index referencing a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">basket of commercial mortgage-backed securities) or the ABX (a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tradeable index referencing a basket of sub-prime mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities). The Fund may invest in newly developed mortgage related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives that may hereafter become available.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivative mortgage-backed securities (such as principal-only (&#8220;POs&#8221;), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest-only (&#8220;IOs&#8221;) or inverse floating rate securities) are particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposed to call and extension risks. Small changes in mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prepayments can significantly impact the cash flows and the market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of these derivative instruments. In general, the risk of faster than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated prepayments adversely affects IOs, super floaters and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">premium priced mortgage-backed securities. The risk of slower than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated prepayments generally affects POs, floating-rate securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to interest rate caps, support tranches and discount priced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities. In addition, particular derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may be leveraged such that their exposure (i.e., price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitivity) to interest rate and/or prepayment risk is magnified. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related derivative instruments involve risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed instruments, privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, the mortgage market, the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry, derivatives and credit default swaps. See &#8220;Mortgage-Related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Default Swaps Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related derivative instruments involve risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed instruments, privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, the mortgage market, the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry, derivatives and credit default swaps. See &#8220;Mortgage-Related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Default Swaps Risk.&#8221;</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Privately-Issued Mortgage-Related Securities Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There are no direct or indirect government or agency guarantees of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments in pools created by non-governmental issuers. Privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities are also not subject to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underwriting requirements for the underlying mortgages that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to those mortgage-related securities that have a government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or government sponsored entity guarantee.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Privately-issued mortgage-related securities are not traded on an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange and there may be a limited market for the securities, especially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when there is a perceived weakness in the mortgage and real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market sectors. Without an active trading market, mortgage-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held in the Fund&#8217;s portfolio may be particularly difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value because of the complexities involved in assessing the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying mortgage loans.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High Yield Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests in high yield securities and unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of similar credit quality (commonly known as &#8220;high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of credit risk, call risk and liquidity risk than funds that do not invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities, which could have a negative effect on the NAV and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of the Fund&#8217;s Common Shares or Common Share </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends. These securities are considered predominantly speculative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to an issuer&#8217;s continuing ability to make principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest payments, and may be more volatile than other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. An economic downturn or individual corporate developments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the market for these securities and reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to sell these securities at an advantageous time or price. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could also generally lead to a higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment rate and, a high yield security may lose significant market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value before a default occurs. The Fund may purchase distressed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that are in default or the issuers of which are in bankruptcy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which involve heightened risks.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">High yield securities structured as zero-coupon bonds or pay-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities tend to be especially volatile as they are particularly sensitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to downward pricing pressures from rising interest rates or widening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads and may require the Fund to make taxable distributions of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imputed income without receiving the actual cash currency. Issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high yield securities may have the right to &#8220;call&#8221; or redeem the issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to maturity, which may result in the Fund having to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other high yield securities or similar instruments that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay lower interest rates. The Fund may also be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of liquidity risk than funds that do not invest in high yield securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, transactions in high yield securities may involve greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs than transactions in more actively traded securities. A lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly-available information, irregular trading activity and wide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bid/ask spreads among other factors, may, in certain circumstances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make high yield debt more difficult to sell at an advantageous time or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price than other types of securities or instruments. These factors may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in the Fund being unable to realize full value for these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or may result in the Fund not receiving the proceeds from a sale of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a high yield security for an extended period after such sale, each of </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could result in losses to the Fund. Because of such risks involved </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in investing in high yield securities, an investment in the Fund should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered speculative.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general, lower rated debt securities carry a greater degree of risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer will lose its ability to make interest and principal payments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could have a negative effect on the Fund. Securities of below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade quality are regarded as having predominantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics with respect to capacity to pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay principal and are commonly referred to as &#8220;high yield&#8221; securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and their prices are generally more volatile and sensitive to actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived negative developments. Debt securities in the lowest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade category also may be considered to possess some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics by certain rating agencies. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase stressed or distressed securities that are in default or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers of which are in bankruptcy, which involve heightened risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could severely affect the ability of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly those that are highly leveraged) to service or repay their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligations. Lower-rated securities are generally less liquid than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher-rated securities, which may have an adverse effect on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of them. For example, under adverse market or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions, the secondary market for below investment grade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities could contract further, independent of any specific adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the condition of a particular issuer, and certain securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could find it more difficult to sell these securities or may be able to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell these securities only at prices lower than if such securities were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely traded. To the extent the Fund focuses on below investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and associated risks will be particularly important, and there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that PIMCO will be successful in this regard. Due to such risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in investing in high yield securities, an investment in the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should be considered speculative.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchased, and the Fund is not required to dispose of a security in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event that a rating agency or PIMCO downgrades its assessment of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit characteristics of a particular issue. In determining whether to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retain or sell such a security, PIMCO may consider factors including, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, PIMCO's assessment of the credit quality of the issuer of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such security, the price at which such security could be sold and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating, if any, assigned to such security by other rating agencies. Analysis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of creditworthiness may be more complex for issuers of high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities than that for issuers of higher quality debt securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Investment Objectives and Policies-Portfolio Contents-High Yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities&#8221; for additional information.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests in high yield securities and unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of similar credit quality (commonly known as &#8220;high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of credit risk, call risk and liquidity risk than funds that do not invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities, which could have a negative effect on the NAV and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of the Fund&#8217;s Common Shares or Common Share </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends. These securities are considered predominantly speculative </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to an issuer&#8217;s continuing ability to make principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest payments, and may be more volatile than other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. An economic downturn or individual corporate developments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the market for these securities and reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to sell these securities at an advantageous time or price. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could also generally lead to a higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment rate and, a high yield security may lose significant market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value before a default occurs. The Fund may purchase distressed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that are in default or the issuers of which are in bankruptcy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which involve heightened risks.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">High yield securities structured as zero-coupon bonds or pay-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities tend to be especially volatile as they are particularly sensitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to downward pricing pressures from rising interest rates or widening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads and may require the Fund to make taxable distributions of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imputed income without receiving the actual cash currency. Issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high yield securities may have the right to &#8220;call&#8221; or redeem the issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to maturity, which may result in the Fund having to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other high yield securities or similar instruments that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay lower interest rates. The Fund may also be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of liquidity risk than funds that do not invest in high yield securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, transactions in high yield securities may involve greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs than transactions in more actively traded securities. A lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly-available information, irregular trading activity and wide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bid/ask spreads among other factors, may, in certain circumstances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make high yield debt more difficult to sell at an advantageous time or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price than other types of securities or instruments. These factors may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in the Fund being unable to realize full value for these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or may result in the Fund not receiving the proceeds from a sale of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a high yield security for an extended period after such sale, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could result in losses to the Fund. Because of such risks involved </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in investing in high yield securities, an investment in the Fund should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered speculative.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general, lower rated debt securities carry a greater degree of risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer will lose its ability to make interest and principal payments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could have a negative effect on the Fund. Securities of below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade quality are regarded as having predominantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics with respect to capacity to pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay principal and are commonly referred to as &#8220;high yield&#8221; securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and their prices are generally more volatile and sensitive to actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived negative developments. Debt securities in the lowest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade category also may be considered to possess some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics by certain rating agencies. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase stressed or distressed securities that are in default or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers of which are in bankruptcy, which involve heightened risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could severely affect the ability of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly those that are highly leveraged) to service or repay their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligations. Lower-rated securities are generally less liquid than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher-rated securities, which may have an adverse effect on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of them. For example, under adverse market or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions, the secondary market for below investment grade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities could contract further, independent of any specific adverse </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the condition of a particular issuer, and certain securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could find it more difficult to sell these securities or may be able to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell these securities only at prices lower than if such securities were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely traded. To the extent the Fund focuses on below investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and associated risks will be particularly important, and there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that PIMCO will be successful in this regard. Due to such risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in investing in high yield securities, an investment in the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should be considered speculative.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchased, and the Fund is not required to dispose of a security in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event that a rating agency or PIMCO downgrades its assessment of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit characteristics of a particular issue. In determining whether to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retain or sell such a security, PIMCO may consider factors including, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, PIMCO's assessment of the credit quality of the issuer of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such security, the price at which such security could be sold and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating, if any, assigned to such security by other rating agencies. Analysis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of creditworthiness may be more complex for issuers of high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities than that for issuers of higher quality debt securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Investment Objectives and Policies-Portfolio Contents-High Yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities&#8221; for additional information.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distressed and Defaulted Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in the securities of financially distressed issuers involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantial risks, including the risk of default. Distressed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally trade significantly below &#8220;par&#8221; or full value because </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in such securities and debt of distressed issuers or issuers in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default are considered speculative and involve substantial risks in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition to the risks of investing in high-yield bonds. Such investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be in default at the time of investment. In addition, these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may fluctuate more in price, and are typically less liquid. The Fund also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be subject to significant uncertainty as to when, and in what </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner, and for what value obligations evidenced by securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financially distressed issuers will eventually be satisfied. Defaulted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations might be repaid only after lengthy workout or bankruptcy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings, during which the issuer might not make any interest or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other payments. In any such proceeding relating to a defaulted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation, the Fund may lose its entire investment or may be required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to accept cash or securities with a value substantially less than its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">original investment. Moreover, any securities received by the Fund upon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of a workout or bankruptcy proceeding may be less liquid, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative or restricted as to resale. Similarly, if the Fund participates in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations with respect to any exchange offer or plan of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization with respect to the securities of a distressed issuer, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be restricted from disposing of such securities. To the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund becomes involved in such proceedings, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a more active participation in the affairs of the issuer than that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assumed generally by an investor. The Fund may incur additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses to the extent it is required to seek recovery upon a default in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the payment of principal or interest on its portfolio holdings.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Also among the risks inherent in investments in a troubled issuer is that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it frequently may be difficult to obtain information as to the true </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition of such issuer. PIMCO's judgments about the credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality of a financially distressed issuer and the relative value of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may prove to be wrong.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inflation-Indexed Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inflation-indexed debt securities are subject to the effects of actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated changes in market interest rates caused by factors other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than inflation (real interest rates). In general, the value of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed security, including Treasury Inflation-Protected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities (&#8220;TIPS&#8221;), tends to decrease when real interest rates increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and can increase when real interest rates decrease. Thus generally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during periods of rising inflation, the value of inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities will tend to increase and during periods of deflation, their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value will tend to decrease. Interest payments on inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are unpredictable and will fluctuate as the principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest are adjusted for inflation. There can be no assurance that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation index used (</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">i.e.,</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the CPI) will accurately measure the real rate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation in the prices of goods and services. Increases in the principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of TIPS due to inflation are considered taxable ordinary income for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the amount of the increase in the calendar year. Any increase in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal amount of an inflation-indexed debt security will be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable ordinary income, even though the Fund will not receive the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal until maturity. Additionally, a CPI swap can potentially lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value if the realized rate of inflation over the life of the swap is less than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the fixed market implied inflation rate (fixed breakeven rate) that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor agrees to pay at the initiation of the swap. With municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed securities, the inflation adjustment is integrated into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the coupon payment, which is federally tax exempt (and may be state </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax exempt). For municipal inflation-indexed securities, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adjustment to the principal value. Because municipal inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are a small component of the municipal bond market, they </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less liquid than conventional municipal bonds.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Senior Debt Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may be subject to greater levels of credit risk than funds that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">do not invest in below investment grade senior debt. The Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to greater levels of liquidity risk than funds that do not invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in senior debt. Restrictions on transfers in loan agreements, a lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly available information and other factors may, in certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instances, make senior debt more difficult to sell at an advantageous </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time or price than other types of securities or instruments. Additionally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if the issuer of senior debt prepays, the Fund will have to consider </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reinvesting the proceeds in other senior debt or similar instruments that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may pay lower interest rates.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Loans and Other Indebtedness; Loan Acquisitions, </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Participations and Assignments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loan interests may take the form of (i) direct interests acquired during a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">primary distribution or other purchase of a loan or (ii) assignments of, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">novations of or participations in all or a portion of a loan acquired in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary markets. In addition to credit risk and interest rate risk, the </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s exposure to loan interests may be subject to additional risks. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, purchasers of loans and other forms of direct indebtedness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend primarily upon the creditworthiness of the borrower for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of principal and interest. Loans are subject to the risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled interest or principal payments will not be made in a timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner or at all, either of which may adversely affect the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan. If the Fund does not receive scheduled interest or principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on such indebtedness, the Fund&#8217;s share price and yield could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be adversely affected. Loans that are fully secured may offer the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more protection than an unsecured loan in the event of non-payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled interest or principal if the Fund is able to access and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetize the collateral. However, the collateral underlying a loan, if any, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unavailable or insufficient to satisfy a borrower&#8217;s obligation. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund becomes owner, whole or in part, of any collateral after a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is foreclosed, the Fund may incur costs associated with owning and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetizing its ownership of the collateral.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of deteriorating economic conditions, such as recessions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or periods of rising unemployment, or changing interest rates (notably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases), delinquencies and losses generally increase, sometimes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatically, with respect to obligations under such loans. An economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturn or individual corporate developments could adversely affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market for these instruments and reduce a Fund&#8217;s ability to sell </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these instruments at an advantageous time or price. An economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturn could also generally lead to a higher nonpayment rate and, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan may lose significant market value before a default occurs.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in loans through a purchase of a loan or a direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assignment of a financial institution&#8217;s interests with respect to a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may involve additional risks to the Fund. For example, if a loan is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreclosed, the Fund could become owner, in whole or in part, of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral, which could include, among other assets, real estate or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real or personal property, and would bear the costs and liabilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with owning and holding or disposing of the collateral. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment typically succeeds to all the rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations under the loan agreement with the same rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations as the assigning lender. Assignments may, however, be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arranged through private negotiations between potential assignees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential assignors, and the rights and obligations acquired by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment may differ from, and be more limited than, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those held by the assigning lender.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In connection with purchasing loan participations, the Fund generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have no right to enforce compliance by the borrower with the terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the loan agreement relating to the loan, nor any rights of set-off </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the borrower, and the Fund may not directly benefit from any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral supporting the loan in which it has purchased the loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participation. As a result, the Fund will be subject to the credit risk of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both the borrower and the lender that is selling the participation. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of the insolvency of the lender selling a participation, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be treated as a general creditor of the lender and may not benefit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from any set-off between the lender and the borrower. Certain loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations may be structured in a manner designed to prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasers of participations from being subject to the credit risk of the </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lender, but even under such a structure, in the event of the lender&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insolvency, the lender&#8217;s servicing of the participation may be delayed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the assignability of the participation impaired.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may have difficulty disposing of loans and loan participations. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because there is no liquid market for many such investments, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipates that such investments could be sold only to a limited number </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of institutional investors. The lack of a liquid secondary market may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an adverse impact on the value of such investments and the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of particular loans and loan participations when that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would be desirable, including in response to a specific economic event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as a deterioration in the creditworthiness of the borrower. The lack </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a liquid secondary market for loans and loan participations also may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make it more difficult for the Fund to assign a value to these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for purposes of valuing the Fund&#8217;s portfolio. Investments in loans may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include participations in bridge loans, which are loans taken out by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers for a short period (typically less than one year) pending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arrangement of more permanent financing through, for example, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuance of bonds, frequently high yield bonds issued for the purpose of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquisitions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in loans may include acquisitions of, or participation in, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed draw and delayed funding loans and revolving credit facilities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These commitments may have the effect of requiring the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase its investment in a borrower at a time when it might not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise decide to do so (including at a time when the company&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition makes it unlikely that such amounts will be repaid). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Delayed draw and delayed funding loans and revolving credit facilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to restrictions on transfer, and only limited opportunities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may exist to resell such instruments. As a result, a Fund may be unable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to sell such investments at an opportune time or may have to resell </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">them at less than fair market value. Further, the Fund may need to hold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquid assets in order to provide funding for these types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments, meaning the Fund may not be able to invest in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attractive investments, or the Fund may need to liquidate existing assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in order to provide such funding.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in loans used to finance the cost of construction, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquisition, development, and/ or rehabilitation of a property, including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to, development of single-family for-sale homes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multi-family rentals and/or commercial facilities. Such construction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending may expose the Fund to increased risk of non-payment and loss </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because the loan is not backed by a finished project. Such risk may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend on the nature of the construction and the relevant counterparty </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or counterparties, which may include, but not be limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">homebuilders, private developers and/or entities with limited capital. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Repayment of these types of loans may depend on the borrower&#8217;s ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to secure permanent &#8220;take-out&#8221; financing, which requires the successful </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of the project, or operation of the property with an income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stream sufficient to meet operating and loan expenses. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these types of loans are subject to the risk of errors in estimations of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property&#8217;s value at completion of construction and the estimated cost of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">construction, as well as the risk that the projects may not be completed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and have limited liquidity.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Fund invests in loans, including, but not limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank loans, non-syndicated loans, the residual or equity tranches of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed securities, which may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as subordinate mortgage-backed or asset-backed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and interest-only mortgage-backed or asset-backed securities, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, the Fund may be subject to greater levels of credit risk, call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, settlement risk and liquidity risk. These instruments are considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predominantly speculative with respect to an issuer&#8217;s continuing ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to make principal and interest payments and may be more volatile than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other types of securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also be subject to greater levels of liquidity risk than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">funds that do not invest in loans. In addition, the loans in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund invests may not be listed on any exchange and a secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for such loans may be comparatively illiquid relative to markets for other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more liquid fixed income securities. Consequently, transactions in loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may involve greater costs than transactions in more actively traded </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. In connection with certain loan transactions, transaction costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are borne by the Fund may include the expenses of third parties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are retained to assist with reviewing and conducting diligence, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiating, structuring and servicing a loan transaction, and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">providing other services in connection therewith. Furthermore, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may incur such costs in connection with loan transactions that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursued by the Fund but not ultimately consummated (so-called </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;broken deal costs&#8221;).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Restrictions on transfers in loan agreements, a lack of publicly available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information, irregular trading activity and wide bid/ask spreads, among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors, may, in certain circumstances, make loans more difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell at an advantageous time or price than other types of securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments. These factors may result in the Fund being unable to realize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">full value for the loans and/or may result in the Fund not receiving the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds from a sale of a loan for an extended period after such sale, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each of which could result in losses to the Fund. Some loans may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extended trade settlement periods, including settlement periods of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater than seven days, which may result in cash not being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">immediately available to the Fund. If an issuer of a loan prepays or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redeems the loan prior to maturity, the Fund may have to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other loans or similar instruments that may pay lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Because of such risks involved in investing in loans, an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund should be considered speculative.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in subordinated and unsecured loans generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to similar risks as those associated with investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured loans. Subordinated or unsecured loans are lower in priority of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment to secured loans and are subject to the additional risk that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flow of the borrower and property securing the loan or debt, if any, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be insufficient to meet scheduled payments after giving effect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the senior secured obligations of the borrower. This risk is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher for subordinated unsecured loans or debt, which are not backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by a security interest in any specific collateral. Subordinated and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unsecured loans generally have greater price volatility than secured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans and may be less liquid. There is also a possibility that originators </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be able to sell participations in subordinated or unsecured </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans, which would create greater credit risk exposure for the holders of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such loans. Subordinate and unsecured loans share the same risks as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other below investment grade securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There may be less readily available information about most loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the underlying borrowers than is the case for many other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Loans may be issued by companies that are not subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">SEC reporting requirements and therefore may not be required to file </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reports with the SEC or may file reports that are not required to comply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with SEC form requirements. In addition, such companies may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to a less stringent liability disclosure regime than companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to SEC reporting requirements. Loans may not be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;securities,&#8221; and purchasers, such as the Fund, therefore may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to rely on the anti-fraud protections of the federal securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws. Because there is limited public information available regarding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan investments, the Fund is particularly dependent on the analytical </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abilities of the Fund&#8217;s portfolio managers.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economic exposure to loan interests through the use of derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may involve greater risks than if the Fund had invested in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the loan interest directly during a primary distribution, through direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originations or through assignments of, novations of or participations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loan acquired in secondary markets since, in addition to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described above, certain derivative transactions may be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage risk and greater illiquidity risk, counterparty risk, valuation risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other risks.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8220;Covenant-lite&#8221; Obligations Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Covenant-lite obligations contain fewer maintenance covenants than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other obligations, or no maintenance covenants, and may not include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms that allow the lender to monitor the performance of the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and declare a default if certain criteria are breached. Covenant-lite </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans carry a risk that the borrower could transfer or encumber its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, which could reduce the amount of assets that can be used to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfy debts and result in losses for debtholders. Covenant-lite loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may carry more risk than traditional loans as they allow individuals and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporations to engage in activities that would otherwise be difficult or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impossible under a covenant-heavy loan agreement. In the event of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default, covenant-lite loans may exhibit diminished recovery values as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the lender may not have the opportunity to negotiate with the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to default.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Subprime Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loans, and debt instruments collateralized by loans&#160;(including Alt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lending ABS), acquired by the Fund may be subprime in quality, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become subprime in quality. Although there is no specific legal or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market definition of &#8220;subprime,&#8221; subprime loans are generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">understood to refer to loans made to borrowers that display poor credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">histories and other characteristics that correlate with a higher default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Accordingly, subprime loans, and debt instruments secured by such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans&#160;including Alt Lending ABS), have speculative characteristics and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to heightened risks, including the risk of nonpayment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest or repayment of principal, and the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in high yield securities. In addition, these instruments could </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to increased regulatory scrutiny. The Fund is not restricted by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any particular borrower credit risk criteria and/or qualifications when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquiring loans or debt instruments collateralized by loans.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Privacy and Data Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The GLBA and other laws limit the disclosure of certain non-public </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">personal information about a consumer to non- affiliated third parties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and require financial institutions to disclose certain privacy policies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">practices with respect to information sharing with both affiliates and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-affiliated third parties. Many states and a number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. jurisdictions have enacted privacy and data security laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requiring safeguards on the privacy and security of consumers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">personally identifiable information. Other laws deal with obligations to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">safeguard and dispose of private information in a manner designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Commission and SEC implement GLBA and other requirements and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">govern the disclosure of consumer financial information by certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial institutions, ranging from banks to private investment funds. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. platforms following certain models generally are required to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">privacy policies that conform to these GLBA and other requirements. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, such platforms typically have policies and procedures intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to maintain platform participants&#8217; personal information securely and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dispose of it properly.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund generally does not intend to obtain or hold borrowers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-public personal information, and the Fund has implemented </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">procedures reasonably designed to prevent the disclosure of borrowers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-public personal information to the Fund. However, service providers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the Fund, including their custodians and the platforms acting as loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicers for the Fund, may obtain, hold or process such information. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund cannot guarantee the security of non-public personal information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the possession of such a service provider and cannot guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service providers have been and will continue to comply with the GLBA, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other data security and privacy laws and any other related regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements. Violations of GLBA and other laws could subject the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to litigation and/or fines, penalties or other regulatory action, which, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individually or in the aggregate, could have an adverse effect on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. The Fund may also face regulations related to privacy and data </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security in the other jurisdictions in which the Fund invests.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Platform Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Alt Lending ABS in which the Fund may invest are typically not listed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on any securities exchange and not registered under the Securities Act. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund anticipates that these instruments may only be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold to a limited number of investors and may have a limited or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-existent secondary market. Accordingly, the Fund currently expects </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that certain of the investments it may make in Alt Lending ABS will face </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened levels of liquidity risk. Although currently there is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no reliable, active secondary market for certain Alt Lending ABS, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market for these Alt Lending ABS may develop. If the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases Alt Lending ABS on an alternative lending platform, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have the right to receive principal and interest payments due on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans underlying the Alt Lending ABS only if the platform servicing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans receives the borrower&#8217;s payments on such loans and passes such </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments through to the Fund. If a borrower is unable or fails to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on a loan for any reason, the Fund may be greatly limited in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its ability to recover any outstanding principal or interest due, as (among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other reasons) the Fund may not have direct recourse against the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower or may otherwise be limited in its ability to directly enforce its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights under the loan, whether through the borrower or the platform </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through which such loan was originated, the loan may be unsecured or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under-collateralized and/or it may be impracticable to commence a legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeding against the defaulting borrower.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may have limited knowledge about the underlying loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is dependent upon the platform for information regarding underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans. Although PIMCO may conduct diligence on the platforms, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund generally does not have the ability to independently verify the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information provided by the platforms, other than payment information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regarding loans underlying the Alt Lending ABS owned by the Fund, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund observes directly as payments are received. With respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to Alt Lending ABS that the Fund purchases in the secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i.e., not directly from an alternative lending platform), the Fund may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform the same level of diligence on such platform or at all. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not review the particular characteristics of the loans collateralizing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an Alt Lending ABS, but rather negotiate in advance with platforms the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">general criteria of the underlying loans. As a result, the Fund is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent on the platforms&#8217; ability to collect, verify and provide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information to the Fund about each loan and borrower.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund relies on the borrower&#8217;s credit information, which is provided </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the platforms. However, such information may be out of date, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incomplete or inaccurate and may, therefore, not accurately reflect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower&#8217;s actual creditworthiness. Platforms may not have an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation to update borrower information, and, therefore, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be aware of any impairment in a borrower&#8217;s creditworthiness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subsequent to the making of a particular loan. The platforms&#8217; credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decisions and scoring models may be based on algorithms that could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially contain programming or other errors or prove to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ineffective or otherwise flawed. This could adversely affect loan pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">data and approval processes and could cause loans to be mispriced or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">misclassified, which could ultimately have a negative impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s performance.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the underlying loans, in some cases, may be affected by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">success of the platforms through which they are facilitated. Therefore, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions in the businesses of such platforms may also negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the value of the Fund&#8217;s investments. In addition, disruption in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business of a platform could limit or eliminate the ability of the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in loans originated by that platform, and therefore the Fund could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lose some or all of the benefit of its diligence effort with respect to that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms are for-profit businesses that, as a general matter, generate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">revenue by collecting fees on funded loans from borrowers and by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessing a loan servicing fee on investors, which may be a fixed annual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount or a percentage of the loan or amounts collected. This business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be disrupted in multiple ways; for example, a platform could file </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for bankruptcy or a platform might suffer reputational harm from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative publicity about the platform or alternative lending more </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally and the loss of investor confidence in the event that a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facilitated through the platform is not repaid and the investor loses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">money on its investment. Many platforms and/or their affiliates have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurred operating losses since their inception and may continue to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur net losses in the future, particularly as their businesses grow and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">they incur additional operating expenses Platforms may also be forced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defend legal action taken by regulators or governmental bodies. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Alternative lending is a newer industry operating in an evolving legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environment. Platforms may be subject to risk of litigation alleging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">violations of law and/or regulations, including, for example, consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection laws, whether in the United States or in foreign jurisdictions. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms may be unsuccessful in defending against such lawsuits or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other actions and, in addition to the costs incurred in fighting any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actions, platforms may be required to pay money in connection with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">judgments, settlements or fines or may be forced to modify the terms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its borrower loans, which could cause the platform to realize a loss or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive a lower return on a loan than originally anticipated. Platforms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be parties to litigation or other legal action in an attempt to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protect or enforce their rights or those of affiliates, including intellectual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property rights, and may incur similar costs in connection with any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">efforts.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in Alt Lending ABS may expose the Fund to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk of the issuer. Generally, such instruments are unsecured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of the issuer; an issuer that becomes subject to bankruptcy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings may be unable to make full and timely payments on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations to the Fund, even if the payments on the underlying loan or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans continue to be made timely and in full. In addition, when the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">owns Alt Lending ABS, the Fund and its custodian generally does not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a contractual relationship with, or personally identifiable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information regarding, individual borrowers, so the Fund will not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">able to enforce underlying loans directly against borrowers and may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be able to appoint an alternative servicing agent in the event that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform or third-party servicer, as applicable, ceases to service the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying loans. Therefore, the Fund is more dependent on the platform </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for servicing than if the Fund had owned whole loans through the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform. Where such interests are secured, the Fund relies on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform to perfect the Fund&#8217;s security interest. In addition, there may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a delay between the time the Fund commits to purchase an instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued by a platform, its affiliate or a special purpose entity sponsored </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the platform or its affiliate and the issuance of such instrument and, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during such delay, the funds committed to such an investment will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earn interest on the investment nor will they be available for investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in other alternative lending-related instruments, which will reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">effective rate of return on the investment. The Fund&#8217;s investments in Alt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lending ABS may be illiquid.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Risk Retention Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in risk retention tranches of commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities (&#8220;CMBS&#8221;) or other eligible securitizations, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any (&#8220;risk retention tranches&#8221;), which are eligible residual interests </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically held by the sponsors of such securitizations pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the&#160;final rules implementing the credit risk retention requirements of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 941 of the Dodd-Frank Act (the &#8220;U.S. Risk Retention Rules&#8221;). In </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the case of CMBS transactions, for example, the U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules permit all or a portion of the retained credit risk associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain securitizations (i.e., retained risk) to be held by an unaffiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;third party purchaser,&#8221; such as the Fund, if, among other requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the third-party purchaser holds its retained interest, unhedged, for at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">least five years following the closing of the CMBS transaction, after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which it is entitled to transfer its interest in the securitization to another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">person that meets the requirements for a third-party purchaser. Even </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">after the required holding period has expired, due to the generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid nature of such investments, no assurance can be given as to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">what, if any, exit strategies will ultimately be available for any given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, there is limited guidance on the application of the final </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Risk Retention Rules to specific securitization structures. There can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance that the applicable federal agencies charged with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the final U.S. Risk Retention Rules (the Federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Deposit Insurance Corporation, the Comptroller of the Currency, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Reserve Board, the SEC, the Department of Housing and Urban </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Development, and the Federal Housing Finance Agency) could not take </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions in the future that differ from the interpretation of such rules </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taken or embodied in such securitizations, or that the final U.S. Risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Retention Rules will not change.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, in situations where the Fund invests in risk retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches of securitizations structured by third parties, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to execute one or more letters or other agreements, the exact </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form and nature of which will vary (each, a &#8220;Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221;) under which it will make certain undertakings designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ensure such securitization complies with the final U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules. Such Risk Retention Agreements may include a variety of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representations, warranties, covenants and other indemnities, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may run to various transaction parties. If the Fund breaches any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undertakings in any Risk Retention Agreement, it will be exposed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims by the other parties thereto, including for any losses incurred as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of such breach, which could be significant and exceed the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income from the Fund&#8217;s portfolio will decline if and when the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests the proceeds from matured, traded or called debt obligations at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market interest rates that are below the portfolio&#8217;s current earnings rate. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#160;For instance, during periods of declining interest rates, an issuer of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations may exercise an option to redeem securities prior to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity, forcing the Fund to invest in lower-yielding securities. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also may choose to sell higher yielding portfolio securities and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase lower yielding securities to achieve greater portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">diversification, because the portfolio managers believe the current </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holdings are overvalued or for other investment-related reasons. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in income received by the Fund from its investments is likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a negative effect on dividend levels and the market price, NAV </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or overall return of the Common Shares.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the purpose of achieving income, the Fund may lend its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities to brokers, dealers, and other financial institutions provided a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of conditions are satisfied, including that the loan is fully </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio Securities&#8221; in the Statement of Additional Information for more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">details. When the Fund lends portfolio securities, its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance will continue to reflect changes in the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities loaned, and the Fund will also receive a fee or interest on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral. Securities lending involves the risk of loss of rights in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral or delay in recovery of the collateral if the borrower fails to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return the security loaned or becomes insolvent. The Fund may pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending fees to a party arranging the loan, which may be an affiliate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. Cash collateral received by the Fund in securities lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may be invested in short-term liquid fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments or in money market or short-term mutual funds, or similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles, including affiliated money market or short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mutual funds. The Fund bears the risk of such investments.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Call Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Call risk refers to the possibility that an issuer may exercise its right to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redeem a fixed income security earlier than expected. Issuers may call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding securities prior to their maturity for a number of reasons </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(e.g., declining interest rates, changes in credit spreads and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">improvements in the issuer's credit quality). If an issuer calls a security in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund has invested, the Fund may not recoup the full amount </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its initial investment or may not realize the full anticipated earnings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the investment and may be forced to reinvest in lower-yielding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, securities with greater credit risks or securities with other, less </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">favorable features.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Foreign (Non-U.S.) Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign (non-U.S.) securities may experience more rapid and extreme </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in value than securities of U.S. issuers or securities that trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exclusively in U.S. markets. The securities markets of many foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries are relatively small, with a limited number of companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing a small number of industries. Additionally, issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) securities are usually not subject to the same degree </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of regulation as U.S. issuers. Reporting, legal, accounting, auditing and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custody standards of foreign countries differ, in some cases significantly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from U.S. standards. Global economies and financial markets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becoming increasingly interconnected, and conditions and events in one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country, region or financial market may adversely impact issuers in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different country, region or financial market. Foreign (non-U.S.) market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading hours, clearance and settlement procedures, and holiday </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">schedules may limit the Fund&#8217;s ability to buy and sell securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in foreign (non-U.S.) markets may also be adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by governmental actions such as the imposition of capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">controls, nationalization of companies or industries, expropriation of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets or the imposition of punitive taxes. The governments of certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries may prohibit or impose substantial restrictions on foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(non-U.S.) investing in their capital markets or in certain sectors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industries. In addition, a foreign (non-U.S.) government may limit or </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause delay in the convertibility or repatriation of its currency which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would adversely affect the U.S. dollar value and/or liquidity of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments denominated in that currency. Certain foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may become less liquid in response to market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments or adverse investor perceptions, or become illiquid after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase by the Fund, particularly during periods of market turmoil. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction in trading in securities of issuers located in countries whose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economies are heavily dependent upon trading with key partners may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have an adverse impact on a Fund&#8217;s investments.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Also, nationalization, expropriation or confiscatory taxation, unstable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments, decreased market liquidity, currency blockage, market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, political changes, security suspensions or diplomatic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments or the imposition of sanctions or other similar measures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the Fund&#8217;s investments in a foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country. In the event of nationalization, expropriation or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">confiscation, the Fund could lose its entire investment in foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(non-U.S.) securities. The type and severity of sanctions and other similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measures, including counter sanctions and other retaliatory actions, that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be imposed could vary broadly in scope, and their impact is difficult </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to ascertain. These types of measures may include, but are not limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to, banning a sanctioned country or certain persons or entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with such country from global payment systems that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facilitate cross-border payments, restricting the settlement of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions by certain investors, and freezing the assets of particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries, entities or persons. The imposition of sanctions and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar measures could, among other things, result in a decline in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value and/or liquidity of securities issued by the sanctioned country or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies located in or economically tied to the sanctioned country, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downgrades in the credit ratings of the sanctioned country's securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or those of companies located in or economically tied to the sanctioned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country, currency devaluation or volatility, and increased market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility and disruption in the sanctioned country and throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">world. Sanctions and other similar measures could directly or indirectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limit or prevent a Fund from buying and selling securities (in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctioned country and other markets), significantly delay or prevent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">settlement of securities transactions, and adversely impact a Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity and performance. Adverse conditions in a certain region can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect securities of other countries whose economies appear </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be unrelated. To the extent that the Fund invests a significant portion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its assets in a specific geographic region or in securities denominated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a particular foreign (non-U.S.) currency, the Fund will generally have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more exposure to regional economic risks, including weather </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emergencies and natural disasters, associated with foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. Foreign (non-U.S.) securities may also be less liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly during market closures due to local holidays or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reasons) and more difficult to value than securities of U.S. issuers.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities and instruments that are economically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tied to Russia. Investments in Russia are subject to various risks such as, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to political, economic, legal, market and currency risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The risks include uncertain political and economic policies, short term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market volatility, poor accounting standards, corruption and crime, an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inadequate regulatory system, regional armed conflict and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unpredictable taxation. Investments in Russia are particularly subject to </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that further economic sanctions, export and import controls, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other similar measures may be imposed by the United States and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other countries. Other similar measures may include, but are not limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to, banning or expanding bans on Russia or certain persons or entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with Russia from global payment systems that facilitate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cross-border payments, restricting the settlement of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions by certain investors, and freezing Russian assets or those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular countries, entities or persons with ties to Russia (e.g. Belarus). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such sanctions and other similar measures &#8212; which may impact </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies in many sectors, including energy, financial services, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology, accounting, quantum computing, shipping, aviation, metals </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and mining, defense, architecture, engineering, construction, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manufacturing and transportation, among others &#8212; and Russia&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countermeasures may negatively impact the Fund&#8217;s performance and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to achieve its investment objectives. For example, certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may be prohibited and/or existing investments may become </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid (e.g., in the event that transacting in certain existing investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is prohibited, securities markets close, or market participants cease </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transacting in certain investments in light of geopolitical events, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctions or related considerations), which could render any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund unmarketable for an indefinite period of time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or cause the Fund to sell other portfolio holdings at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantageous time or price or to continue to hold investments that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund no longer seeks to hold. In addition, such sanctions or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar measures, and the Russian government's response, could result </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a downgrade of Russia's credit rating or of securities of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">located in or economically tied to Russia, devaluation of Russia's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency and/or increased volatility with respect to Russian securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the ruble. Moreover, disruptions caused by Russian military action </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other actions (including cyberattacks, espionage or other asymmetric </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measures) or resulting actual or threatened responses to such activity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may impact Russia's economy and Russian and other issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities in which the Fund is invested. Such resulting actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threatened responses may include, but are not limited to, purchasing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and financing restrictions, withdrawal of financial intermediaries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">boycotts or changes in consumer or purchaser preferences, sanctions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">export and import controls, tariffs or cyberattacks on the Russian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government, Russian companies or Russian individuals, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">politicians. Any actions by Russia made in response to such sanctions or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retaliatory measures could further impair the value and liquidity of Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. Sanctions and other similar measures have resulted in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaults on debt obligations by certain corporate issuers and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Russian Federation that could lead to cross-defaults or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cross-accelerations on other obligations of these issuers.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Russian securities market is characterized by limited volume of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading, resulting in difficulty in obtaining accurate prices and trading. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These issues can be magnified as a result of sanctions and other similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measures that may be imposed and the Russian government's response. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Russian securities market, as compared to U.S. markets, has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant price volatility, less liquidity, a smaller market capitalization </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and a smaller number of traded securities. There may be little publicly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available information about issuers. Settlement, clearing and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration of securities transactions are subject to risks. Prior to the </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the National Settlement Depository (&#8220;NSD&#8221;), a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recognized central securities depository, there was no central </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration system for equity share registration in Russia, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration was carried out by either the issuers themselves or by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registrars located throughout Russia. Title to Russian equities held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through the NSD is now based on the records of the NSD and not the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registrars. Although the implementation of the NSD has enhanced the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">efficiency and transparency of the Russian securities market, issues </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resulting in loss can still occur. In addition, sanctions by the European </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Union against the NSD, as well as the potential for sanctions by other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments, could make it more difficult to conduct or confirm </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions involving Russian securities. Ownership of securities issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by Russian companies that are not held through depositories such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NSD may be recorded by companies themselves and by registrars. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such cases, the risk is increased that the Fund could lose ownership </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights through fraud, negligence or oversight. While applicable Russian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulations impose liability on registrars for losses resulting from their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">errors, it may be difficult for the Fund to enforce any rights it may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the registrar or issuer of the securities in the event of loss of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">share registration. In addition, issuers and registrars are still prominent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the validation and approval of documentation requirements for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate action processing in Russia. Because the documentation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements and approval criteria vary between registrars and issuers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there remain unclear and inconsistent market standards in the Russian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market with respect to the completion and submission of corporate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">action elections. In addition, sanctions or Russian countermeasures may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prohibit or limit a Fund&#8217;s ability to participate in corporate actions, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">therefore require the Fund to forego voting on or receiving funds that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would otherwise be beneficial to the Fund. To the extent that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">suffers a loss relating to title or corporate actions relating to its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, it may be difficult for the Fund to enforce its rights or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise remedy the loss. Russian securities laws may not recognize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign nominee accounts held with a custodian bank, and therefore the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodian may be considered the ultimate owner of securities they hold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for their clients. Adverse currency exchange rates are a risk and there </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be a lack of available currency hedging instruments. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Russia may be subject to the risk of nationalization or expropriation of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets. Oil, natural gas, metals, minerals and timber account for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant portion of Russia&#8217;s exports, leaving the country vulnerable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swings in world prices and to sanctions or other actions that may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directed at the Russian economy as a whole or at Russian oil, natural </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gas, metals, minerals or timber industries.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Emerging Markets Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign (non-U.S.) investment risk may be particularly high to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund invests in securities of issuers based in or doing business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in emerging market countries or invests in securities denominated in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies of emerging market countries. Investing in securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers based in or doing business in emerging markets entails all of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks of investing in foreign securities noted above, but to a heightened </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">degree.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in emerging market countries pose a greater degree of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systemic risk (i.e., the risk of a cascading collapse of multiple institutions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">within a country, and even multiple national economies). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inter-relatedness of economic and financial institutions within and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among emerging market economies has deepened over the years, with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effect that institutional failures and/or economic difficulties that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of initially limited scope may spread throughout a country, a region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all or most emerging market countries. This may undermine any attempt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund to reduce risk through geographic diversification of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is a heightened possibility of imposition of withholding or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxes on interest or dividend income or capital gains generated from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market securities. Governments of emerging market countries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may engage in confiscatory taxation or expropriation of income and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets to raise revenues or to pursue a domestic political agenda. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">past, emerging market countries have nationalized assets, companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and even entire sectors, including the assets of foreign investors (like </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund), with inadequate or no compensation to the prior owners. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that the Fund will not suffer a loss of any or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of its investments, or interest or dividends thereon, due to adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fiscal or other policy changes in emerging market countries.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is also a greater risk that an emerging market government may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take action that impedes or prevents the Fund from taking income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or capital gains earned in the local currency and converting into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. dollars (i.e., &#8220;repatriating&#8221; local currency investments or profits). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain emerging market countries have sought to maintain foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange reserves and/or address the economic volatility and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dislocations caused by the large international capital flows by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">controlling or restricting the conversion of the local currency into other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies. This risk tends to become more acute when economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions otherwise worsen. There can be no assurance that if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earns income or capital gains in an emerging market currency or PIMCO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise seeks to withdraw the Fund&#8217;s investments from a given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market country, capital controls imposed by such country will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not prevent, or cause significant expense, or delay in, doing so.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bankruptcy law and creditor reorganization processes may differ </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially from those in the United States, resulting in greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainty as to the rights of creditors, the enforceability of such rights, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization timing and the classification, seniority and treatment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims. In certain emerging market countries, although bankruptcy laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have been enacted, the process for reorganization remains highly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertain. In addition, it may be impossible to seek legal redress against </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer that is a sovereign state.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Emerging market countries typically have less established regulatory, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disclosure, legal, accounting, recordkeeping and financial reporting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systems than those in more developed markets, which may increase the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential for market manipulation or reduce the scope or quality of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial information available to investors. Governments in emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market countries are often less stable and more likely to take extra-legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">action with respect to companies, industries, assets, or foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ownership than those in more developed markets. Moreover, it can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more difficult for investors to bring litigation or enforce judgments </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against issuers in emerging markets or for U.S. regulators to bring </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforcement actions, or obtain information needed to pursue or enforce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such judgments, against such issuers. In addition, foreign companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with securities listed on U.S. exchanges may be delisted if they do not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meet U.S. accounting standards and auditor oversight requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may decrease the liquidity and value of the securities. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be subject to emerging markets risk if it invests in derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other securities or instruments whose value or return are related to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value or returns of emerging markets securities.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other heightened risks associated with emerging markets investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include, without limitation: (i) risks due to less social, political and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic stability; (ii) the smaller size of the market for such securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and a lower volume of trading, resulting in a lack of liquidity and in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price volatility; (iii) certain national policies which may restrict the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities, including sanctions and restrictions on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing in issuers or industries deemed sensitive to relevant national </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests and requirements that government approval be obtained prior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to investment by foreign persons; (iv) certain national policies that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrict the Fund&#8217;s repatriation of investment income, capital or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds of sales of securities, including temporary restrictions on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign capital remittances; (v) the lack of uniform accounting and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">auditing standards and/or standards that may be significantly different </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the standards required in the United States; (vi) less publicly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available financial and other information regarding issuers; (vii) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential difficulties in enforcing contractual obligations; and (viii) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher rates of inflation, higher interest rates and other economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerns. The Fund may invest to a substantial extent in emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market securities that are denominated in local currencies, subjecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to a greater degree of foreign currency risk. Also, investing in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries may entail purchases of securities of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are insolvent, bankrupt or otherwise of questionable ability to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfy their payment obligations as they become due, subjecting the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to a greater amount of credit risk and/or high yield risk. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy of some emerging markets may be particularly exposed to or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by a certain industry or sector, and therefore issuers and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of such emerging markets may be more affected by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance of such industries or sectors.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Currency Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Fund invests directly in foreign (non-U.S.) currencies or in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that trade in, and receive revenues in, foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies, or in derivatives or other instruments that provide exposure </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to foreign (non-U.S.) currencies, it will be subject to the risk that those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies will decline in value relative to the U.S. dollar, or, in the case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of hedging positions, that the U.S. dollar will decline in value relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the currency being hedged. Although the Fund may attempt to hedge its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency exposure into the U.S. dollar, it may not be successful in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reducing the effects of currency fluctuations. The Fund may also hedge </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from one foreign currency to another. In addition, the Fund's use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency hedging may not be successful and the use of such strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may lower the Fund's potential returns.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments denominated in foreign (non-U.S.) currencies or that trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in and receive revenues in, foreign (non-U.S.) currencies, derivatives or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments that provide exposure to foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies, are subject to the risk that those currencies will decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value relative to the U.S. dollar, or, in the case of hedging positions, that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the U.S. dollar will decline in value relative to the currency being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedged.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Currency rates in foreign (non-U.S.) countries may fluctuate significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over short periods of time for a number of reasons, including changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, rates of inflation, balance of payments and governmental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">surpluses or deficits, intervention (or the failure to intervene) by U.S. or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) governments, central banks or supranational entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the International Monetary Fund, or by the imposition of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency controls or other political developments in the United States or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abroad. These fluctuations may have a significant adverse impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s portfolio and/or the level of Fund distributions made </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to Common Shareholders. There is no assurance that a hedging strategy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if used, will be successful. Moreover, currency hedging techniques may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be unavailable with respect to emerging market currencies.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The local emerging market currencies in which the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invested from time to time may experience substantially greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility against the U.S. dollar than the major convertible currencies of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developed countries. Some of the local currencies in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may invest are neither freely convertible into one of the major currencies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nor internationally traded. The local currencies may be convertible into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other currencies only inside the relevant emerging market where the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited availability of such other currencies may tend to inflate their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values relative to the local currency in question. Such internal exchange </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets can therefore be said to be neither liquid nor competitive. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, many of the currencies of emerging market countries in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may invest have experienced steady devaluation relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">freely convertible currencies.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Continuing uncertainty as to the status of the euro and the European </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Monetary Union (&#8220;EMU&#8221;) has created significant volatility in currency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and financial markets generally. Any partial or complete dissolution of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the EMU could have significant adverse effects on currency and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, and on the values of the Fund&#8217;s portfolio investments. If one or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more EMU countries were to stop using the euro as its primary currency, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments in such countries may be redenominated into a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different or newly adopted currency. As a result, the value of those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments could decline significantly and unpredictably. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or other investments that are redenominated may be subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to foreign currency risk, liquidity risk and valuation risk to a greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent than similar investments currently denominated in euros. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent a currency used for redenomination purposes is not specified in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect of certain EMU-related investments, or should the euro cease to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be used entirely, the currency in which such investments are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denominated may be unclear, making such investments particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value or dispose of. The Fund may incur additional expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent it is required to seek judicial or other clarification of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denomination or value of such securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that if the Fund earns income or capital gains </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments from a given country, capital controls imposed by such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country will not prevent, or cause significant expense in, doing so.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">U.S. Government Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain U.S. government securities, such as U.S. Treasury bills, notes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds and mortgage-related securities guaranteed by the GNMA, are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supported by the full faith and credit of the United States; others, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as those of FHLBs or the FHLMC, are supported by the right of the issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to borrow from the U.S. Treasury; others, such as those of the FNMA, are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supported by the discretionary authority of the U.S. government to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase the agency&#8217;s obligations; and still others are supported only by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the credit of the agency, instrumentality or corporation. U.S. government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are subject to market risk, interest rate risk and credit risk. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although legislation has been enacted to support certain government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sponsored entities, including the FHLBs, FHLMC and FNMA, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the obligations of such entities will be satisfied in full, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that such obligations will not decrease in value or default. It is difficult, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if not impossible, to predict the future political, regulatory or economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes that could impact the government sponsored entities and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values of their related securities or obligations. In addition, certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental entities, including FNMA and FHLMC, have been subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to regulatory scrutiny regarding their accounting policies and practices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other concerns that may result in legislation, changes in regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">oversight and/or other consequences that could adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit quality, availability or investment character of securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these entities. Yields available from U.S. government debt securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally lower than the yields available from other debt securities. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values of U.S. government securities change as interest rates fluctuate.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Periodically, uncertainty regarding the status of negotiations in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government to increase the statutory debt ceiling could increase the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the U.S. government may default on payments on certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government securities, cause the credit rating of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government to be downgraded, increase volatility in the stock and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond markets, result in higher interest rates, reduce prices of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury and other securities, and/or increase the costs of various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">kinds of debt. If a government-sponsored entity is negatively impacted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by legislative or regulatory action (or lack thereof), is unable to meet its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, or its creditworthiness declines, the performance of a fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that holds securities of the entity will be adversely impacted.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convertible securities are fixed income securities, preferred securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities that are convertible into or exercisable for common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock of the issuer (or cash or securities of equivalent value) at either a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stated price or a stated rate. Convertible debt securities pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible preferred stocks pay dividends until they mature or are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">converted, exchanged or redeemed. The market values of convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline as interest rates increase and, conversely, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase as interest rates decline. A convertible security&#8217;s market value, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">however, tends to reflect the market price of the common stock of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuing company when that stock price approaches or is greater than </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the convertible security&#8217;s &#8220;conversion price.&#8221; The conversion price is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defined as the predetermined price at which the convertible security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be exchanged for the associated stock. Certain types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities may decline in value or lose their value entirely in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the event the issuer&#8217;s financial condition becomes significantly impaired. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As the market price of the underlying common stock declines, the price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the convertible security tends to be influenced more by the yield of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the convertible security. Thus, it may not decline in price to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent as the underlying common stock. In the event of a liquidation of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuing company, holders of convertible securities may be paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">before the company&#8217;s common stockholders but after holders of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior debt obligations of the company. Consequently, the issuer&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities generally entail less risk than its common stock </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but more risk than its other debt obligations. Convertible securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often rated below investment grade or not rated.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Synthetic Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Synthetic convertible securities involve the combination of separate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that possess the two principal characteristics of a traditional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible security (i.e., an income-producing component and a right to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquire an equity security). Synthetic convertible securities are often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieved, in part, through investments in warrants or options to buy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common stock (or options on a stock index), and therefore are subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the risks associated with derivatives. The value of a synthetic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible security will respond differently to market fluctuations than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a traditional convertible security because a synthetic convertible is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">composed of two or more separate securities or instruments, each with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its own market value. Because the convertible component is typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieved by investing in warrants or options to buy common stock at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain exercise price, or options on a stock index, synthetic convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are subject to the risks associated with derivatives. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, if the value of the underlying common stock or the level of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">index involved in the convertible component falls below the exercise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price of the warrant or option, the warrant or option may lose all value.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Contingent Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos have no stated maturity, have fully discretionary coupons and are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically issued in the form of subordinated debt instruments. CoCos </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally either convert into equity or have their principal written down </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including potentially to zero) upon the occurrence of certain triggering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events linked to regulatory capital thresholds or regulatory actions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relating to the issuer&#8217;s continued viability. As a result, an investment by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund in CoCos is subject to the risk that coupon (i.e., interest) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments or the entire principal may be cancelled by the issuer or a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory authority in order to help the issuer absorb losses and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of total loss. If such an event occurs, an investor may not have any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights to repayment of the principal amount of the securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, an investor may not be able to collect interest payments or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends on such securities. An investment by the Fund in CoCos is also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to the risk that, in the event of the liquidation, dissolution or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">winding-up of an issuer prior to a trigger event, the Fund&#8217;s rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims will generally rank junior to the claims of holders of the issuer&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other debt obligations and CoCos may also be treated as junior to an </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s other obligations and securities. In addition, if CoCos held by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund are converted into the issuer&#8217;s underlying equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">following a trigger event, the Fund&#8217;s holding may be further </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated due to the conversion from a debt to equity instrument. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, the value of an investment in CoCos is unpredictable and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be influenced by many factors and risks, including interest rate risk, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk, market risk and liquidity risk. An investment by the Fund in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos may result in losses to the Fund.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Valuation Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain securities in which the Fund invests may be less liquid and more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value than other types of securities. Investments for which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market quotations are not readily available are valued at fair value as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined in good faith pursuant to Rule 2a-5 under the 1940 Act. Fair </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value pricing may require subjective determinations about the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security or other asset. As a result, there can be no assurance that fair </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value pricing will result in adjustments to the prices of securities or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets or that fair value pricing will reflect actual market value, and it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible that the fair value determined for a security or other asset will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be materially different from quoted or published prices, from the prices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used by others for the same security or other asset and/or from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value that actually could be or is realized upon the sale of that security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other asset.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Real Estate Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests directly or indirectly in real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including investments in equity or debt securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private and public REITs, real estate operating companies (&#8220;REOCs&#8221;), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private or public real estate-related loans and real estate-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments, it will be subject to the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">owning real estate and with the real estate industry generally. These </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments carry increased risks, which include, but are not limited to: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the burdens of ownership of real property; general and local economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions (such as an oversupply of space or a reduction in demand for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">space); the supply and demand for properties (including competition </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">based on rental rates); energy and supply shortages; fluctuations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average occupancy and room rates; the attractiveness, type and location </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the properties and changes in the relative popularity of commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties as an investment; the financial condition and resources of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenants, buyers and sellers of properties; increased mortgage defaults; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the quality of maintenance, insurance and management services; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the availability of debt financing which may render the sale </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or refinancing of properties difficult or impracticable; changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">building, environmental and other laws and/or regulations (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those governing usage and improvements), fiscal policies and zoning </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws; changes in real property tax rates; changes in interest rates and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the availability of mortgage funds which may render the sale or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">refinancing of properties difficult or impracticable; changes in operating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs and expenses; energy and supply shortages; uninsured losses or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays from casualties or condemnation; negative developments in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy that depress travel or leasing activity; environmental liabilities; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contingent liabilities on disposition of assets; uninsured or uninsurable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">casualties; acts of God, including earthquakes, hurricanes and other </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">natural disasters; social unrest and civil disturbances, epidemics, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pandemics or other public crises; terrorist attacks and war; risks and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating problems arising out of the presence of certain construction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">materials, structural or property level latent defects, work stoppages, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shortages of labor, strikes, union relations and contracts, fluctuating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices and supply of labor and/or other labor-related factors; and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors which are beyond the control of PIMCO and its affiliates. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the Fund&#8217;s investments will be subject to various risks which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could cause fluctuations in occupancy, rental rates, operating income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses or which could render the sale or financing of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties difficult or unattractive. For example, following the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination or expiration of a tenant&#8217;s lease, there may be a period of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time before receiving rental payments under a replacement lease. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During that period, the Fund would continue to bear fixed expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as interest, real estate taxes, maintenance and other operating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses. In addition, declining economic conditions may impair the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to attract replacement tenants and achieve rental rates equal to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or greater than the rents paid under previous leases. Increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">competition for tenants may require capital improvements to properties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which would not have otherwise been planned.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ultimately, to the extent it is not possible to renew leases or re-let space </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as leases expire, decreased cash flow from tenants will result, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely impact the Fund&#8217;s operating results.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Real estate values have historically been cyclical. As the general </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy grows, demand for real estate increases and occupancies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rents may increase. As occupancies and rents increase, property values </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase, and new development occurs. As development may occur, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occupancies, rents and property values may decline. Because leases are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">usually entered into for long periods and development activities often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require extended times to complete, the real estate value cycle often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lags the general business cycle. Because of this cycle, real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may incur large swings in their profits and the prices of their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Developments following the onset of COVID-19 have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impacted certain commercial real estate markets, causing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deferral of mortgage payments, renegotiated commercial mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans, commercial real estate vacancies or outright mortgage defaults, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and potential acceleration of macro trends such as work-from-home </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and online shopping which may negatively impact certain industries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as brick-and-mortar retail.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The total returns available from investments in real estate generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend on the amount of income and capital appreciation generated by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the related properties. The performance of real estate, and thereby the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, will be reduced by any related expenses, such as expenses paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly at the property level and other expenses that are capitalized or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise embedded into the cost basis of the real estate.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Separately, certain service providers to the Fund and/or its Subsidiaries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as applicable, with respect to its real estate or real estate-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may be owned by, employed by, or otherwise related to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO, Allianz SE, their affiliates and/or their respective employees, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consultants and other personnel. PIMCO may, in its sole discretion, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine to provide, or engage or recommend an affiliate of PIMCO to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide, certain services to the Fund, instead of engaging or </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommending one or more third parties to provide such services. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the governance requirements of a particular fund and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable law, PIMCO or its affiliates, as applicable, will receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compensation in connection with the provision of such services. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, PIMCO faces a conflict of interest when selecting or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommending service providers for the Fund. Fees paid to an affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service provider will be determined in PIMCO's commercially reasonable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discretion. Although PIMCO has adopted various policies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">procedures intended to mitigate or otherwise manage conflicts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest with respect to affiliated service providers, there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantee that such policies and procedures (which may be modified or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terminated at any time in PIMCO's sole discretion) will be successful.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Leverage Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s use of leverage (as described under &#8220;Use of Leverage&#8221; in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">body of this prospectus) creates the opportunity for increased Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Share net income, but also creates special risks for Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders (including an increased risk of loss). To the extent used, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there is no assurance that the Fund&#8217;s leveraging strategies will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successful. Leverage is a speculative technique that may expose the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to greater risk and increased costs. The Fund&#8217;s assets attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to leverage, if any, will be invested in accordance with the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and policies. Interest expense payable by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to derivatives and other forms of leverage, and dividends </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payable with respect to any preferred shares outstanding, if any, will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally be based on shorter-term interest rates that would be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periodically reset. So long as the Fund&#8217;s portfolio investments provide a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher rate of return (net of applicable Fund expenses) than the interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses and other costs to the Fund of such leverage, the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the proceeds thereof will generate more income than will be needed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to pay the costs of the leverage. If so, and all other things being equal, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the excess may be used to pay higher dividends to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders than if the Fund were not so leveraged. There can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance these circumstances will occur. If, however, shorter-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rise relative to the rate of return on the Fund&#8217;s portfolio, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the interest and other costs to the Fund of leverage could exceed the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate of return on the debt obligations and other investments held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, thereby reducing return to Common Shareholders. Leveraging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions pursued by the Fund may increase its duration and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitivity to interest rate movements. In addition, fees and expenses of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any form of leverage used by the Fund will be borne entirely by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders (and not by preferred shareholders, if any) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will reduce the investment return of the Common Shares. Therefore, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there can be no assurance that the Fund&#8217;s use of leverage will result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher yield on the Common Shares, and it may result in losses. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, any preferred shares issued by the Fund are expected to pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cumulative dividends, which may tend to increase leverage risk. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage creates several major types of risks for Common Shareholders, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including:</div></div></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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of NAV and market price of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, and of the investment return to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders, than a comparable portfolio without leverage;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the possibility either that Common Share dividends will fall if the </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:12.0pt;margin-left:22pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest and other costs of leverage rise, or that dividends paid on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares will fluctuate because such costs vary over time; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and</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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effects of leverage in a declining market or a rising interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate environment, as leverage is likely to cause a greater decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NAV of the Common Shares than if the Fund were not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any preferred shareholders of the Fund will have priority of payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over the Fund&#8217;s Common Shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reverse repurchase agreements involve the risks that the interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income earned on the investment of the proceeds will be less than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest expense and Fund expenses associated with the repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement, that the market value of the securities sold by the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline below the price at which the Fund is obligated to repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities and that the securities may not be returned to the Fund. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is no assurance that reverse repurchase agreements can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successfully employed. Dollar roll/buyback transactions involve the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the market value of the securities the Fund is required to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may decline below the agreed upon purchase price of those securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Successful use of dollar rolls/buybacks may depend upon the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager&#8217;s ability to correctly predict interest rates and prepayments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is no assurance that dollar rolls/buybacks can be successfully </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employed. In connection with reverse repurchase agreements and dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolls/buybacks, the Fund will also be subject to counterparty risk with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to the purchaser of the securities. If the broker/dealer to whom </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or repurchase securities may be restricted.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in total return swaps, reverse repurchases, loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of portfolio securities, short sales and when-issued, delayed delivery and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward commitment transactions, credit default swaps, basis swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other swap agreements, purchases or sales of futures and forward </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts (including foreign currency exchange contracts), call and put </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">options or other derivatives. The Fund&#8217;s use of such transactions gives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise to associated leverage risks described above, and may adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s income, distributions and total returns to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders. To the extent that any offsetting positions do not behave </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in relation to one another as expected, the Fund may perform as if it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged through use of these derivative strategies.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any total return swaps, reverse repurchases, loans of portfolio securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short sales and when-issued, delayed delivery and forward commitment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, credit default swaps, basis swaps and other swap </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements, purchases or sales of futures and forward contracts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including foreign currency exchange contracts), call and put options or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other derivatives by the Fund or counterparties to the Fund&#8217;s other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraging transactions, if any, would have seniority over the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the fees received by the Investment Manager may increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depending on the types of leverage utilized by the Fund, the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager has a financial incentive for the Fund to use certain forms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage, which may create a conflict of interest between the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager, on the one hand, and the Common Shareholders, on the other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hand.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short Exposure Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s short sales and short positions, if any, are subject to special </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks. A short sale involves the sale by the Fund of a security that it does </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not own with the hope of purchasing the same security at a later date at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a lower price. The Fund may also enter into a short position through a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward commitment or a short derivative position through a futures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract or swap agreement. If the price of the security or derivative has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased during this time, then the Fund will incur a loss equal to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in price from the time that the short sale was entered into plus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any transaction costs (i.e., premiums and interest) paid to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broker-dealer to borrow securities. Therefore, short sales involve the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that losses may be exaggerated, potentially losing more money than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual cost of the investment. By contrast, a loss on a long position </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arises from decreases in the value of the security and is limited by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fact that a security&#8217;s value cannot decrease below zero. By investing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds received from selling securities short, the Fund could be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deemed to be employing a form of leverage, which creates special risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage may increase the Fund&#8217;s exposure to long security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions and make any change in the Fund&#8217;s NAV greater than it would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be without the use of leverage. This could result in increased volatility of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns. There is no guarantee that any leveraging strategy the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employs will be successful during any period in which it is employed.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In times of unusual or adverse market, economic, regulatory, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environmental or political conditions, the Fund may not be able, fully or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">partially, to implement its short selling strategy. Periods of unusual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse market, economic, environmental, regulatory or political </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions generally may exist for long periods of time. In response to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market events, the SEC and regulatory authorities in other jurisdictions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may adopt (and in certain cases, have adopted) bans on, and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reporting requirements for, short sales of certain securities, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short positions on such securities acquired through swaps. Also, there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that the third party to the short sale or short position will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fulfill its contractual obligations, causing a loss to the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Smaller Company Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The general risks associated with debt instruments or equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are particularly pronounced for securities issued by companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small market capitalizations. Small capitalization companies involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain special risks. They are more likely than larger companies to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited product lines, markets or financial resources, or to depend on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small, inexperienced management group. Securities of smaller </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may trade less frequently and in lesser volume than more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely held securities and their values may fluctuate more sharply than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities. They may also have limited liquidity. These securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may therefore be more vulnerable to adverse developments than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of larger companies, and the Fund may have difficulty </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasing or selling securities positions in smaller companies at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prevailing market prices. Also, there may be less publicly available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information about smaller companies or less market interest in their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities as compared to larger companies. Companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">medium-sized market capitalizations may have risks similar to those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">smaller companies.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Derivatives Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may, but is not required to, utilize a variety of derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments (both long and short positions) for investment or risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management purposes. Derivatives or other similar instruments (referred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to collectively as &#8220;derivatives&#8221;) are financial contracts whose value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depends on, or is derived from, the value of an underlying asset, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference rate or index. For example, the Fund may use derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments for purposes of increasing liquidity, providing efficient </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio management, broadening investment opportunities (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taking short or negative positions), implementing a tax or cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management strategy, gaining exposure to a particular security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">segment of the market, modifying the effective duration of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio investments and/or enhancing total return. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives may take the form of buying and/or writing (selling) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives, and/or the Fund may otherwise become an obligor under a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives transaction. These transactions may produce current income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the form of premiums or other returns for the Fund (which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">support, constitute and/or increase the distributions paid by, or the yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of, the Fund) but create the risk of losses that can significantly exceed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such current income or other returns. For example, the premium received </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for writing a put option may be dwarfed by the losses the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur if the put option is exercised, and derivative transactions where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund is an obligor can produce an up-front benefit, but the potential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for leveraged losses. The distributions, or distribution rate, paid by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund should not be viewed as the total returns or overall performance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund. These strategies may also produce adverse tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences (for example, the Fund&#8217;s income and gain-generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies may generate current income and gains taxable as ordinary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income) and limit the Fund&#8217;s opportunity to profit or otherwise benefit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from certain gains. The Fund may enter into opposing derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, or otherwise take opposing positions. Such transactions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can generate distributable gains (which, as noted elsewhere, may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxed as ordinary income) and create the risk of losses and NAV </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declines.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in investment strategies, including the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives, to, among other things, generate current, distributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income, even if such strategies could potentially result in declines in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s net asset value. The Fund&#8217;s income and gain-generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies, including certain derivatives strategies, may generate current </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and gains taxable as ordinary income sufficient to support </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions, even in situations when the Fund has experienced a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in net assets due to, for example, adverse changes in the broad </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. or non-U.S. securities markets or the Fund&#8217;s portfolio of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, or arising from its use of derivatives. Consequently, Fund </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders may receive distributions subject to tax at ordinary income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates at a time when their investment in the Fund has declined in value, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may be economically similar to a taxable return of capital.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The use of derivatives involves risks different from, or possibly greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than, the risks associated with investing directly in securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">traditional investments. Derivatives may increase market exposure and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to a number of risks, including leverage risk, liquidity risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(which may be heightened for highly-customized derivatives), interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate risk, market risk, counterparty (including credit) risk, operational </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk (such as documentation issues, settlement issues and systems </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failures), legal risk (such as insufficient documentation, insufficient </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity or authority of a counterparty, and issues with the legality or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforceability of a contract), counterparty risk, tax risk and management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, as well as risks arising from changes in applicable requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks arising from margin requirements and risks arising from mispricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or valuation complexity. They also involve the risk that changes in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of a derivative instrument may not correlate perfectly with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying asset, rate or index. By investing in a derivative instrument, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund could lose more than the initial amount invested, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives may increase the volatility of the Fund, especially in unusual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or extreme market conditions. Certain derivatives have the potential for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unlimited loss, regardless of the size of the initial investment. The 1940 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Act and related rules no longer require asset segregation for derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, however asset segregation and posting of collateral may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">still be utilized for risk management or other purposes. The Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to hold additional cash or sell other investments in order to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtain cash to close out a position and changes in the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative may also create margin delivery or settlement payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations for the Fund. Also, suitable derivative transactions may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be available in all circumstances and there can be no assurance that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will engage in these transactions to reduce exposure to other risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when that would be beneficial or that, if used, such strategies will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successful. The Fund&#8217;s use of derivatives may increase or accelerate the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of taxes payable by Common Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Non-centrally-cleared over-the counter (&#8220;OTC&#8221;) derivatives are also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to the risk that a counterparty to the transaction will not fulfill </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its contractual obligations to the other party, as many of the protections </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">afforded to centrally-cleared derivative transactions might not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available for non-centrally-cleared OTC derivatives. The primary credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk on derivatives that are exchange-traded or traded through a central </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clearing counterparty resides with the Fund&#8217;s clearing broker, or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clearinghouse itself.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Participation in the markets for derivative instruments also involves </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment risks and transaction costs to which the Fund may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject absent the use of these strategies. The skills needed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successfully execute derivative strategies may be different from those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">needed for other types of transactions. If the Fund incorrectly forecasts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value and/or credit-worthiness of securities, currencies, interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, counterparties or other economic factors involved in a derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction, the Fund might have been in a better position if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">had not entered into such derivative transaction. In evaluating the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and contractual obligations associated with particular derivative </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, it is important to consider that certain derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may be modified or terminated only by mutual consent of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund and its counterparty.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, it may not be possible for the Fund to modify, terminate, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offset the Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with a derivative transaction prior to its scheduled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination or maturity date, which may create a possibility of increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility and/or decreased liquidity to the Fund. Hedges are sometimes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to imperfect matching between the derivative and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying instrument, and there can be no assurance that the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedging transactions will be effective. Derivatives used for hedging or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk management may not operate as intended and may expose the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to additional risks. In such case, the Fund may lose money.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the markets for certain derivative instruments (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets located in foreign countries) are relatively new and still </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developing, appropriate derivative transactions may not be available in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all circumstances for risk management or other purposes. Upon the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expiration of a particular contract, the Fund may wish to retain the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s position in the derivative instrument by entering into a similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract, but may be unable to do so if the counterparty to the original </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract is unwilling to enter into the new contract and no other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appropriate counterparty can be found. When such markets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unavailable, the Fund will be subject to increased liquidity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into opposite sides of interest rate swap and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives for the principal purpose of generating distributable gains on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the one side (characterized as ordinary income for tax purposes) that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not part of the Fund&#8217;s duration or yield curve management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies (&#8220;paired swap transactions&#8221;), and with a substantial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possibility that the Fund will experience a corresponding capital loss </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and decline in NAV with respect to the opposite side transaction (to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent it does not have corresponding offsetting capital gains). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, Common Shareholders may receive distributions and owe </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax on amounts that are effectively a taxable return of the shareholder&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund, at a time when their investment in the Fund has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declined in value, which tax may be at ordinary income rates. The tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treatment of certain derivatives in which the Fund invests may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unclear and thus subject to recharacterization. Any recharacterization of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments made or received by the Fund pursuant to derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially could affect the amount, timing or character of Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions. In addition, the tax treatment of such investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies may be changed by regulation or otherwise.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When a derivative is used as a hedge against a position that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holds, any loss generated by the derivative generally should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially offset by gains on the hedged investment, and vice versa. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although hedging can reduce or eliminate losses, it can also reduce or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">eliminate gains. Hedges are sometimes subject to imperfect matching </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">between the derivative and the underlying instrument, and there can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no assurance that the Fund&#8217;s hedging transactions will be effective. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives used for hedging or risk management may not operate as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intended or may expose the Fund to additional risks. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives used for hedging may partially protect the Fund from the </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks they were intended to hedge yet not fully mitigate the impact of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such risks. The regulation of the derivatives markets has increased over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the past several years, and additional future regulation of the derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets may make derivatives more costly, may limit the availability or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduce the liquidity of derivatives, or may otherwise adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value or performance of derivatives. Any such adverse future </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments could impair the effectiveness or raise the costs of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s derivative transactions, impede the employment of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives strategies, or adversely affect the Fund&#8217;s performance and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause the Fund to lose value.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Default Swaps Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit default swap agreements may involve greater risks than if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund had invested in the reference obligation directly since, in addition </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to general market risks, credit default swaps are subject to leverage risk, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquidity risk, counterparty risk and credit risk. A buyer generally also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will lose its investment and recover nothing should no credit event occur </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the swap is held to its termination date. If a credit event were to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occur, the value of any deliverable obligation received by the seller (if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any), coupled with the upfront or periodic payments previously received, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less than the full notional value it pays to the buyer, resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loss of value to the seller. When the Fund acts as a seller of a credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swap, it is exposed to many of the same risks of leverage. As the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seller, the Fund would receive a stream of payments over the term of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap agreement provided that no event of default has occurred with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to the referenced debt obligation upon which the swap is based. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund would effectively add leverage to its portfolio because, if a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default occurs, the stream of payments may stop and the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligated to pay the buyer the full notional value of the reference </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may seek to realize gains by selling credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps that increase in value, to realize gains on selling credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, an active secondary market for such instruments must exist or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund must otherwise be able to close out these transactions at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advantageous times. In addition to the risk of losses described above, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no such secondary market exists or the Fund is otherwise unable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">close out these transactions at advantageous times, selling credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swaps may not be profitable for the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market for credit default swaps has become more volatile as the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of certain counterparties has been questioned and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downgraded. The Fund will be subject to credit risk with respect to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties to the credit default swap contract (whether a clearing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporation or another third party). If a counterparty&#8217;s credit becomes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly impaired, multiple requests for collateral posting in a short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of time could increase the risk that the Fund may not receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adequate collateral. The Fund may exit its obligations under a credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swap only by terminating the contract and paying applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breakage fees, or by entering into an offsetting credit default swap </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position, which may cause the Fund to incur more losses.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Counterparty Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will be subject to credit risk with respect to the counterparties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the derivative contracts and other instruments entered into by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund or held by special purpose or structured vehicles in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests. For example, if a bank at which the Fund or issuer has an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account fails, any cash or other assets in bank or custody accounts, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may be substantial in size, could be temporarily inaccessible or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">permanently lost by the Fund or issuer. In the event that the Fund enters </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into a derivative transaction with a counterparty that subsequently </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becomes insolvent or becomes the subject of a bankruptcy case, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative transaction may be terminated in accordance with its terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the Fund&#8217;s ability to realize its rights under the derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument and its ability to distribute the proceeds could be adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected. If a counterparty becomes bankrupt or otherwise fails to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform its obligations under a derivative contract due to financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulties, the Fund may experience significant delays in obtaining any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recovery (including recovery of any collateral it has provided to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty) in a dissolution, assignment for the benefit of creditors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation, winding-up, bankruptcy or other analogous proceeding. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, in the event of the insolvency of a counterparty to a derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction, the derivative transaction would typically be terminated at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its fair market value. If the Fund is owed this fair market value in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination of the derivative transaction and its claim is unsecured, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will be treated as a general creditor of such counterparty and will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have any claim with respect to any underlying security or asset. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may obtain only a limited recovery or may obtain no recovery in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such circumstances. Counterparty credit risk also includes the related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of having concentrated exposure to a single counterparty, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may increase potential losses if the counterparty were to become </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insolvent.&#160;While the Fund may seek to manage its counterparty risk by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transacting with a number of counterparties, concerns about the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">solvency of, or a default by, one large market participant could lead to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant impairment of liquidity and other adverse consequences for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other counterparties.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities and Related Market Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market price of common stocks and other equity securities may go </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">up or down, sometimes rapidly or unpredictably. Equity securities may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in value due to factors affecting equity securities markets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally, particular industries represented in those markets, or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer itself. The values of equity securities may decline due to real or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived adverse economic conditions, changes in the general outlook </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for corporate earnings, changes in interest or currency rates or adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor sentiment generally. They may also decline due to labor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shortages or increased production costs and competitive conditions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">within an industry. Equity securities generally have greater price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility than bonds and other debt securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Different types of equity securities provide different voting and dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights and priority in the event of the bankruptcy and/or insolvency of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer. In addition to common stock, equity securities may include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred securities, convertible securities and warrants. Equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other than common stock are subject to many of the same risks as </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common stock, although possibly to different degrees. The risks of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity securities are generally magnified in the case of equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in distressed companies.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Preferred Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to equity securities risk, credit risk and possibly high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, investment in preferred securities involves certain other risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain preferred securities contain provisions that allow an issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under certain conditions to skip or defer distributions. If the Fund owns </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a preferred security that is deferring its distribution, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to include the amount of the deferred distribution in its taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income for tax purposes although it does not currently receive such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount in cash. In order to receive the special treatment accorded to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RICs and their shareholders under the Code and to avoid U.S. federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and/or excise taxes at the Fund level, the Fund may be required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to distribute this income to shareholders in the tax year in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income is recognized (without a corresponding receipt of cash by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund). Therefore, the Fund may be required to pay out as an income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution in any such tax year an amount greater than the total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of cash income the Fund actually received and to sell portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, including at potentially disadvantageous times or prices, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtain cash needed for these income distributions. Preferred securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often are subject to legal provisions that allow for redemption in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of certain tax or legal changes or at the issuer&#8217;s call. In the event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of redemption, the Fund may not be able to reinvest the proceeds at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">comparable rates of return. Preferred securities are subordinated to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds and other debt securities in an issuer&#8217;s capital structure in terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of priority for corporate income and liquidation payments, and therefore </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be subject to greater credit risk than those debt securities. Preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may trade less frequently and in a more limited volume and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to more abrupt or erratic price movements than many </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Insurance-Linked and Other Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in insurance-linked instruments and similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments (which may include, for example, exposure to reinsurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts (through sidecars or otherwise), event-linked bonds, such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">catastrophe and resilience bonds, and securities relating to life </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance policies, annuity contracts and premium finance loans). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could lose a portion or all of the principal it has invested in these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of investments, and the right to additional interest and/or dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments with respect to the investments, upon the occurrence of one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more trigger events, as defined within the terms of an investment. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Trigger events may include natural or other perils of a specific size or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">magnitude that occur in a designated geographic region during a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified time period, and/or that involve losses or other metrics that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceed a specific amount. The Fund may also invest in insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are subject to &#8220;indemnity triggers.&#8221; An indemnity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trigger is a mechanism where the payout to the investor is based on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual losses incurred by the insurer and come into play when losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from a specified event exceed a designated level. Insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments subject to indemnity triggers are often regarded as being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to potential moral hazard, since such insurance-linked </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments are triggered by actual losses of the ceding sponsor and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ceding sponsor may have an incentive to take actions and/or risks that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would have an adverse effect on the Fund. There is no way to accurately </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict whether a trigger event will occur and, accordingly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked instruments and similar investments carry significant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. In addition to the specified trigger events, these types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may expose the Fund to other risks, including but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to issuer (credit) default, adverse regulatory or jurisdictional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interpretations and adverse tax consequences.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also gain exposure to reinsurance contracts (through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked securities, sidecars or otherwise). This exposure may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include &#8220;excess of loss&#8221; contracts, wherein liability arises only if and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when losses exceed a specified amount, and proportional reinsurance, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wherein a pro rata portion of the premiums and liabilities of the cedant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with a specified business or a portfolio if insurance contracts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are linked to the investment. Investments linked to reinsurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may involve significant insurance brokerage fees, fronting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees and other transaction costs.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A series of major triggering events could cause the failure of a reinsurer. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Similarly, to the extent the Fund invests in reinsurance-related securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for which a triggering event occurs, losses associated with such event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will result in losses to the Fund and a series of major triggering events </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affecting a large portion of the reinsurance-related securities held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may result in substantial losses to the Fund. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected events such as natural disasters or terrorist attacks could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lead to government intervention. Political, judicial and legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments affecting the reinsurance industry could also create new </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expanded theories of liability or regulatory or other requirements; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such changes could have a material adverse effect on the Fund. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the litigation environment in catastrophe-exposed states or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regions could impact the frequency and severity of insurance claims, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation costs could decrease the value of the Fund&#8217;s investment in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products linked to reinsurance contracts. In recent years, capital market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants have been increasingly active in the reinsurance market and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets for related risks. Increased competition could result in fewer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">submissions, lower premium rates and less favorable policy terms and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain insurance-linked instruments and similar investments may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited liquidity, or may be illiquid. The Fund has limited transparency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into the individual contracts underlying certain insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments and similar investments, which may make the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of them more difficult. These types of investments may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The aforementioned instruments may include longevity and mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including indirect investment in pools of insurance-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longevity and mortality investments, including life insurance policies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">annuity contracts and premium finance loans. Such investments are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to &#8220;longevity risk&#8221; and/or &#8220;mortality risk.&#8221; Longevity risk is the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that members of a reference population will live longer, on average, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than anticipated. Mortality risk is the risk that members of a reference </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">population will live shorter, on average, than anticipated. Changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these rates can significantly affect the liabilities and cash needs of life </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurers, annuity providers and pension funds. The terms of a longevity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond typically provide that the investor in the bond will receive less than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the bond&#8217;s par amount at maturity if the actual average longevity (life </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">span) of a specified population of people observed over a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of time (typically measured by a longevity index) is higher than a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified level. If longevity is higher than expected, the bond will return </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">less than its par amount at maturity. A mortality bond, in contrast to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longevity bond, typically provides that the investor in the bond will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive less than the bond&#8217;s par amount at maturity if the mortality rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a specified population of people observed over a specified period of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time (typically measured by a mortality index) is higher than a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">level.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During their term, both longevity bonds and mortality bonds typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay a floating rate of interest to investors. Longevity and mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments purchased by the Fund involve the risk of incorrectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predicting the actual level of longevity or mortality, as applicable, for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference population of people. With respect to mortality investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">held by the Fund, there is also the risk that an epidemic or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">catastrophic event could strike the reference population, resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortality rates exceeding expectations. The Fund may also gain this type </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of exposure through event-linked derivative instruments, such as swaps, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are contingent on or formulaically related to longevity or mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Confidential Information Access Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In managing the Fund (and other PIMCO clients), PIMCO may from time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to time have the opportunity to receive material, non-public information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;Confidential Information&#8221;) about the issuers of certain investments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, without limitation, senior floating rate loans, other loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related investments being considered for acquisition by the Fund or held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund&#8217;s portfolio. For example, an issuer of privately placed loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered by the Fund may offer to provide PIMCO with financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information and related documentation regarding the issuer that is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly available. Pursuant to applicable policies and procedures, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may (but is not required to) seek to avoid receipt of Confidential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Information from the issuer so as to avoid possible restrictions on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to purchase and sell investments on behalf of the Fund and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clients to which such Confidential Information relates. In such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances, the Fund (and other PIMCO clients) may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantaged in comparison to other investors, including with respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the price the Fund pays or receives when it buys or sells an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">desirability of proposed consents, waivers or amendments with respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to certain investments may be compromised if they are not privy to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available Confidential Information. PIMCO may also determine to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive such Confidential Information in certain circumstances under its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable policies and procedures. If PIMCO intentionally or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unintentionally comes into possession of Confidential Information, it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unable, potentially for a substantial period of time, to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sell investments to which such Confidential Information relates.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Private Placements and Restricted Securities&#160;Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A private placement involves the sale of securities that have not been </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registered under the Securities Act or relevant provisions of applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. law to certain institutional and qualified individual purchasers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the Fund. In addition to the general risks to which all securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject, securities received in a private placement generally are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to strict restrictions on resale, and there may be no liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market or ready purchaser for such securities. See &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund &#8211; Liquidity Risk.&#8221; Therefore, the Fund may be unable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to dispose of such securities when it desires to do so, or at the most </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">favorable time or price. Private placements may also raise valuation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks. See &#8220;Principal Risks of the Fund &#8211; Valuation Risk.&#8221; Restricted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are often purchased at a discount from the market price of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unrestricted securities of the same issuer reflecting the fact that such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may not be readily marketable without some time delay. Such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are often more difficult to value and the sale of such securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often requires more time and results in higher brokerage charges or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer discounts and other selling expenses than does the sale of liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities trading on national securities exchanges or in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over-the-counter markets. Until the Fund can sell such securities into the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">public markets, its holdings may be less liquid and any sales will need to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be made pursuant to an exemption under the Securities Act.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inflation/Deflation Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inflation risk is the risk that the value of assets or income from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments will be worth less in the future as inflation decreases </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of payments at future dates. As inflation increases, the real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s portfolio could decline. Inflation rates may change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">frequently and significantly as a result of various factors, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected shifts in the domestic or global economy or changes in fiscal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or monetary policies. Deflation risk is the risk that prices throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy decline over time. Deflation may have an adverse effect on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of issuers and may make issuer default more likely, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may result in a decline in the value of the Fund&#8217;s portfolio and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Changes Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Financial entities, such as investment companies and investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advisers, are generally subject to extensive government regulation and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intervention. Government regulation and/or intervention may change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the way the Fund is regulated, affect the expenses incurred directly by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund and the value of its investments, and limit and/or preclude the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to achieve its investment objectives. Government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulation may change frequently and may have significant adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences. The Fund and the Investment Manager have historically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">been eligible for exemptions from certain regulations. However, there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no assurance that the Fund and the Investment Manager will continue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be eligible for such exemptions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moreover, government regulation may have unpredictable and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unintended effects. Legislative or regulatory actions to address </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived liquidity or other issues in fixed income markets generally, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in particular markets such as the municipal securities market, may alter </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or impair the Fund&#8217;s ability to pursue its investment objectives or utilize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain investment strategies and techniques. While there continues to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be uncertainty about the full impact of these and other regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes, it is the case that the Fund will be subject to a more complex </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory framework, and may incur additional costs to comply with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">new requirements as well as to monitor for compliance in the future.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Current rules related to credit risk retention requirements for ABS may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the cost to originators, securitizers and, in certain cases, asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managers of SPEs in which the Fund may invest. The impact of the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retention rules on the securitization markets is uncertain. These </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements may increase the costs to originators, securitizers, and, in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain cases, collateral managers of SPEs in which the Fund may invest, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which costs could be passed along to the Fund as an investor in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vehicles. In addition, the costs imposed by the risk retention rules on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originators, securitizers and/or collateral managers may result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction of the number of new offerings of ABS and thus in fewer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities for the Fund. A reduction in the number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">new securitizations could also reduce liquidity in the markets for certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of financial assets, which in turn could negatively affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns on the Fund&#8217;s investment.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Actions by governmental entities may also impact certain instruments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund invests and reduce market liquidity and resiliency.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk&#8212;Commodity Pool Operator</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The CFTC has adopted regulations that subject registered investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and their investment advisers to regulation by the CFTC if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the registered investment company invests more than a prescribed level </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its liquidation value in futures, options on futures or commodities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, or other financial instruments regulated under the CEA and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rules thereunder (&#8220;commodity interests&#8221;), or if the Fund markets itself </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as providing investment exposure to such instruments. &#160;The Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager is registered with the CFTC as a CPO. However, with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund, the Investment Manager has claimed an exclusion from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration as a CPO pursuant to CFTC Rule 4.5. For the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager to remain eligible for this exclusion, the Fund must comply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with certain limitations, including limits on its ability to use any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commodity interests and limits on the manner in which the Fund holds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">out its use of such commodity interests. These limitations may restrict </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s ability to pursue its investment objectives and strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the costs of implementing its strategies, result in higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses for the Fund, and/or adversely affect the Fund&#8217;s total return. To </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the extent the Investment Manager becomes ineligible for this exclusion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from CFTC regulation, the Investment Manager may consider steps in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">order to continue to qualify for exemption from CFTC regulation, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine to operate the Fund subject to CFTC regulation.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investments in REITs Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs are pooled investment vehicles that own, and usually operate, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing real estate. Some REITs also finance real estate. If a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REIT meets certain requirements, including distributing to shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially all of its taxable income (other than net capital gains), then </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it is not typically taxed on the income distributed to shareholders.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs are sometimes informally characterized as: equity REITs, mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs and hybrid REITs. Equity REITs invest the majority of their assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly in real property. They derive their income primarily from rents </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received and any profits on the sale of their properties. Equity REITs can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also realize capital gains by selling properties that have appreciated in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value. Mortgage REITs invest the majority of their assets in real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages and derive most of their income from mortgage interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments. As its name suggests, hybrid REITs combine characteristics of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both equity REITs and mortgage REITs.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An investment in a REIT, or in a real estate linked derivative instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">linked to the value of a REIT, is subject to the risks that impact the value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the underlying properties of the REIT. These risks include loss to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">casualty or condemnation, and changes in supply and demand, interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, zoning laws, regulatory limitations on rents, property taxes and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating expenses. Real estate income and values may also be affected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by demographic trends, such as population shifts or changing tastes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferences (such as remote work arrangements) and social values. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other factors that may adversely affect REITs include poor performance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by management of the REIT, changes to the tax laws, or failure by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REIT to qualify for favorable tax treatment. The securities of REITs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involve greater risks than those associated with larger, more established </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and may be subject to more abrupt or erratic price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">movements because of interest rate changes, economic conditions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real estate market conditions (such as oversupply of real estate for rent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sale or vacancies, potentially for extended periods), reduced demand </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for commercial and office space as well as increased maintenance or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenant improvement costs and costs to convert properties for other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uses, and default risk and credit quality of tenants and borrowers and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors. For example, the value of these securities may decline </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when interest rates rise and will also be affected by the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market and by the management or development of the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties. The underlying properties may be subject to mortgage loans, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may also be subject to the risks of default. REITs are also subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to default by borrowers and self-liquidation, and are heavily dependent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on cash flow. Some REITs lack diversification because they invest in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited number of properties, a narrow geographic area, or a single type </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of property. Mortgage REITs may be impacted by the quality of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit extended.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Liquidity risk exists when particular investments are difficult to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sell. Illiquid investments are investments that the Fund reasonably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expects cannot be sold or disposed of in current market conditions in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seven calendar days or less without the sale or disposition significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changing the market value of the investment. Illiquid investments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become harder to value, especially in changing markets. The Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in illiquid investments may reduce the returns of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because it may be unable to sell the illiquid investments at an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advantageous time or price or possibly require the Fund to dispose of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investments at unfavorable times or prices in order to satisfy its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, which could prevent the Fund from taking advantage of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investment opportunities. Additionally, the market for certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may become illiquid under adverse market or economic </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions independent of any specific adverse changes in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions of a particular issuer. Bond markets have consistently grown </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over the past three decades while the capacity for traditional dealer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties to engage in fixed income trading has not kept pace and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in some cases has decreased. As a result, dealer inventories of corporate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, which provide a core indication of the ability of financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediaries to &#8220;make markets,&#8221; are at or near historic lows in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relation to market size. Because market makers seek to provide stability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to a market through their intermediary services, a significant reduction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in dealer inventories could potentially lead to decreased liquidity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased volatility in the fixed income markets. Such issues may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exacerbated during periods of economic uncertainty. To the extent that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s principal investment strategies involve securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies with smaller market capitalizations, foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, Rule 144A securities, illiquid sectors of fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, derivatives or securities with substantial market and/or credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, the Fund will tend to have greater exposure to liquidity risk.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further fixed income securities with longer durations until maturity face </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened levels of liquidity risk as compared to fixed income securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with shorter durations until maturity. The risks associated with illiquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may be particularly acute in situations in which the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations require cash (such as in connection with repurchase offers) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and could result in the Fund borrowing to meet its short-term needs or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurring losses on the sale of illiquid instruments. It may also be the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">case that other market participants may be attempting to liquidate fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income holdings at the same time as the Fund, causing increased supply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the market and contributing to liquidity risk and downward pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pressure. See &#8220;Principal Risks of the Fund - Valuation Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Liquidity risk also refers to the risk that the Fund may be required to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hold additional cash or sell other investments in order to obtain cash to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">close out derivatives or meet the liquidity demands that derivatives can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">create to make payments of margin, collateral, or settlement payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to counterparties. The Fund may have to sell a security at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantageous time or price to meet such obligations.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The current direction of governments and regulators may have the effect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of reducing market liquidity, market resiliency and money supply, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as through higher rates, tighter financial regulations and proposals </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related to open-end fund liquidity that may prevent mutual funds and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange-traded funds from participating in certain markets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Alt Lending ABS in which the Fund invests are typically not listed on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any securities exchange and not registered under the Securities Act. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the Fund anticipates that these instruments may only be sold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to a limited number of investors and may have a limited or non-existent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market. Accordingly, the Fund currently expects that certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its investments in Alt Lending ABS will face heightened levels of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity risk. Although currently, there is generally no reliable, active </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market for certain Alt Lending ABS, a secondary market for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these alternative lending-related instruments may develop.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Tax Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has elected to be treated as a &#8220;regulated investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company&#8221; (a &#8220;RIC&#8221;) under Subchapter M of the Code and intends each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">year to qualify and be eligible to be treated as such, so that it generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be subject to U.S. federal income tax on its net investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income or net short-term or long-term capital gains that are distributed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(or deemed distributed, as described below) to shareholders. In order to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">qualify and be eligible for such treatment, the Fund must meet certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset diversification tests, derive at least 90% of its gross income for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such year from certain types of qualifying income, and distribute to its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders at least 90% of the sum of its &#8220;investment company </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable income&#8221; as that term is defined in the Code (which includes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among other things, dividends, taxable interest and the excess of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">net short-term capital gains over net long-term capital losses, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduced by certain deductible expenses) and net tax-exempt income, for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such year.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investment strategy will potentially be limited by its intention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to continue qualifying as such. The tax treatment of certain of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments under one or more of the qualification or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution tests applicable to RICs is uncertain. An adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determination or future guidance by the IRS or a change in law might </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s ability to qualify or be eligible for treatment as a RIC. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income and gains from certain of the Fund&#8217;s&#160;activities, including fees </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received in connection with the origination of loans, may not constitute </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">qualifying income to a RIC for purposes of the 90% gross income test. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund were to treat income or gain from a particular investment or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activity as qualifying income and the income or gain were later </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined not to constitute qualifying income and, together with any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other nonqualifying income, caused the Fund&#8217;s nonqualifying income to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceed 10% of its gross income in any taxable year, the Fund would fail </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to qualify as a RIC unless it is eligible to and does pay a tax at the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">level. Income and gains from certain of the Fund&#8217;s activities may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">constitute qualifying income to a RIC for purposes of the 90% gross </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income test. If the Fund were to treat income or gain from a particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment or activity as qualifying income and the income or gain were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">later determined not to constitute qualifying income and, together with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any other nonqualifying income, caused the Fund&#8217;s nonqualifying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income to exceed 10% of its gross income in any taxable year, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would fail to qualify as a RIC unless it is eligible to and does pay a tax at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund level.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If, in any year, the Fund were to fail to qualify for treatment as a RIC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Code, and were ineligible to or did not otherwise cure such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failure, the Fund would be subject to tax on its taxable income at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate rates and, when such income is distributed, shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would be subject to further tax, on such distributions to the extent of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s current or accumulated earnings and profits.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of the Fund&#8217;s investments and its net asset value may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected by changes in tax rates and policies. Because interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income from municipal securities is normally not subject to regular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">federal in-come taxation, the attractiveness of municipal securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relation to other investment alternatives is affected by changes in </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">federal income tax rates or changes in the tax-exempt status of interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income from municipal securities. Any proposed or actual changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such rates or exempt status, therefore, can significantly affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand for and supply, liquidity and marketability of municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. This could in turn affect the Fund&#8217;s net asset value and ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to acquire and dispose of municipal securities at desirable yield and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price levels. Additionally, the Fund is not a suitable investment for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individual retirement accounts, for other tax-exempt or tax-deferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accounts or for investors who are not sensitive to the federal income tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences of their investments.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Subsidiary Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Fund invests through one or more of its wholly-owned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries, the Fund would be exposed to the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such Subsidiary&#8217;s investments. Such Subsidiaries would likely not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registered as investment companies under the 1940 Act and, except as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">noted in this prospectus, would not be subject to all of the investor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protections of the 1940 Act. Changes in the laws of the United States </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or the jurisdiction in which a Subsidiary is organized could result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the inability of the Fund and/or the Subsidiary to operate as intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and could adversely affect the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Turnover Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Manager manages the Fund without regard generally to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on portfolio turnover. The use of futures contracts and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments with relatively short maturities may tend to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exaggerate the portfolio turnover rate for the Fund. Trading in fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income securities does not generally involve the payment of brokerage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commissions, but does involve indirect transaction costs. The use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contracts and other derivative instruments may involve the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of commissions to futures commission merchants or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediaries. Higher portfolio turnover involves correspondingly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater expenses to the Fund, including brokerage commissions or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer mark-ups and other transaction costs on the sale of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and reinvestments in other securities. The higher the rate of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">turnover of the Fund, the higher these transaction costs borne by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund generally will be. Such sales may result in realization of taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital gains (including short-term capital gains, which are generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxed to shareholders at ordinary income tax rates when distributed net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of short-term capital losses and net long-term capital losses), and may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact the Fund&#8217;s after-tax returns. See &#8220;Tax Matters.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Operational Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An investment in the Fund, like any fund, can involve operational risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arising from factors such as processing errors, human errors, inadequate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or failed internal or external processes, failures in systems and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology, changes in personnel and errors caused by third-party </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service providers. The occurrence of any of these failures, errors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breaches could result in a loss of information, regulatory scrutiny, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reputational damage or other events, any of which could have a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">material adverse effect on the Fund. While the Fund seeks to minimize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such events through controls and oversight, there may still be failures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that could cause losses to the Fund.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When investing in an investment company, the Fund will generally bear </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its ratable share of that investment company&#8217;s expenses and would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">remain subject to payment of the Fund&#8217;s investment management fees </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other expenses with respect to assets so invested. Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders would therefore be subject to duplicative expenses to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent the Fund invests in other investment companies. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these other investment companies may utilize leverage, in which case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an investment would subject a Fund to additional risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage. Due to its own financial interest or other business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerations, the Investment Manager may choose to invest a portion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a Fund&#8217;s assets in investment companies sponsored or managed by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Investment Manager or its related parties in lieu of investments by a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund directly in portfolio securities, or may choose to invest in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies over investment companies sponsored or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managed by others. Participation in a cash sweep program where the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's uninvested cash balance is used to purchase shares of affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or unaffiliated money market funds or cash management pooled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles at the end of each day subjects the Fund to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with the underlying money market funds or cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management pooled investment vehicles, including liquidity risk. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder of a money market fund or cash management pooled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicle, the Fund would indirectly bear the fees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses of the underlying fund or account which are in addition to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees the Fund pays its service providers. Applicable law may limit a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to invest in other investment companies.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Cyber Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As the use of technology, including cloud-based technology, has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become more prevalent in the course of business, the Fund is potentially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more susceptible to operational and information security risks resulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from breaches in cyber security. A breach in cyber security refers to both </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intentional and unintentional cyber events from outside threat actors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">internal resources that may, among other things, cause the Fund to lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proprietary information, suffer data corruption and/or destruction, lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operational capacity, result in the unauthorized release or other misuse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of confidential information, or otherwise disrupt normal business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations. Geopolitical tensions can increase the scale and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sophistication of deliberate cyber security attacks, particularly those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from nation-states or from entities with nation-state backing, who may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">desire to use cyber security attacks to cause damage or create leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against geopolitical rivals. Cyber security breaches may involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unauthorized access to the Fund&#8217;s digital information systems (e.g., </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through &#8220;hacking&#8221; or malicious software coding), and may come from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multiple sources, including outside attacks such as denial-of-service </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attacks (i.e., efforts to make network services unavailable to intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">users) or cyber extortion, including exfiltration of data held for ransom </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or &#8220;ransomware&#8221; attacks that renders systems inoperable until </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ransom is paid, or insider actions (e.g., intentionally or unintentionally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">harmful acts of PIMCO personnel). In addition, cyber security breaches </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involving the Fund&#8217;s third party service providers (including but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to advisers, sub-advisers, administrators, transfer agents, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodians, vendors, suppliers, distributors and other third parties), </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading counterparties or issuers in which the Fund invests can also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject the Fund to many of the same risks associated with direct cyber </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security breaches or extortion of company data. PIMCO's use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cloud-based service providers could heighten or change these risks. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, work-from-home arrangements by the Fund, the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager or their service providers could increase all of the above risks, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">create additional data and information accessibility concerns, and make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund, the Investment Manager or their service providers susceptible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to operational disruptions, any of which could adversely impact their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cyber security failures or breaches may result in financial losses to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its shareholders. For example, cyber security failures or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breaches involving trading counterparties or issuers in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests could adversely impact such counterparties or issuers and cause </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investment to lose value. These failures or breaches may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in disruptions to business operations, potentially resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial losses; interference with the Fund&#8217;s ability to calculate its NAV, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">process shareholder transactions or otherwise transact business with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders; impediments to trading; violations of applicable privacy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other laws; regulatory fines; penalties; third-party claims in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation; reputational damage; reimbursement or other compensation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs; additional compliance and cyber security risk management costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other adverse consequences. In addition, substantial costs may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurred in order to prevent any cyber incidents in the future.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Like with operational risk in general, the Fund has established business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">continuity plans and risk management systems designed to reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks associated with cyber security. However, there are inherent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitations in these plans and systems, including that certain risks may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have been identified, in large part because different or unknown </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threats may emerge in the future. As such, there is no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such efforts will succeed, especially because the Fund does not directly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">control the cyber security systems of issuers in which the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest, trading counterparties or third-party service providers to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Such entities have experienced cyber attacks and other attempts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to gain unauthorized access to systems from time to time, and there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no guarantee that efforts to prevent or mitigate the effects of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attacks or other attempts to gain unauthorized access will be successful. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is also a risk that cyber security breaches may not be detected. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its shareholders may suffer losses as a result of a cyber </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security breach related to the Fund, its service providers, trading </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties or the issuers in which the Fund invests.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest Risk&#8212;Allocation of Investment </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Opportunities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Manager and its affiliates are involved worldwide with a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broad spectrum of financial services and asset management activities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may engage in the ordinary course of business in activities in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their interests or the interests of their clients may conflict with those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. The Investment Manager may provide investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management services to other funds and discretionary managed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accounts that follow an investment program similar to that of the Fund. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the requirements of the 1940 Act, the Investment Manager </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intends to engage in such activities and may receive compensation from </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">third parties for its services. The results of the Fund&#8217;s investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities may differ from those of&#160;the the Fund&#8217;s affiliates, or another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account managed by the Investment Manager or its affiliates, and it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible that the Fund could sustain losses during periods in which one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more of the Fund&#8217;s affiliates and/or other accounts managed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager or its affiliates, including proprietary accounts, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve profits on their trading.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into repurchase agreements, in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases a security from a bank or broker-dealer, which agrees to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase the security at the Fund&#8217;s cost plus interest within a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time. If the party agreeing to repurchase should default, the Fund would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seek to sell the securities which it holds. This could involve costs or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays in addition to a loss on the securities if their value should fall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below their repurchase price. The security subject to a repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement may be or become illiquid. These events could also trigger </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse tax consequences for the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Special Purpose Acquisition Companies (&#8220;SPACs&#8221;) Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities of SPACs or similar special purpose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities that pool funds to seek potential acquisition opportunities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unless and until an acquisition is completed, a SPAC generally invests its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets (less a portion retained to cover expenses) in U.S. government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, money market securities or holds cash. If an acquisition that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meets the requirements for the SPAC is not completed within a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pre-established period of time, the invested funds are returned to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entity&#8217;s shareholders unless shareholders approve alternative options. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because SPACs and similar entities are in essence blank check </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies without operating history or ongoing business other than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seeking acquisitions, the value of their securities is particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent on the ability of the entity&#8217;s management to identify and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">complete a profitable acquisition. A SPAC&#8217;s structure may result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant dilution of a shareholder's share value immediately upon the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of a business combination due to, among other reasons, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests held by the SPAC sponsor, conversion of warrants into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional shares, shares issued in connection with a business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">combination and/or certain embedded costs. There is no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the SPACs in which the Fund invests will complete an acquisition or that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any acquisitions that are completed will be profitable. Some SPACs may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursue acquisitions only within certain industries or regions, which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the volatility of their prices. In addition, these securities, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are typically traded in the over-the-counter market, may be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid and/or be subject to restrictions on resale.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Structured Investments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Holders of structured products, including structured notes, credit-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">notes and other types of structured products, bear the risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying investments, index or reference obligation and are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty risk. The Fund may have the right to receive payments only </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the structured product, and generally does not have direct rights </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the issuer or the entity that sold the assets to be securitized. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While certain structured products enable the investor to acquire </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests in a pool of securities without the brokerage and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses associated with directly holding the same securities, investors </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in structured products generally pay their share of the structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">product&#8217;s administrative and other expenses. Although it is difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict whether the prices of indices and securities underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured products will rise or fall, these prices (and, therefore, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices of structured products) are generally influenced by the same types </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of political and economic events that affect issuers of securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital markets generally. If the issuer of a structured product uses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shorter term financing to purchase longer term securities, the issuer may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be forced to sell its securities at below market prices if it experiences </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulty in obtaining such financing, which may adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the structured products owned by the Fund. Structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products generally entail risks associated with derivative instruments.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Collateralized Bond Obligations, Collateralized Loan </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Obligations and Collateralized Debt Obligations Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CBOs, CLOs and CDOs may charge management fees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">administrative expenses. For CBOs, CLOs and CDOs, the cash flows from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the trust are split into two or more portions, called tranches, varying in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk and yield. The riskiest portion is the equity tranche which generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bears losses in connection with the first defaults, if any, on the bonds or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans in the trust. A senior tranche from a CLO, CBO and CDO trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically has higher credit ratings and lower yields than the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. CLO tranches, CBO, and CDO, even senior ones, can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">experience substantial losses due to actual defaults, increased sensitivity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defaults due to collateral default and disappearance of protecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches, market anticipation of defaults and aversion to CLO, CBO or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other CDO securities. The risks of an investment in a CBO, CLO or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CDO vary depending on the type of collateral securities and the class of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the instrument in which the Fund invests, among other factors. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Normally, CLOs, CBOs and other CDOs are privately offered and sold, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and thus are not registered under the securities laws. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs, CBOs and CDOs may be or become illiquid. In addition to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">normal risks associated with debt instruments (e.g., interest rate risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and credit risk), CLOs, CBOs and CDOs carry additional risks including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to: (i) the possibility that distributions from the collateral </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be adequate to make interest or other payments; (ii) the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the quality of the collateral may decline in value or default; (iii) the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the Fund may invest in CBOs, CLOs or other CDOs that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinate to other classes; and (iv) the risk that the complex structure </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the security may not be fully understood at the time of investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may produce disputes with the issuer or others and may produce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected investment results.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Disruptions Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to investment and operational risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial, economic and other global market developments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, including those arising from war, military conflicts, terrorism, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">social unrest, recessions, supply chain disruptions, market manipulation, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government interventions, defaults and shutdowns, political changes or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">diplomatic developments, public health emergencies (such as the spread </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of infectious diseases, pandemics and epidemics), bank failures, </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">natural/environmental disasters, climate change and climate related </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">events which can all negatively impact the securities markets, interest </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">rates, auctions, secondary trading, ratings, credit risk, inflation, deflation </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">and other factors relating to the Fund&#8217;s investments or the Investment </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">Manager&#8217;s operations and the value of an investment in the Fund, its </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">distributions and its returns. These events can also impair the </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">technology and other operational systems upon which the Fund&#8217;s </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">service providers, including PIMCO as the Fund&#8217;s investment adviser, </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">rely, and could otherwise disrupt the Fund&#8217;s service providers&#8217; ability to </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">fulfill their obligations to the Fund. Furthermore, events involving limited </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">liquidity, defaults, non-performance or other adverse developments that </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">affect financial institutions or the financial services industry generally, or </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">concerns or rumors about any events of these kinds or other similar </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">risks, have in the past and may in the future lead to market-wide </div><div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;">liquidity problems.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Geopolitical Conflicts</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The occurrence of geopolitical conflicts, war or terrorist activities could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have adverse impacts on markets in various and unpredictable ways. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, following Russia&#8217;s large-scale invasion of Ukraine in February </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2022, Russia, and other countries, persons and entities that were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">viewed as having provided material aid to Russia&#8217;s aggression against </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ukraine, became the subject of economic sanctions and import and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">export controls imposed by countries throughout the world, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the United States. Such measures have had and may continue to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an adverse effect on the Russian, Belarusian and other securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economies. Additional examples include, but are not limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened concerns of trade disputes, which could result in increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tariffs, trade restrictions or other retaliatory countermeasures. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent, duration and impact of geopolitical conflicts and related market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacts are difficult to ascertain, but could be significant and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have significant adverse effects on regional and global economies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the markets for certain securities and commodities, such as oil, natural </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gas, steel and aluminum, as well as other sectors, and on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Focused Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund focuses its investments in a particular sector, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it may be susceptible to loss due to adverse developments affecting that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sector, including (but not limited to): governmental regulation; inflation; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rising interest rates; cost increases in raw materials, fuel and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating expenses; technological innovations that may render existing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products and equipment obsolete; competition from new entrants; high </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">research and development costs; increased costs associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compliance with environmental or other governmental regulations; and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other economic, business or political developments specific to that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sector. Furthermore, the Fund may invest a substantial portion of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets in companies in related sectors that may share common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics, are often subject to similar business risks and regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">burdens, and whose securities may react similarly to the types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments described above, which will subject the Fund to greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. The Fund also will be subject to focused investment risk to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that it invests a substantial portion of its assets in a particular </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer, market, asset class, country or geographic region. See &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund&#8212;Foreign (Non-U.S.) Investment Risk,&#8221; &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund&#8212;Emerging Markets Risk&#8221; and &#8220;Principal Risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8212;Currency Risk.&#8221;</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market prices of zero-coupon, step-ups and payment-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are generally more volatile than the prices of securities that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay interest periodically and in cash, and are likely to respond to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in interest rates to a greater degree than other types of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities with similar maturities and credit quality. Because </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon securities bear no interest, their prices are especially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatile. And because zero-coupon bondholders do not receive interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments, the prices of zero-coupon securities generally fall more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatically than those of bonds that pay interest on a current basis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when interest rates rise. The market for zero-coupon and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment-in-kind securities may suffer decreased liquidity. In addition, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these securities may not pay cash interest, the Fund&#8217;s investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure to these securities and their risks, including credit risk, will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase during the time these securities are held in the Fund&#8217;s portfolio. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, to maintain its qualification for treatment as a RIC and to avoid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund-level U.S. federal income and/or excise taxes, the Fund is required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to distribute to its shareholders any income it is deemed to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received in respect of such investments, notwithstanding that cash has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not been received currently, and the value of paid-in-kind interest. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, the Fund may have to dispose of portfolio securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under disadvantageous circumstances to generate the cash, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have to leverage itself by borrowing the cash to satisfy this distribution </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirement. The required distributions, if any, would result in an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in the Fund&#8217;s exposure to these securities. Zero coupon bonds, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">step-ups and payment-in-kind securities allow an issuer to avoid or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delay the need to generate cash to meet current interest payments and, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as a result, may involve greater credit risk than bonds that pay interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currently or in cash. The Fund would be required to distribute the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income on these instruments as it accrues, even though the Fund will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not receive the income on a current basis or in cash. Thus, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell other investments, including when it may not be advisable to do so, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to make income distributions to its shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Debt Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Debt securities are generally subject to the risks described below and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">further herein:</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Issuer risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of fixed income securities may decline for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of reasons that directly relate to the issuer, such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management performance, financial leverage, reduced demand for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s goods and services, historical and prospective earnings of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer and the value of the assets of the issuer. A change in the financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condition of a single issuer may affect securities markets as a whole. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These risks can apply to the Common Shares issued by the Fund and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuers of securities and other instruments in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Interest rate risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market value of debt securities changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">response to interest rate changes and other factors. Interest rate risk is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that prices of debt securities will increase as interest rates fall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and decrease as interest rates rise, which would be reflected in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s NAV. The Fund may lose money if short-term or long-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rise sharply in a manner not anticipated by the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management. Moreover, because rates on certain floating rate debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities typically reset only periodically, changes in prevailing interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates (and particularly sudden and significant changes) can be expected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to cause some fluctuations in the NAV of the Fund to the extent that it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests in floating rate debt securities.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Prepayment risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of declining interest rates, borrowers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may prepay principal. This may force the Fund to reinvest in lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yielding securities, resulting in a possible decline in the Fund&#8217;s income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and distributions.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Credit risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit risk is the risk that one or more debt securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio will decline in price or fail to pay interest or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal when due because the issuer of the security experiences a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in its financial status. Credit risk is increased when a portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security is downgraded or the perceived creditworthiness of the issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deteriorates.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reinvestment risk is the risk that income from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s portfolio will decline if the Fund invests the proceeds from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">matured, traded or called fixed income securities at market interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are below the portfolio&#8217;s current earnings rate.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Duration and maturity risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may seek to adjust the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration or maturity of its investments in debt securities based on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of current and projected market conditions. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur costs in seeking to adjust the average duration or maturity of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio of debt securities. There can be no assurances that the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of current and projected market conditions will be correct or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that any strategy to adjust duration or maturity will be successful.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, from time to time, uncertainty regarding the status of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations in the U.S. government to increase the statutory debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ceiling could impact the creditworthiness of the United States and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the liquidity and value of U.S. Government and other securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and ultimately the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Sovereign Debt Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to the other risks applicable to debt investments, sovereign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt may decline in value as a result of default or other adverse credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event resulting from an issuer&#8217;s inability or unwillingness to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal or interest payments in a timely fashion. A sovereign entity&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failure to make timely payments on its debt can result from many </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors, including, without limitation, insufficient foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency reserves or an inability to sufficiently manage fluctuations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative currency valuations, an inability or unwillingness to satisfy the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demands of creditors and/or relevant supranational entities regarding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt service or economic reforms, the size of the debt burden relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic output and tax revenues, cash flow difficulties, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political and social considerations. The risk of loss to the Fund in the </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of a sovereign debt default or other adverse credit event is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened by the unlikelihood of any formal recourse or means to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforce its rights as a holder of the sovereign debt. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sovereign debt restructurings, which may be shaped by entities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors beyond the Fund&#8217;s control, may result in a loss in value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s sovereign debt holdings.</div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Certain Affiliations</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain broker-dealers may be considered to be affiliated persons of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and/or the Investment Manager due to their possible affiliations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with Allianz SE, the ultimate parent of the Investment Manager, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">another Allianz entity. Allianz Asset Management of America LP merged </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with Allianz Asset Management of America LLC (&#8220;Allianz Asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Management&#8221;), with the latter being the surviving entity, effective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">January 1, 2023. Following the merger, Allianz Asset Management is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO&#8217;s managing member and direct parent entity. Absent an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exemption from the SEC or other regulatory relief, the Fund is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">precluded from effecting certain principal transactions with affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokers, and its ability to purchase securities being underwritten by an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliated broker or a syndicate including an affiliated broker, or to utilize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliated brokers for agency transactions, is subject to restrictions. This </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could limit the Fund&#8217;s ability to engage in securities transactions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take advantage of market opportunities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The 1940 Act imposes significant limits on co-investment with affiliates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund. The Fund has received exemptive relief from the SEC that, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent a fund relies on such relief, permits it to (among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things) co-invest alongside certain other persons in privately negotiated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including certain affiliates of the Investment Manager and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain public or private funds managed by the Investment Manager and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its affiliates, subject to certain terms and conditions. The exemptive relief </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the SEC with respect to co-investments imposes a number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions on any co-investments made in reliance on such relief that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may limit or restrict a fund&#8217;s ability to participate in an investment or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require it to participate in an investment to a lesser extent, which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negatively impact a fund&#8217;s ability to execute its desired investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategy and its returns. Subject to applicable law, the Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest alongside other PIMCO managed funds and accounts, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private funds and affiliates of the Investment Manager, without relying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the exemptive relief. Pursuant to co-investment exemptive relief, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the extent a fund relies on such relief, the fund will be able to invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities in which PIMCO and/or its affiliates has an investment, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and PIMCO and/or its affiliates will be able to invest in opportunities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which a fund has made an investment.</div></div></div><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Declaration and the Bylaws include provisions that could limit the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability of other entities or persons to acquire control of the Fund or to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convert the Fund to open-end status. &#160;These provisions in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration and the Bylaws could have the effect of depriving the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders of opportunities to sell their Common Shares at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a premium over the then-current market price of the Common Shares or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at NAV.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distribution Rate Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution rates may be affected by numerous factors, including but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to changes in realized and projected market returns, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuations in market interest rates, Fund performance, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors. The Fund&#8217;s distributions may be comprised of a return of capital. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general terms, a return of capital would occur where a Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution (or portion thereof) represents a return of a portion of your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment, rather than net income or capital gains generated from your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment during a particular period. There can be no assurance that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in market conditions or other factors will not result in a change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund&#8217;s distribution rate or that the rate will be sustainable in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For instance, during periods of low or declining interest rates, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributable income and dividend levels may decline for many reasons. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For example, the Fund may have to deploy uninvested assets (whether </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from sales of Fund shares, proceeds from matured, traded or called debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations or other sources) in new, lower yielding instruments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, payments from certain instruments that may be held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund (such as variable and floating rate securities) may be negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by declining interest rates, which may also lead to a decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s distributable income and dividend levels.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeverageTextBlock', window );">Effects of Leverage [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Effects of Leverage</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table is furnished in response to requirements of the SEC. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">It is designed to illustrate the effects of leverage through the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior securities, as that term is defined under Section 18 of the 1940 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Act, on Common Share total return, assuming investment portfolio total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns (consisting of income and changes in the value of investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">held in the Fund&#8217;s portfolio) of -10%, -5%, 0%, 5% and 10%. Although </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund does not currently have a class of senior securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding, the table below reflects the Fund&#8217;s continued use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements averaged over the fiscal year ended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 30, 2024 representing approximately 14.59% of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average total managed assets (including assets attributable to reverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase agreements) at an estimated annual effective interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expense rate of 5.80% payable by the Fund on such instruments (based </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on market conditions averaged over the fiscal year ended June 30, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2024). Based on such estimated annual effective interest expense rate, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the annual return that the Fund&#8217;s portfolio must experience (net of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses) in order to cover such costs of the reverse repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements is 0.86%. The information below does not reflect the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">use of certain other forms of economic leverage achieved through the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">use of other instruments or transactions not considered to be senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities under the 1940 Act, such as credit default swaps or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The assumed investment portfolio returns in the table below are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hypothetical figures and are not necessarily indicative of the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio returns experienced or expected to be experienced by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Your actual returns may be greater or less than those appearing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below. In addition, the actual borrowing expenses associated with </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements (or dollar rolls/buybacks or borrowings, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if any) used by the Fund may vary frequently and may be significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher or lower than the rate used for the example below.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div>
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<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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Assumed Portfolio Total Return</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"><div style="display:flex;margin:auto;width:28.19pt"><div style="display:flex;white-space:nowrap;width:28.19pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">(<div style="display:inline;">10.00</div><div style="display:inline;"></div>)%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">(5.00</div>)%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 1.94pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">0.00</div>%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"><div style="display:flex;margin:auto;width:20.71pt"><div style="display:flex;white-space:nowrap;width:20.71pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">5.00%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"><div style="display:flex;margin:auto;width:24.31pt"><div style="display:flex;white-space:nowrap;width:24.31pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">10.00</div>%</div></div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return</div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"><div style="display:flex;margin:auto;width:28.19pt"><div style="display:flex;white-space:nowrap;width:28.19pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">(12.74</div>)%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">(6.87)%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">(1.00)%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"><div style="display:flex;margin:auto;width:20.71pt"><div style="display:flex;white-space:nowrap;width:20.71pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">4.86%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"><div style="display:flex;margin:auto;width:24.31pt"><div style="display:flex;white-space:nowrap;width:24.31pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">10.73%</div></div></div></div></td></tr></table><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Share total return is composed of two elements &#8212; the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Share dividends paid by the Fund (the amount of which is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">largely determined by the net investment income of the Fund after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">paying dividend payments on any preferred shares issued by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses on any forms of leverage outstanding) and gains or losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the value of the securities and other instruments the Fund owns. As </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required by SEC rules, the table assumes that the Fund is more likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">suffer capital losses than to enjoy capital appreciation. For example, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assume a portfolio total return of 0%, the Fund must assume that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income it receives on its investments is entirely offset by losses in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of those investments. This table reflects hypothetical performance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund&#8217;s portfolio and not the actual performance of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, the value of which is determined by market forces and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Should the Fund elect to add additional leverage to its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">following an offering, any benefits of such additional leverage cannot </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be fully achieved until the proceeds resulting from the use of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage have been received by the Fund and invested in accordance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the Fund&#8217;s investment objectives and policies. As noted above, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s willingness to use additional leverage, and the extent to which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage is used at any time, will depend on many factors, including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among other things, PIMCO&#8217;s assessment of the yield curve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environment, interest rate trends, market conditions and other factors.</div></div></div><span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeverageTableTextBlock', window );">Effects of Leverage [Table Text Block]</a></td>
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<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt">
<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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Assumed Portfolio Total Return</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"><div style="display:flex;margin:auto;width:28.19pt"><div style="display:flex;white-space:nowrap;width:28.19pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">(<div style="display:inline;">10.00</div><div style="display:inline;"></div>)%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">(5.00</div>)%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 1.94pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">0.00</div>%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"><div style="display:flex;margin:auto;width:20.71pt"><div style="display:flex;white-space:nowrap;width:20.71pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">5.00%</div></div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"><div style="display:flex;margin:auto;width:24.31pt"><div style="display:flex;white-space:nowrap;width:24.31pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">10.00</div>%</div></div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return</div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"><div style="display:flex;margin:auto;width:28.19pt"><div style="display:flex;white-space:nowrap;width:28.19pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">(12.74</div>)%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">(6.87)%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"><div style="display:flex;margin:auto;width:24.59pt"><div style="display:flex;white-space:nowrap;width:24.59pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">(1.00)%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"><div style="display:flex;margin:auto;width:20.71pt"><div style="display:flex;white-space:nowrap;width:20.71pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">4.86%</div></div></div></div></td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"><div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"><div style="display:flex;margin:auto;width:24.31pt"><div style="display:flex;white-space:nowrap;width:24.31pt"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">10.73%</div></div></div></div></td></tr></table><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtMinusTenPercent', window );">Return at Minus Ten [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12.74%)<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtMinusFivePercent', window );">Return at Minus Five [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6.87%)<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtZeroPercent', window );">Return at Zero [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1.00%)<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtPlusFivePercent', window );">Return at Plus Five [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4.86%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtPlusTenPercent', window );">Return at Plus Ten [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10.73%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund&#8217;s Common Shares on the NYSE, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share. See &#8220;Net Asset Value&#8221; for information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as to how the Fund&#8217;s NAV is determined.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div></div><div style="line-height:0.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"> </div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:21.25pt">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:368.21pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></div></td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:49.44pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Common share</div></div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">market price</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bold;display:inline;">(1)</div></div> <div style="clear:right"> </div></div></div></td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:49.84pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Common share</div></div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">net asset value</div></div></div></div></td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.52pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Premium (discount) as</div></div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">a % of net asset value</div></div></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:368.21pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Quarter</div></div></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:24.72pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></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:24.72pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></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:24.92pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></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:24.92pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></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:35.12pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High</div></div></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:35.4pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Low</div></div></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:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended March 31, 2025</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.98</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.85</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.73</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.65</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.52%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.97%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended December 31, 2024</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5.16</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.85</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.76</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.69</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.63%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.97%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended September 30, 2024</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5.00</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.76</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.75</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.55</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.81%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.46%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended June 30, 2024</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5.00</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.63</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.66</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.55</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.53%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.54%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended March 31, 2024</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5.01</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.79</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.68</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.58</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.24%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.59%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended December 31, 2023</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.99</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.16</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.65</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.26</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.54%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(2.35)%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended September 30, 2023</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5.13</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.42</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.52</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.38</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.51%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.91%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended June 30, 2023</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5.00</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.64</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.59</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.49</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.38%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.11%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended March 31, 2023</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5.35</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.71</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.81</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.54</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.53%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.94%</div></div></div></td></tr>
<tr style="height:11pt">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended December 31, 2022</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5.05</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.58</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.71</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.55</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.91%</div></div></div></td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.44%</div></div></div></td></tr>
<tr style="height:8.5pt">
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:368.21pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended September 30, 2022</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5.37</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.72pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.64</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.96</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.92pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$4.63</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:35.12pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9.40%</div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:35.4pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"></div>(0.22)%</div></div></div></td></tr></table></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;">1</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.</div><div style="clear: both; position: relative; max-height: 0px;"> </div><div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s NAV per Common Share at the close of business on March 31, 2025 was $4.65 and the last reported sale price of a Common Share on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NYSE on that day was $4.89, representing a 5.16% premium to such NAV.</div></div></div><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.85<span></span>
</td>
<td class="nump">$ 4.85<span></span>
</td>
<td class="nump">$ 4.76<span></span>
</td>
<td class="nump">$ 4.63<span></span>
</td>
<td class="nump">$ 4.79<span></span>
</td>
<td class="nump">$ 4.16<span></span>
</td>
<td class="nump">$ 4.42<span></span>
</td>
<td class="nump">$ 4.64<span></span>
</td>
<td class="nump">$ 4.71<span></span>
</td>
<td class="nump">$ 4.58<span></span>
</td>
<td class="nump">$ 4.64<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.98<span></span>
</td>
<td class="nump">5.16<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="nump">5.01<span></span>
</td>
<td class="nump">4.99<span></span>
</td>
<td class="nump">5.13<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="nump">5.35<span></span>
</td>
<td class="nump">5.05<span></span>
</td>
<td class="nump">5.37<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidNav', window );">Lowest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.65<span></span>
</td>
<td class="nump">4.69<span></span>
</td>
<td class="nump">4.55<span></span>
</td>
<td class="nump">4.55<span></span>
</td>
<td class="nump">4.58<span></span>
</td>
<td class="nump">4.26<span></span>
</td>
<td class="nump">4.38<span></span>
</td>
<td class="nump">4.49<span></span>
</td>
<td class="nump">4.54<span></span>
</td>
<td class="nump">4.55<span></span>
</td>
<td class="nump">4.63<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidNav', window );">Highest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.73<span></span>
</td>
<td class="nump">$ 4.76<span></span>
</td>
<td class="nump">$ 4.75<span></span>
</td>
<td class="nump">$ 4.66<span></span>
</td>
<td class="nump">$ 4.68<span></span>
</td>
<td class="nump">$ 4.65<span></span>
</td>
<td class="nump">$ 4.52<span></span>
</td>
<td class="nump">$ 4.59<span></span>
</td>
<td class="nump">$ 4.81<span></span>
</td>
<td class="nump">$ 4.71<span></span>
</td>
<td class="nump">$ 4.96<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.52%<span></span>
</td>
<td class="nump">8.63%<span></span>
</td>
<td class="nump">6.81%<span></span>
</td>
<td class="nump">7.53%<span></span>
</td>
<td class="nump">8.24%<span></span>
</td>
<td class="nump">7.54%<span></span>
</td>
<td class="nump">14.51%<span></span>
</td>
<td class="nump">10.38%<span></span>
</td>
<td class="nump">12.53%<span></span>
</td>
<td class="nump">7.91%<span></span>
</td>
<td class="nump">9.40%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.97%<span></span>
</td>
<td class="nump">2.97%<span></span>
</td>
<td class="nump">3.46%<span></span>
</td>
<td class="nump">1.54%<span></span>
</td>
<td class="nump">4.59%<span></span>
</td>
<td class="num">(2.35%)<span></span>
</td>
<td class="nump">0.91%<span></span>
</td>
<td class="nump">3.11%<span></span>
</td>
<td class="nump">1.94%<span></span>
</td>
<td class="nump">0.44%<span></span>
</td>
<td class="num">(0.22%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.89<span></span>
</td>
<td class="nump">$ 4.89<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">NAV Per Share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.65<span></span>
</td>
<td class="nump">$ 4.65<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.16%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Description of Capital Structure</div></div></div></div><div style="line-height:12.0pt;margin-top:2pt;text-align:left"><div style="margin-top:2pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a brief description of the capital structure of the Fund. This description does not purport to be complete and is subject to and qualified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in its entirety by reference to the Declaration and the Fund&#8217;s Bylaws, as amended and restated through the date hereof (the &#8220;Bylaws&#8221;). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration and Bylaws are each exhibits to the registration statement of which this prospectus is a part.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is an unincorporated voluntary association with transferable shares of beneficial interest (commonly referred to as a &#8220;Massachusetts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business trust&#8221;) established under the laws of the Commonwealth of Massachusetts by the Declaration. The Declaration provides that the Board may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">authorize separate classes of shares of beneficial interest. However, as of the date of this prospectus, the Fund does not have any shares outstanding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other than the Common Shares.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table shows the amount of Common Shares authorized and outstanding as of March 31, 2025.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div></div><div style="line-height:0.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"> </div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<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:399.52pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Title of Class</div></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: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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Amount Authorized</div></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: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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Amount Outstanding</div></div></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:399.52pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">171,030,439</div></div></div></td></tr></table></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Common Shares of the Fund commenced trading on the NYSE in April 2003, under the trading or &#8220;ticker&#8221; symbol &#8220;PHK.&#8221; As of the close of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading on the NYSE on March 31, 2025, the NAV per Common Share was $4.65, and the closing price per Common Share on the NYSE was $4.89.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders are entitled to share equally in dividends declared by the Board to Common Shareholders and in the net assets of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available for distribution to Common Shareholders after payment of the preferential amounts payable to holders of any outstanding preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of beneficial interest.</div> All Common Shares of the Fund have equal rights to the payment of dividends and the distribution of assets upon liquidation.</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div>Common Shares of the Fund are fully paid and, subject to matters discussed in &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bylaws,&#8221; non-assessable, and have no pre-emptive or conversion rights or rights to cumulative voting, and have no right to cause the Fund to redeem </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their shares. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preference with respect to any outstanding preferred shares of beneficial interest, and upon receipt of such releases, indemnities and refunding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#8217;s Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders of each class are entitled to one vote for each share held. Common Shareholders will vote with the holders of any outstanding preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares as a single class on each matter submitted to a vote of holders of Common Shares, except as otherwise provided by the Declaration, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bylaws or applicable law.</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will send unaudited reports at least semiannually and audited financial statements annually to all of its shareholders.</div></div></div><span></span>
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<td class="text"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders are entitled to share equally in dividends declared by the Board to Common Shareholders and in the net assets of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available for distribution to Common Shareholders after payment of the preferential amounts payable to holders of any outstanding preferred shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of beneficial interest.</div><span></span>
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<td class="text"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders of each class are entitled to one vote for each share held. Common Shareholders will vote with the holders of any outstanding preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares as a single class on each matter submitted to a vote of holders of Common Shares, except as otherwise provided by the Declaration, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bylaws or applicable law.</div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table shows the amount of Common Shares authorized and outstanding as of March 31, 2025.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;">&#8195;</div></div></div><div style="line-height:0.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"> </div></div>
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<td class="text"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Private Placements and Restricted Securities&#160;Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A private placement involves the sale of securities that have not been </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registered under the Securities Act or relevant provisions of applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. law to certain institutional and qualified individual purchasers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the Fund. In addition to the general risks to which all securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject, securities received in a private placement generally are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to strict restrictions on resale, and there may be no liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market or ready purchaser for such securities. 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Such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are often more difficult to value and the sale of such securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often requires more time and results in higher brokerage charges or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer discounts and other selling expenses than does the sale of liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities trading on national securities exchanges or in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over-the-counter markets. 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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Cyber Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As the use of technology, including cloud-based technology, has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become more prevalent in the course of business, the Fund is potentially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more susceptible to operational and information security risks resulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from breaches in cyber security. A breach in cyber security refers to both </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intentional and unintentional cyber events from outside threat actors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">internal resources that may, among other things, cause the Fund to lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proprietary information, suffer data corruption and/or destruction, lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operational capacity, result in the unauthorized release or other misuse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of confidential information, or otherwise disrupt normal business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations. Geopolitical tensions can increase the scale and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sophistication of deliberate cyber security attacks, particularly those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from nation-states or from entities with nation-state backing, who may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">desire to use cyber security attacks to cause damage or create leverage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against geopolitical rivals. Cyber security breaches may involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unauthorized access to the Fund&#8217;s digital information systems (e.g., </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through &#8220;hacking&#8221; or malicious software coding), and may come from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multiple sources, including outside attacks such as denial-of-service </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attacks (i.e., efforts to make network services unavailable to intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">users) or cyber extortion, including exfiltration of data held for ransom </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or &#8220;ransomware&#8221; attacks that renders systems inoperable until </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ransom is paid, or insider actions (e.g., intentionally or unintentionally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">harmful acts of PIMCO personnel). In addition, cyber security breaches </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involving the Fund&#8217;s third party service providers (including but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to advisers, sub-advisers, administrators, transfer agents, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodians, vendors, suppliers, distributors and other third parties), </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading counterparties or issuers in which the Fund invests can also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject the Fund to many of the same risks associated with direct cyber </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security breaches or extortion of company data. PIMCO's use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cloud-based service providers could heighten or change these risks. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, work-from-home arrangements by the Fund, the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager or their service providers could increase all of the above risks, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">create additional data and information accessibility concerns, and make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund, the Investment Manager or their service providers susceptible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to operational disruptions, any of which could adversely impact their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cyber security failures or breaches may result in financial losses to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its shareholders. For example, cyber security failures or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breaches involving trading counterparties or issuers in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests could adversely impact such counterparties or issuers and cause </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investment to lose value. These failures or breaches may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in disruptions to business operations, potentially resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial losses; interference with the Fund&#8217;s ability to calculate its NAV, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">process shareholder transactions or otherwise transact business with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders; impediments to trading; violations of applicable privacy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other laws; regulatory fines; penalties; third-party claims in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation; reputational damage; reimbursement or other compensation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs; additional compliance and cyber security risk management costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other adverse consequences. In addition, substantial costs may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurred in order to prevent any cyber incidents in the future.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Like with operational risk in general, the Fund has established business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">continuity plans and risk management systems designed to reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks associated with cyber security. However, there are inherent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitations in these plans and systems, including that certain risks may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have been identified, in large part because different or unknown </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threats may emerge in the future. As such, there is no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such efforts will succeed, especially because the Fund does not directly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">control the cyber security systems of issuers in which the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest, trading counterparties or third-party service providers to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. Such entities have experienced cyber attacks and other attempts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to gain unauthorized access to systems from time to time, and there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no guarantee that efforts to prevent or mitigate the effects of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attacks or other attempts to gain unauthorized access will be successful. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is also a risk that cyber security breaches may not be detected. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its shareholders may suffer losses as a result of a cyber </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security breach related to the Fund, its service providers, trading </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties or the issuers in which the Fund invests.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Real Estate Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests directly or indirectly in real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including investments in equity or debt securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private and public REITs, real estate operating companies (&#8220;REOCs&#8221;), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private or public real estate-related loans and real estate-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments, it will be subject to the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">owning real estate and with the real estate industry generally. These </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments carry increased risks, which include, but are not limited to: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the burdens of ownership of real property; general and local economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions (such as an oversupply of space or a reduction in demand for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">space); the supply and demand for properties (including competition </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">based on rental rates); energy and supply shortages; fluctuations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">average occupancy and room rates; the attractiveness, type and location </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the properties and changes in the relative popularity of commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties as an investment; the financial condition and resources of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenants, buyers and sellers of properties; increased mortgage defaults; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the quality of maintenance, insurance and management services; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the availability of debt financing which may render the sale </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or refinancing of properties difficult or impracticable; changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">building, environmental and other laws and/or regulations (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those governing usage and improvements), fiscal policies and zoning </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws; changes in real property tax rates; changes in interest rates and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the availability of mortgage funds which may render the sale or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">refinancing of properties difficult or impracticable; changes in operating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs and expenses; energy and supply shortages; uninsured losses or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays from casualties or condemnation; negative developments in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy that depress travel or leasing activity; environmental liabilities; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contingent liabilities on disposition of assets; uninsured or uninsurable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">casualties; acts of God, including earthquakes, hurricanes and other </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">natural disasters; social unrest and civil disturbances, epidemics, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pandemics or other public crises; terrorist attacks and war; risks and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating problems arising out of the presence of certain construction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">materials, structural or property level latent defects, work stoppages, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shortages of labor, strikes, union relations and contracts, fluctuating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices and supply of labor and/or other labor-related factors; and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors which are beyond the control of PIMCO and its affiliates. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the Fund&#8217;s investments will be subject to various risks which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could cause fluctuations in occupancy, rental rates, operating income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses or which could render the sale or financing of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties difficult or unattractive. For example, following the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination or expiration of a tenant&#8217;s lease, there may be a period of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time before receiving rental payments under a replacement lease. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During that period, the Fund would continue to bear fixed expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as interest, real estate taxes, maintenance and other operating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses. In addition, declining economic conditions may impair the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to attract replacement tenants and achieve rental rates equal to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or greater than the rents paid under previous leases. Increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">competition for tenants may require capital improvements to properties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which would not have otherwise been planned.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ultimately, to the extent it is not possible to renew leases or re-let space </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as leases expire, decreased cash flow from tenants will result, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely impact the Fund&#8217;s operating results.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Real estate values have historically been cyclical. As the general </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy grows, demand for real estate increases and occupancies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rents may increase. As occupancies and rents increase, property values </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase, and new development occurs. As development may occur, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occupancies, rents and property values may decline. Because leases are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">usually entered into for long periods and development activities often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require extended times to complete, the real estate value cycle often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lags the general business cycle. Because of this cycle, real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may incur large swings in their profits and the prices of their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Developments following the onset of COVID-19 have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impacted certain commercial real estate markets, causing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deferral of mortgage payments, renegotiated commercial mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans, commercial real estate vacancies or outright mortgage defaults, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and potential acceleration of macro trends such as work-from-home </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and online shopping which may negatively impact certain industries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as brick-and-mortar retail.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The total returns available from investments in real estate generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend on the amount of income and capital appreciation generated by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the related properties. The performance of real estate, and thereby the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, will be reduced by any related expenses, such as expenses paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly at the property level and other expenses that are capitalized or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise embedded into the cost basis of the real estate.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Separately, certain service providers to the Fund and/or its Subsidiaries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as applicable, with respect to its real estate or real estate-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may be owned by, employed by, or otherwise related to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO, Allianz SE, their affiliates and/or their respective employees, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consultants and other personnel. PIMCO may, in its sole discretion, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine to provide, or engage or recommend an affiliate of PIMCO to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide, certain services to the Fund, instead of engaging or </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommending one or more third parties to provide such services. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the governance requirements of a particular fund and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable law, PIMCO or its affiliates, as applicable, will receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compensation in connection with the provision of such services. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, PIMCO faces a conflict of interest when selecting or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recommending service providers for the Fund. Fees paid to an affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service provider will be determined in PIMCO's commercially reasonable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discretion. Although PIMCO has adopted various policies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">procedures intended to mitigate or otherwise manage conflicts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest with respect to affiliated service providers, there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantee that such policies and procedures (which may be modified or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terminated at any time in PIMCO's sole discretion) will be successful.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Default Swaps Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit default swap agreements may involve greater risks than if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund had invested in the reference obligation directly since, in addition </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to general market risks, credit default swaps are subject to leverage risk, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquidity risk, counterparty risk and credit risk. A buyer generally also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will lose its investment and recover nothing should no credit event occur </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the swap is held to its termination date. If a credit event were to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occur, the value of any deliverable obligation received by the seller (if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any), coupled with the upfront or periodic payments previously received, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less than the full notional value it pays to the buyer, resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loss of value to the seller. When the Fund acts as a seller of a credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swap, it is exposed to many of the same risks of leverage. As the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seller, the Fund would receive a stream of payments over the term of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap agreement provided that no event of default has occurred with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to the referenced debt obligation upon which the swap is based. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund would effectively add leverage to its portfolio because, if a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default occurs, the stream of payments may stop and the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligated to pay the buyer the full notional value of the reference </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may seek to realize gains by selling credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps that increase in value, to realize gains on selling credit default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, an active secondary market for such instruments must exist or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund must otherwise be able to close out these transactions at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advantageous times. In addition to the risk of losses described above, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no such secondary market exists or the Fund is otherwise unable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">close out these transactions at advantageous times, selling credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swaps may not be profitable for the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market for credit default swaps has become more volatile as the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of certain counterparties has been questioned and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downgraded. The Fund will be subject to credit risk with respect to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties to the credit default swap contract (whether a clearing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporation or another third party). If a counterparty&#8217;s credit becomes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly impaired, multiple requests for collateral posting in a short </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of time could increase the risk that the Fund may not receive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adequate collateral. The Fund may exit its obligations under a credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default swap only by terminating the contract and paying applicable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breakage fees, or by entering into an offsetting credit default swap </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position, which may cause the Fund to incur more losses.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is subject to management risk because it is an actively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managed investment portfolio. PIMCO and each individual portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manager will apply investment techniques and risk analysis in making </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment decisions for the Fund, but there can be no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these decisions will produce the desired results. Certain securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments in which the Fund seeks to invest may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available in the quantities desired, including in circumstances where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other funds for which PIMCO acts as investment adviser, including funds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with names, investment objectives and policies, and/or portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management teams, similar to the Fund, are seeking to invest in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">same or similar securities or instruments. In addition, regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions, actual or potential conflicts of interest or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerations may cause PIMCO to restrict or prohibit participation in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain investments. In such circumstances, PIMCO or the individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio managers may determine to purchase other securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments as substitutes. Such substitute securities or instruments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not perform as intended, which could result in losses to the Fund. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent the Fund employs strategies targeting perceived pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inefficiencies, arbitrage strategies or similar strategies, it is subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the pricing or valuation of the securities and instruments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in such strategies may change unexpectedly, which may result </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in reduced returns or losses to the Fund. The Fund is also subject to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that deficiencies in the internal systems or controls of PIMCO or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">another service provider will cause losses for the Fund or hinder Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations. For example, trading delays or errors (both human and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systemic) could prevent the Fund from purchasing a security expected to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appreciate in value. Please refer to &#8220;Portfolio Managers &#8211; Conflicts of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest&#8221; in the SAI for further information. Additionally, actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived conflicts of interest, legislative, regulatory, or tax restrictions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">policies or developments may affect the investment techniques available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to PIMCO and each individual portfolio manager in connection with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managing the Fund and may also adversely affect the ability of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to achieve its investment objectives. There also can be no assurance that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of the personnel of PIMCO will continue to be associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO for any length of time. The loss of services of one or more key </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employees of PIMCO could have an adverse impact on the Fund&#8217;s ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to realize its investment objectives.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund may rely on various third-party sources to calculate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its NAV. As a result, the Fund is subject to certain operational risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with reliance on service providers and service providers&#8217; data </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sources. In particular, errors or systems failures and other technological </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issues may adversely impact the Fund&#8217;s calculations of its NAV, and such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">NAV calculation issues may result in inaccurately calculated NAVs, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays in NAV calculation and/or the inability to calculate NAV over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extended periods. The Fund may be unable to recover any losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with such failures.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investments in REITs Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs are pooled investment vehicles that own, and usually operate, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing real estate. Some REITs also finance real estate. If a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REIT meets certain requirements, including distributing to shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially all of its taxable income (other than net capital gains), then </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it is not typically taxed on the income distributed to shareholders.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs are sometimes informally characterized as: equity REITs, mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REITs and hybrid REITs. Equity REITs invest the majority of their assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directly in real property. They derive their income primarily from rents </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received and any profits on the sale of their properties. Equity REITs can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also realize capital gains by selling properties that have appreciated in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value. Mortgage REITs invest the majority of their assets in real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages and derive most of their income from mortgage interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments. As its name suggests, hybrid REITs combine characteristics of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both equity REITs and mortgage REITs.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An investment in a REIT, or in a real estate linked derivative instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">linked to the value of a REIT, is subject to the risks that impact the value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the underlying properties of the REIT. These risks include loss to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">casualty or condemnation, and changes in supply and demand, interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, zoning laws, regulatory limitations on rents, property taxes and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating expenses. Real estate income and values may also be affected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by demographic trends, such as population shifts or changing tastes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferences (such as remote work arrangements) and social values. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other factors that may adversely affect REITs include poor performance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by management of the REIT, changes to the tax laws, or failure by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">REIT to qualify for favorable tax treatment. The securities of REITs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involve greater risks than those associated with larger, more established </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and may be subject to more abrupt or erratic price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">movements because of interest rate changes, economic conditions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real estate market conditions (such as oversupply of real estate for rent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sale or vacancies, potentially for extended periods), reduced demand </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for commercial and office space as well as increased maintenance or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenant improvement costs and costs to convert properties for other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uses, and default risk and credit quality of tenants and borrowers and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors. For example, the value of these securities may decline </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when interest rates rise and will also be affected by the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market and by the management or development of the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties. The underlying properties may be subject to mortgage loans, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may also be subject to the risks of default. REITs are also subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to default by borrowers and self-liquidation, and are heavily dependent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on cash flow. Some REITs lack diversification because they invest in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited number of properties, a narrow geographic area, or a single type </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of property. Mortgage REITs may be impacted by the quality of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit extended.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When investing in an investment company, the Fund will generally bear </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its ratable share of that investment company&#8217;s expenses and would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">remain subject to payment of the Fund&#8217;s investment management fees </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other expenses with respect to assets so invested. Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders would therefore be subject to duplicative expenses to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent the Fund invests in other investment companies. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these other investment companies may utilize leverage, in which case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an investment would subject a Fund to additional risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage. Due to its own financial interest or other business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerations, the Investment Manager may choose to invest a portion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a Fund&#8217;s assets in investment companies sponsored or managed by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Investment Manager or its related parties in lieu of investments by a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund directly in portfolio securities, or may choose to invest in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies over investment companies sponsored or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managed by others. Participation in a cash sweep program where the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's uninvested cash balance is used to purchase shares of affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or unaffiliated money market funds or cash management pooled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles at the end of each day subjects the Fund to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with the underlying money market funds or cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management pooled investment vehicles, including liquidity risk. As a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder of a money market fund or cash management pooled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicle, the Fund would indirectly bear the fees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses of the underlying fund or account which are in addition to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees the Fund pays its service providers. Applicable law may limit a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to invest in other investment companies.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Risk Retention Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in risk retention tranches of commercial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities (&#8220;CMBS&#8221;) or other eligible securitizations, if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any (&#8220;risk retention tranches&#8221;), which are eligible residual interests </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically held by the sponsors of such securitizations pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the&#160;final rules implementing the credit risk retention requirements of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Section 941 of the Dodd-Frank Act (the &#8220;U.S. Risk Retention Rules&#8221;). In </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the case of CMBS transactions, for example, the U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules permit all or a portion of the retained credit risk associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain securitizations (i.e., retained risk) to be held by an unaffiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;third party purchaser,&#8221; such as the Fund, if, among other requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the third-party purchaser holds its retained interest, unhedged, for at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">least five years following the closing of the CMBS transaction, after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which it is entitled to transfer its interest in the securitization to another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">person that meets the requirements for a third-party purchaser. Even </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">after the required holding period has expired, due to the generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid nature of such investments, no assurance can be given as to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">what, if any, exit strategies will ultimately be available for any given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, there is limited guidance on the application of the final </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Risk Retention Rules to specific securitization structures. There can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance that the applicable federal agencies charged with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the final U.S. Risk Retention Rules (the Federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Deposit Insurance Corporation, the Comptroller of the Currency, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Reserve Board, the SEC, the Department of Housing and Urban </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Development, and the Federal Housing Finance Agency) could not take </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions in the future that differ from the interpretation of such rules </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taken or embodied in such securitizations, or that the final U.S. Risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Retention Rules will not change.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, in situations where the Fund invests in risk retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches of securitizations structured by third parties, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to execute one or more letters or other agreements, the exact </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form and nature of which will vary (each, a &#8220;Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221;) under which it will make certain undertakings designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ensure such securitization complies with the final U.S. Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rules. Such Risk Retention Agreements may include a variety of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representations, warranties, covenants and other indemnities, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may run to various transaction parties. If the Fund breaches any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undertakings in any Risk Retention Agreement, it will be exposed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims by the other parties thereto, including for any losses incurred as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of such breach, which could be significant and exceed the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Platform Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Alt Lending ABS in which the Fund may invest are typically not listed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on any securities exchange and not registered under the Securities Act. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund anticipates that these instruments may only be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold to a limited number of investors and may have a limited or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-existent secondary market. Accordingly, the Fund currently expects </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that certain of the investments it may make in Alt Lending ABS will face </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened levels of liquidity risk. Although currently there is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no reliable, active secondary market for certain Alt Lending ABS, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market for these Alt Lending ABS may develop. If the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases Alt Lending ABS on an alternative lending platform, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have the right to receive principal and interest payments due on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans underlying the Alt Lending ABS only if the platform servicing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans receives the borrower&#8217;s payments on such loans and passes such </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments through to the Fund. If a borrower is unable or fails to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on a loan for any reason, the Fund may be greatly limited in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its ability to recover any outstanding principal or interest due, as (among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other reasons) the Fund may not have direct recourse against the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower or may otherwise be limited in its ability to directly enforce its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights under the loan, whether through the borrower or the platform </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through which such loan was originated, the loan may be unsecured or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under-collateralized and/or it may be impracticable to commence a legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeding against the defaulting borrower.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may have limited knowledge about the underlying loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is dependent upon the platform for information regarding underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans. Although PIMCO may conduct diligence on the platforms, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund generally does not have the ability to independently verify the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information provided by the platforms, other than payment information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regarding loans underlying the Alt Lending ABS owned by the Fund, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund observes directly as payments are received. With respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to Alt Lending ABS that the Fund purchases in the secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i.e., not directly from an alternative lending platform), the Fund may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform the same level of diligence on such platform or at all. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not review the particular characteristics of the loans collateralizing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an Alt Lending ABS, but rather negotiate in advance with platforms the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">general criteria of the underlying loans. As a result, the Fund is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent on the platforms&#8217; ability to collect, verify and provide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information to the Fund about each loan and borrower.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund relies on the borrower&#8217;s credit information, which is provided </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the platforms. However, such information may be out of date, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incomplete or inaccurate and may, therefore, not accurately reflect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower&#8217;s actual creditworthiness. Platforms may not have an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation to update borrower information, and, therefore, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be aware of any impairment in a borrower&#8217;s creditworthiness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subsequent to the making of a particular loan. The platforms&#8217; credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decisions and scoring models may be based on algorithms that could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially contain programming or other errors or prove to be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ineffective or otherwise flawed. This could adversely affect loan pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">data and approval processes and could cause loans to be mispriced or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">misclassified, which could ultimately have a negative impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s performance.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the underlying loans, in some cases, may be affected by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">success of the platforms through which they are facilitated. Therefore, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions in the businesses of such platforms may also negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the value of the Fund&#8217;s investments. In addition, disruption in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business of a platform could limit or eliminate the ability of the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in loans originated by that platform, and therefore the Fund could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lose some or all of the benefit of its diligence effort with respect to that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms are for-profit businesses that, as a general matter, generate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">revenue by collecting fees on funded loans from borrowers and by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessing a loan servicing fee on investors, which may be a fixed annual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount or a percentage of the loan or amounts collected. This business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be disrupted in multiple ways; for example, a platform could file </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for bankruptcy or a platform might suffer reputational harm from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative publicity about the platform or alternative lending more </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally and the loss of investor confidence in the event that a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facilitated through the platform is not repaid and the investor loses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">money on its investment. Many platforms and/or their affiliates have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurred operating losses since their inception and may continue to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur net losses in the future, particularly as their businesses grow and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">they incur additional operating expenses Platforms may also be forced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defend legal action taken by regulators or governmental bodies. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Alternative lending is a newer industry operating in an evolving legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environment. Platforms may be subject to risk of litigation alleging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">violations of law and/or regulations, including, for example, consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protection laws, whether in the United States or in foreign jurisdictions. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Platforms may be unsuccessful in defending against such lawsuits or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other actions and, in addition to the costs incurred in fighting any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actions, platforms may be required to pay money in connection with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">judgments, settlements or fines or may be forced to modify the terms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its borrower loans, which could cause the platform to realize a loss or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive a lower return on a loan than originally anticipated. Platforms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be parties to litigation or other legal action in an attempt to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protect or enforce their rights or those of affiliates, including intellectual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property rights, and may incur similar costs in connection with any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">efforts.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in Alt Lending ABS may expose the Fund to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk of the issuer. Generally, such instruments are unsecured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of the issuer; an issuer that becomes subject to bankruptcy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings may be unable to make full and timely payments on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations to the Fund, even if the payments on the underlying loan or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans continue to be made timely and in full. In addition, when the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">owns Alt Lending ABS, the Fund and its custodian generally does not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a contractual relationship with, or personally identifiable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information regarding, individual borrowers, so the Fund will not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">able to enforce underlying loans directly against borrowers and may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be able to appoint an alternative servicing agent in the event that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform or third-party servicer, as applicable, ceases to service the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying loans. Therefore, the Fund is more dependent on the platform </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for servicing than if the Fund had owned whole loans through the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform. Where such interests are secured, the Fund relies on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform to perfect the Fund&#8217;s security interest. In addition, there may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a delay between the time the Fund commits to purchase an instrument </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued by a platform, its affiliate or a special purpose entity sponsored </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the platform or its affiliate and the issuance of such instrument and, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during such delay, the funds committed to such an investment will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earn interest on the investment nor will they be available for investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in other alternative lending-related instruments, which will reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">effective rate of return on the investment. The Fund&#8217;s investments in Alt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lending ABS may be illiquid.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk&#8212;Commodity Pool Operator</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The CFTC has adopted regulations that subject registered investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and their investment advisers to regulation by the CFTC if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the registered investment company invests more than a prescribed level </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its liquidation value in futures, options on futures or commodities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, or other financial instruments regulated under the CEA and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rules thereunder (&#8220;commodity interests&#8221;), or if the Fund markets itself </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as providing investment exposure to such instruments. &#160;The Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager is registered with the CFTC as a CPO. However, with respect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund, the Investment Manager has claimed an exclusion from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration as a CPO pursuant to CFTC Rule 4.5. For the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager to remain eligible for this exclusion, the Fund must comply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with certain limitations, including limits on its ability to use any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commodity interests and limits on the manner in which the Fund holds </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">out its use of such commodity interests. These limitations may restrict </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s ability to pursue its investment objectives and strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the costs of implementing its strategies, result in higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses for the Fund, and/or adversely affect the Fund&#8217;s total return. To </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the extent the Investment Manager becomes ineligible for this exclusion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from CFTC regulation, the Investment Manager may consider steps in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">order to continue to qualify for exemption from CFTC regulation, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determine to operate the Fund subject to CFTC regulation.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Call Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Call risk refers to the possibility that an issuer may exercise its right to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redeem a fixed income security earlier than expected. Issuers may call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding securities prior to their maturity for a number of reasons </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(e.g., declining interest rates, changes in credit spreads and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">improvements in the issuer's credit quality). If an issuer calls a security in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund has invested, the Fund may not recoup the full amount </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its initial investment or may not realize the full anticipated earnings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the investment and may be forced to reinvest in lower-yielding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, securities with greater credit risks or securities with other, less </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">favorable features.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Derivatives Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may, but is not required to, utilize a variety of derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments (both long and short positions) for investment or risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management purposes. Derivatives or other similar instruments (referred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to collectively as &#8220;derivatives&#8221;) are financial contracts whose value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depends on, or is derived from, the value of an underlying asset, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference rate or index. For example, the Fund may use derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments for purposes of increasing liquidity, providing efficient </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio management, broadening investment opportunities (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taking short or negative positions), implementing a tax or cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management strategy, gaining exposure to a particular security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">segment of the market, modifying the effective duration of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio investments and/or enhancing total return. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives may take the form of buying and/or writing (selling) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives, and/or the Fund may otherwise become an obligor under a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives transaction. These transactions may produce current income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the form of premiums or other returns for the Fund (which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">support, constitute and/or increase the distributions paid by, or the yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of, the Fund) but create the risk of losses that can significantly exceed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such current income or other returns. For example, the premium received </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for writing a put option may be dwarfed by the losses the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur if the put option is exercised, and derivative transactions where </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund is an obligor can produce an up-front benefit, but the potential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for leveraged losses. The distributions, or distribution rate, paid by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund should not be viewed as the total returns or overall performance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund. These strategies may also produce adverse tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences (for example, the Fund&#8217;s income and gain-generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies may generate current income and gains taxable as ordinary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income) and limit the Fund&#8217;s opportunity to profit or otherwise benefit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from certain gains. The Fund may enter into opposing derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, or otherwise take opposing positions. Such transactions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can generate distributable gains (which, as noted elsewhere, may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxed as ordinary income) and create the risk of losses and NAV </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declines.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in investment strategies, including the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives, to, among other things, generate current, distributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income, even if such strategies could potentially result in declines in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s net asset value. The Fund&#8217;s income and gain-generating </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies, including certain derivatives strategies, may generate current </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and gains taxable as ordinary income sufficient to support </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions, even in situations when the Fund has experienced a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in net assets due to, for example, adverse changes in the broad </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. or non-U.S. securities markets or the Fund&#8217;s portfolio of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, or arising from its use of derivatives. Consequently, Fund </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders may receive distributions subject to tax at ordinary income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates at a time when their investment in the Fund has declined in value, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may be economically similar to a taxable return of capital.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The use of derivatives involves risks different from, or possibly greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than, the risks associated with investing directly in securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">traditional investments. Derivatives may increase market exposure and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to a number of risks, including leverage risk, liquidity risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(which may be heightened for highly-customized derivatives), interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate risk, market risk, counterparty (including credit) risk, operational </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk (such as documentation issues, settlement issues and systems </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failures), legal risk (such as insufficient documentation, insufficient </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capacity or authority of a counterparty, and issues with the legality or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforceability of a contract), counterparty risk, tax risk and management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, as well as risks arising from changes in applicable requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks arising from margin requirements and risks arising from mispricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or valuation complexity. They also involve the risk that changes in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of a derivative instrument may not correlate perfectly with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying asset, rate or index. By investing in a derivative instrument, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund could lose more than the initial amount invested, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives may increase the volatility of the Fund, especially in unusual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or extreme market conditions. Certain derivatives have the potential for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unlimited loss, regardless of the size of the initial investment. The 1940 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Act and related rules no longer require asset segregation for derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, however asset segregation and posting of collateral may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">still be utilized for risk management or other purposes. The Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to hold additional cash or sell other investments in order to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtain cash to close out a position and changes in the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative may also create margin delivery or settlement payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations for the Fund. Also, suitable derivative transactions may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be available in all circumstances and there can be no assurance that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will engage in these transactions to reduce exposure to other risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when that would be beneficial or that, if used, such strategies will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successful. The Fund&#8217;s use of derivatives may increase or accelerate the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of taxes payable by Common Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Non-centrally-cleared over-the counter (&#8220;OTC&#8221;) derivatives are also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to the risk that a counterparty to the transaction will not fulfill </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its contractual obligations to the other party, as many of the protections </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">afforded to centrally-cleared derivative transactions might not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available for non-centrally-cleared OTC derivatives. The primary credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk on derivatives that are exchange-traded or traded through a central </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clearing counterparty resides with the Fund&#8217;s clearing broker, or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clearinghouse itself.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Participation in the markets for derivative instruments also involves </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment risks and transaction costs to which the Fund may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject absent the use of these strategies. The skills needed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successfully execute derivative strategies may be different from those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">needed for other types of transactions. If the Fund incorrectly forecasts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value and/or credit-worthiness of securities, currencies, interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, counterparties or other economic factors involved in a derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction, the Fund might have been in a better position if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">had not entered into such derivative transaction. In evaluating the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and contractual obligations associated with particular derivative </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, it is important to consider that certain derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may be modified or terminated only by mutual consent of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund and its counterparty.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, it may not be possible for the Fund to modify, terminate, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">offset the Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with a derivative transaction prior to its scheduled </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination or maturity date, which may create a possibility of increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility and/or decreased liquidity to the Fund. Hedges are sometimes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to imperfect matching between the derivative and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying instrument, and there can be no assurance that the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedging transactions will be effective. Derivatives used for hedging or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk management may not operate as intended and may expose the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to additional risks. In such case, the Fund may lose money.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the markets for certain derivative instruments (including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets located in foreign countries) are relatively new and still </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developing, appropriate derivative transactions may not be available in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all circumstances for risk management or other purposes. Upon the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expiration of a particular contract, the Fund may wish to retain the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s position in the derivative instrument by entering into a similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract, but may be unable to do so if the counterparty to the original </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract is unwilling to enter into the new contract and no other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appropriate counterparty can be found. When such markets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unavailable, the Fund will be subject to increased liquidity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment risk.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into opposite sides of interest rate swap and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives for the principal purpose of generating distributable gains on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the one side (characterized as ordinary income for tax purposes) that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not part of the Fund&#8217;s duration or yield curve management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies (&#8220;paired swap transactions&#8221;), and with a substantial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possibility that the Fund will experience a corresponding capital loss </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and decline in NAV with respect to the opposite side transaction (to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent it does not have corresponding offsetting capital gains). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, Common Shareholders may receive distributions and owe </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax on amounts that are effectively a taxable return of the shareholder&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund, at a time when their investment in the Fund has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">declined in value, which tax may be at ordinary income rates. The tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treatment of certain derivatives in which the Fund invests may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unclear and thus subject to recharacterization. Any recharacterization of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments made or received by the Fund pursuant to derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially could affect the amount, timing or character of Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions. In addition, the tax treatment of such investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies may be changed by regulation or otherwise.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When a derivative is used as a hedge against a position that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holds, any loss generated by the derivative generally should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially offset by gains on the hedged investment, and vice versa. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although hedging can reduce or eliminate losses, it can also reduce or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">eliminate gains. Hedges are sometimes subject to imperfect matching </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">between the derivative and the underlying instrument, and there can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no assurance that the Fund&#8217;s hedging transactions will be effective. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives used for hedging or risk management may not operate as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intended or may expose the Fund to additional risks. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives used for hedging may partially protect the Fund from the </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks they were intended to hedge yet not fully mitigate the impact of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such risks. The regulation of the derivatives markets has increased over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the past several years, and additional future regulation of the derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets may make derivatives more costly, may limit the availability or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduce the liquidity of derivatives, or may otherwise adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value or performance of derivatives. Any such adverse future </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments could impair the effectiveness or raise the costs of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s derivative transactions, impede the employment of the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives strategies, or adversely affect the Fund&#8217;s performance and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause the Fund to lose value.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Valuation Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain securities in which the Fund invests may be less liquid and more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value than other types of securities. Investments for which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market quotations are not readily available are valued at fair value as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined in good faith pursuant to Rule 2a-5 under the 1940 Act. Fair </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value pricing may require subjective determinations about the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security or other asset. As a result, there can be no assurance that fair </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value pricing will result in adjustments to the prices of securities or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets or that fair value pricing will reflect actual market value, and it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible that the fair value determined for a security or other asset will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be materially different from quoted or published prices, from the prices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">used by others for the same security or other asset and/or from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value that actually could be or is realized upon the sale of that security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other asset.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market price of securities owned by the Fund may go up or down, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sometimes rapidly or unpredictably. Securities may decline in value due </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to factors affecting securities markets generally or particular industries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or companies represented in the securities markets. The value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security may decline due to general market conditions that are not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specifically related to a particular company, such as real or perceived </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse economic conditions, changes in the general outlook for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate earnings, changes in inflation, interest or currency rates, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial system instability, adverse changes to credit markets or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse investor sentiment generally. The value of a security may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline due to factors that affect a particular industry or industries, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as labor shortages or increased production costs and competitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions within an industry. During a general downturn in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities markets, multiple asset classes may decline in value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">simultaneously even if the performance of those asset classes is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise historically correlated. Investments may also be negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by market disruptions and by attempts by other market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants to manipulate the prices of particular investments. Equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities generally have greater price volatility than fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Credit ratings downgrades may also negatively affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund. Even when markets perform well, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the investments held by the Fund will increase in value </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">along with the broader market.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, market risk includes the risk that geopolitical and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events will disrupt the economy on a national or global level. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instance, war, terrorism, social unrest, recessions, supply chain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, market manipulation, government defaults, government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shutdowns, political changes, diplomatic developments or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imposition of sanctions and other similar measures, public health </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emergencies (such as the spread of infectious diseases, pandemics and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">epidemics), natural/environmental disasters, climate-change and climate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related events can all negatively impact the securities markets, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could cause the Fund to lose value. These events could reduce consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand or economic output, result in market closures, changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, inflation/deflation, travel restrictions or quarantines, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly adversely impact the economy.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As computing technology and data analytics continually advance there </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has been an increasing trend towards machine driven and artificially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intelligent trading systems, particularly providing such systems with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increasing levels of autonomy in trading decisions. Regulators of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial markets have become increasingly focused on the potential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of artificial intelligence on investment activities and may issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulations that are intended to affect the use of artificial technology in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading activities. Any such regulations may not have the intended affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on financial markets. Moreover, advancements in artificial intelligence </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other technologies may suffer from the introduction of errors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defects or security vulnerabilities which can go undetected. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential speed of such trading and technologies may exacerbate the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of any such flaws, particularly where such flaws are exploited by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other artificially intelligent systems and may act to impair or prevent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intervention of a human control.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The current contentious domestic political environment, as well as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political and diplomatic events within the United States and abroad, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the U.S. government&#8217;s inability at times to agree on a long-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">budget and deficit reduction plan, has in the past resulted, and may in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the future result, in a government shutdown or otherwise adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the U.S. regulatory landscape, the general market environment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or investor sentiment, which could have an adverse impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments and operations. Additional and/or prolonged </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal government shutdowns may affect investor and consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">confidence and may adversely impact financial markets and the broader </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy, perhaps suddenly and to a significant degree. Governmental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and quasi-governmental authorities and regulators throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">world have previously responded to serious economic disruptions with a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variety of significant fiscal and monetary policy changes, including but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, direct capital infusions into companies, new monetary </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">programs and dramatically lower interest rates. An unexpected or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sudden reversal of these policies, or the ineffectiveness of these policies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could increase volatility in securities markets, which could adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s investments. Any market disruptions could also prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund from executing advantageous investment decisions in a timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner. Funds that have focused their investments in a region enduring </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">geopolitical market disruption will face higher risks of loss, although the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increasing interconnectivity between global economies and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets can lead to events or conditions in one country, region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial market adversely impacting a different country, region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial market. Thus, investors should closely monitor current market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions to determine whether the Fund meets their individual </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial needs and tolerance for risk.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During inflationary price movements, fixed income securities markets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may experience heightened levels of interest rate, volatility and liquidity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Interest rate increases in the future could cause the value of a fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that invests in fixed income securities to decrease.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest rate increases and other market events have the potential to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact real estate values and real estate-related asset prices, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could, by extension, adversely impact the value of other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, such as loans, securitized debt and other fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Such an impact could materialize in one real estate sector and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not another, or in a different manner in different real estate sectors. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Examples of the current risks faced by real estate-related assets include: </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tenant vacancy rates; increase in tenant turnover and tenant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concentration; headwinds, delinquencies and difficulties in collecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rents and other payments faced by owners of real estate (which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases the risk of owners being unable to pay or otherwise defaulting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on their own borrowings and obligations); decline in property values; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in inflation, upkeep costs and other expenses; lowered rent for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">many properties; and concentrated ownership of certain types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properties.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Exchanges and securities markets may close early, close late or issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading halts on specific securities, which may result in, among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things, the Fund being unable to buy or sell certain securities or financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments at an advantageous time or accurately price its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Confidential Information Access Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In managing the Fund (and other PIMCO clients), PIMCO may from time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to time have the opportunity to receive material, non-public information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(&#8220;Confidential Information&#8221;) about the issuers of certain investments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, without limitation, senior floating rate loans, other loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related investments being considered for acquisition by the Fund or held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund&#8217;s portfolio. For example, an issuer of privately placed loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered by the Fund may offer to provide PIMCO with financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information and related documentation regarding the issuer that is not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly available. Pursuant to applicable policies and procedures, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may (but is not required to) seek to avoid receipt of Confidential </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Information from the issuer so as to avoid possible restrictions on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to purchase and sell investments on behalf of the Fund and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">clients to which such Confidential Information relates. In such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances, the Fund (and other PIMCO clients) may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantaged in comparison to other investors, including with respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the price the Fund pays or receives when it buys or sells an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">desirability of proposed consents, waivers or amendments with respect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to certain investments may be compromised if they are not privy to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available Confidential Information. PIMCO may also determine to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive such Confidential Information in certain circumstances under its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable policies and procedures. If PIMCO intentionally or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unintentionally comes into possession of Confidential Information, it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unable, potentially for a substantial period of time, to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sell investments to which such Confidential Information relates.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Liquidity risk exists when particular investments are difficult to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or sell. Illiquid investments are investments that the Fund reasonably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expects cannot be sold or disposed of in current market conditions in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seven calendar days or less without the sale or disposition significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changing the market value of the investment. Illiquid investments may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become harder to value, especially in changing markets. The Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in illiquid investments may reduce the returns of the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because it may be unable to sell the illiquid investments at an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advantageous time or price or possibly require the Fund to dispose of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investments at unfavorable times or prices in order to satisfy its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, which could prevent the Fund from taking advantage of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investment opportunities. Additionally, the market for certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may become illiquid under adverse market or economic </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions independent of any specific adverse changes in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions of a particular issuer. Bond markets have consistently grown </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over the past three decades while the capacity for traditional dealer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparties to engage in fixed income trading has not kept pace and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in some cases has decreased. As a result, dealer inventories of corporate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds, which provide a core indication of the ability of financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediaries to &#8220;make markets,&#8221; are at or near historic lows in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relation to market size. Because market makers seek to provide stability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to a market through their intermediary services, a significant reduction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in dealer inventories could potentially lead to decreased liquidity and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased volatility in the fixed income markets. Such issues may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exacerbated during periods of economic uncertainty. To the extent that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s principal investment strategies involve securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies with smaller market capitalizations, foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, Rule 144A securities, illiquid sectors of fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, derivatives or securities with substantial market and/or credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, the Fund will tend to have greater exposure to liquidity risk.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further fixed income securities with longer durations until maturity face </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened levels of liquidity risk as compared to fixed income securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with shorter durations until maturity. The risks associated with illiquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may be particularly acute in situations in which the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations require cash (such as in connection with repurchase offers) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and could result in the Fund borrowing to meet its short-term needs or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incurring losses on the sale of illiquid instruments. It may also be the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">case that other market participants may be attempting to liquidate fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income holdings at the same time as the Fund, causing increased supply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the market and contributing to liquidity risk and downward pricing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pressure. See &#8220;Principal Risks of the Fund - Valuation Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Liquidity risk also refers to the risk that the Fund may be required to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hold additional cash or sell other investments in order to obtain cash to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">close out derivatives or meet the liquidity demands that derivatives can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">create to make payments of margin, collateral, or settlement payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to counterparties. The Fund may have to sell a security at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantageous time or price to meet such obligations.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The current direction of governments and regulators may have the effect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of reducing market liquidity, market resiliency and money supply, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as through higher rates, tighter financial regulations and proposals </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related to open-end fund liquidity that may prevent mutual funds and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange-traded funds from participating in certain markets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Alt Lending ABS in which the Fund invests are typically not listed on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any securities exchange and not registered under the Securities Act. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the Fund anticipates that these instruments may only be sold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to a limited number of investors and may have a limited or non-existent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market. Accordingly, the Fund currently expects that certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its investments in Alt Lending ABS will face heightened levels of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity risk. Although currently, there is generally no reliable, active </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market for certain Alt Lending ABS, a secondary market for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these alternative lending-related instruments may develop.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related Derivative Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in derivative transactions related to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities, including purchasing and selling </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange-listed and OTC put and call options, futures and forwards on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages and mortgage-backed securities. The Fund may also invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities credit default swaps, which include swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the reference obligation for which is a mortgage-backed security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related index, such as the CMBX Index (a tradeable index referencing a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">basket of commercial mortgage-backed securities) or the ABX (a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tradeable index referencing a basket of sub-prime mortgage-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities). The Fund may invest in newly developed mortgage related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives that may hereafter become available.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivative mortgage-backed securities (such as principal-only (&#8220;POs&#8221;), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest-only (&#8220;IOs&#8221;) or inverse floating rate securities) are particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposed to call and extension risks. Small changes in mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prepayments can significantly impact the cash flows and the market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of these derivative instruments. In general, the risk of faster than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated prepayments adversely affects IOs, super floaters and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">premium priced mortgage-backed securities. The risk of slower than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated prepayments generally affects POs, floating-rate securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to interest rate caps, support tranches and discount priced </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed securities. In addition, particular derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may be leveraged such that their exposure (i.e., price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitivity) to interest rate and/or prepayment risk is magnified. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related derivative instruments involve risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed instruments, privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, the mortgage market, the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry, derivatives and credit default swaps. See &#8220;Mortgage-Related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Default Swaps Risk.&#8221;</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related derivative instruments involve risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed instruments, privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities, the mortgage market, the real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry, derivatives and credit default swaps. See &#8220;Mortgage-Related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Default Swaps Risk.&#8221;</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Senior Debt Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may be subject to greater levels of credit risk than funds that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">do not invest in below investment grade senior debt. The Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to greater levels of liquidity risk than funds that do not invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in senior debt. Restrictions on transfers in loan agreements, a lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly available information and other factors may, in certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instances, make senior debt more difficult to sell at an advantageous </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time or price than other types of securities or instruments. Additionally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if the issuer of senior debt prepays, the Fund will have to consider </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reinvesting the proceeds in other senior debt or similar instruments that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may pay lower interest rates.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income from the Fund&#8217;s portfolio will decline if and when the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests the proceeds from matured, traded or called debt obligations at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market interest rates that are below the portfolio&#8217;s current earnings rate. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#160;For instance, during periods of declining interest rates, an issuer of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations may exercise an option to redeem securities prior to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity, forcing the Fund to invest in lower-yielding securities. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also may choose to sell higher yielding portfolio securities and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase lower yielding securities to achieve greater portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">diversification, because the portfolio managers believe the current </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holdings are overvalued or for other investment-related reasons. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in income received by the Fund from its investments is likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a negative effect on dividend levels and the market price, NAV </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or overall return of the Common Shares.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Structured Investments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Holders of structured products, including structured notes, credit-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">notes and other types of structured products, bear the risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying investments, index or reference obligation and are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty risk. The Fund may have the right to receive payments only </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the structured product, and generally does not have direct rights </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the issuer or the entity that sold the assets to be securitized. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While certain structured products enable the investor to acquire </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests in a pool of securities without the brokerage and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses associated with directly holding the same securities, investors </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in structured products generally pay their share of the structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">product&#8217;s administrative and other expenses. Although it is difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict whether the prices of indices and securities underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structured products will rise or fall, these prices (and, therefore, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices of structured products) are generally influenced by the same types </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of political and economic events that affect issuers of securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital markets generally. If the issuer of a structured product uses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shorter term financing to purchase longer term securities, the issuer may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be forced to sell its securities at below market prices if it experiences </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulty in obtaining such financing, which may adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the structured products owned by the Fund. Structured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products generally entail risks associated with derivative instruments.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market prices of zero-coupon, step-ups and payment-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are generally more volatile than the prices of securities that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay interest periodically and in cash, and are likely to respond to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in interest rates to a greater degree than other types of debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities with similar maturities and credit quality. Because </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon securities bear no interest, their prices are especially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatile. And because zero-coupon bondholders do not receive interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments, the prices of zero-coupon securities generally fall more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatically than those of bonds that pay interest on a current basis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when interest rates rise. The market for zero-coupon and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment-in-kind securities may suffer decreased liquidity. In addition, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these securities may not pay cash interest, the Fund&#8217;s investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure to these securities and their risks, including credit risk, will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase during the time these securities are held in the Fund&#8217;s portfolio. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, to maintain its qualification for treatment as a RIC and to avoid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund-level U.S. federal income and/or excise taxes, the Fund is required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to distribute to its shareholders any income it is deemed to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received in respect of such investments, notwithstanding that cash has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not been received currently, and the value of paid-in-kind interest. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, the Fund may have to dispose of portfolio securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under disadvantageous circumstances to generate the cash, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have to leverage itself by borrowing the cash to satisfy this distribution </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirement. The required distributions, if any, would result in an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in the Fund&#8217;s exposure to these securities. Zero coupon bonds, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">step-ups and payment-in-kind securities allow an issuer to avoid or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delay the need to generate cash to meet current interest payments and, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as a result, may involve greater credit risk than bonds that pay interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currently or in cash. The Fund would be required to distribute the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income on these instruments as it accrues, even though the Fund will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not receive the income on a current basis or in cash. Thus, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell other investments, including when it may not be advisable to do so, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to make income distributions to its shareholders.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inflation/Deflation Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inflation risk is the risk that the value of assets or income from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments will be worth less in the future as inflation decreases </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of payments at future dates. As inflation increases, the real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s portfolio could decline. Inflation rates may change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">frequently and significantly as a result of various factors, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected shifts in the domestic or global economy or changes in fiscal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or monetary policies. Deflation risk is the risk that prices throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy decline over time. Deflation may have an adverse effect on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditworthiness of issuers and may make issuer default more likely, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may result in a decline in the value of the Fund&#8217;s portfolio and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Geopolitical Conflicts</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The occurrence of geopolitical conflicts, war or terrorist activities could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have adverse impacts on markets in various and unpredictable ways. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, following Russia&#8217;s large-scale invasion of Ukraine in February </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2022, Russia, and other countries, persons and entities that were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">viewed as having provided material aid to Russia&#8217;s aggression against </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ukraine, became the subject of economic sanctions and import and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">export controls imposed by countries throughout the world, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the United States. Such measures have had and may continue to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an adverse effect on the Russian, Belarusian and other securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economies. Additional examples include, but are not limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened concerns of trade disputes, which could result in increased </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tariffs, trade restrictions or other retaliatory countermeasures. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent, duration and impact of geopolitical conflicts and related market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacts are difficult to ascertain, but could be significant and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have significant adverse effects on regional and global economies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the markets for certain securities and commodities, such as oil, natural </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gas, steel and aluminum, as well as other sectors, and on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Collateralized Bond Obligations, Collateralized Loan </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Obligations and Collateralized Debt Obligations Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CBOs, CLOs and CDOs may charge management fees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">administrative expenses. For CBOs, CLOs and CDOs, the cash flows from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the trust are split into two or more portions, called tranches, varying in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk and yield. The riskiest portion is the equity tranche which generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bears losses in connection with the first defaults, if any, on the bonds or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans in the trust. A senior tranche from a CLO, CBO and CDO trust </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically has higher credit ratings and lower yields than the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. CLO tranches, CBO, and CDO, even senior ones, can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">experience substantial losses due to actual defaults, increased sensitivity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defaults due to collateral default and disappearance of protecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches, market anticipation of defaults and aversion to CLO, CBO or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other CDO securities. The risks of an investment in a CBO, CLO or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CDO vary depending on the type of collateral securities and the class of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the instrument in which the Fund invests, among other factors. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Normally, CLOs, CBOs and other CDOs are privately offered and sold, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and thus are not registered under the securities laws. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs, CBOs and CDOs may be or become illiquid. In addition to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">normal risks associated with debt instruments (e.g., interest rate risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and credit risk), CLOs, CBOs and CDOs carry additional risks including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to: (i) the possibility that distributions from the collateral </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be adequate to make interest or other payments; (ii) the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the quality of the collateral may decline in value or default; (iii) the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the Fund may invest in CBOs, CLOs or other CDOs that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinate to other classes; and (iv) the risk that the complex structure </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the security may not be fully understood at the time of investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may produce disputes with the issuer or others and may produce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected investment results.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10.0pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Discount Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The price of the Fund&#8217;s Common Shares will fluctuate with market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions and other factors. If you sell your Common Shares, the price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received may be more or less than your original investment. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares are designed for long-term investors and should not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">treated as trading vehicles. Shares of closed-end management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment companies frequently trade at a discount from their NAV. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares may trade at a price that is less than the offering price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for Common Shares issued pursuant to an offering. This risk may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater for investors who sell their Common Shares relatively shortly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">after completion of an offering. The sale of Common Shares by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(or the perception that such sales may occur), particularly if sold at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discount to the then current market price of the Common Shares, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have an adverse effect on the market price of the Common Shares.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Counterparty Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will be subject to credit risk with respect to the counterparties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the derivative contracts and other instruments entered into by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund or held by special purpose or structured vehicles in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests. For example, if a bank at which the Fund or issuer has an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account fails, any cash or other assets in bank or custody accounts, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may be substantial in size, could be temporarily inaccessible or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">permanently lost by the Fund or issuer. In the event that the Fund enters </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into a derivative transaction with a counterparty that subsequently </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becomes insolvent or becomes the subject of a bankruptcy case, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative transaction may be terminated in accordance with its terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the Fund&#8217;s ability to realize its rights under the derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument and its ability to distribute the proceeds could be adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected. If a counterparty becomes bankrupt or otherwise fails to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform its obligations under a derivative contract due to financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulties, the Fund may experience significant delays in obtaining any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recovery (including recovery of any collateral it has provided to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty) in a dissolution, assignment for the benefit of creditors, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation, winding-up, bankruptcy or other analogous proceeding. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, in the event of the insolvency of a counterparty to a derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction, the derivative transaction would typically be terminated at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its fair market value. If the Fund is owed this fair market value in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">termination of the derivative transaction and its claim is unsecured, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will be treated as a general creditor of such counterparty and will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have any claim with respect to any underlying security or asset. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may obtain only a limited recovery or may obtain no recovery in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such circumstances. Counterparty credit risk also includes the related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of having concentrated exposure to a single counterparty, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may increase potential losses if the counterparty were to become </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insolvent.&#160;While the Fund may seek to manage its counterparty risk by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transacting with a number of counterparties, concerns about the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">solvency of, or a default by, one large market participant could lead to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant impairment of liquidity and other adverse consequences for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other counterparties.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=cik0001219360_EmergingMarketsRiskMember', window );">Emerging Markets Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Emerging Markets Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign (non-U.S.) investment risk may be particularly high to the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund invests in securities of issuers based in or doing business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in emerging market countries or invests in securities denominated in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies of emerging market countries. Investing in securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers based in or doing business in emerging markets entails all of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks of investing in foreign securities noted above, but to a heightened </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">degree.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in emerging market countries pose a greater degree of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systemic risk (i.e., the risk of a cascading collapse of multiple institutions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">within a country, and even multiple national economies). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inter-relatedness of economic and financial institutions within and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among emerging market economies has deepened over the years, with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effect that institutional failures and/or economic difficulties that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of initially limited scope may spread throughout a country, a region or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all or most emerging market countries. This may undermine any attempt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund to reduce risk through geographic diversification of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is a heightened possibility of imposition of withholding or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxes on interest or dividend income or capital gains generated from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market securities. Governments of emerging market countries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may engage in confiscatory taxation or expropriation of income and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets to raise revenues or to pursue a domestic political agenda. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">past, emerging market countries have nationalized assets, companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and even entire sectors, including the assets of foreign investors (like </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund), with inadequate or no compensation to the prior owners. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that the Fund will not suffer a loss of any or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of its investments, or interest or dividends thereon, due to adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fiscal or other policy changes in emerging market countries.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is also a greater risk that an emerging market government may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take action that impedes or prevents the Fund from taking income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or capital gains earned in the local currency and converting into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. dollars (i.e., &#8220;repatriating&#8221; local currency investments or profits). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain emerging market countries have sought to maintain foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange reserves and/or address the economic volatility and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dislocations caused by the large international capital flows by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">controlling or restricting the conversion of the local currency into other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies. This risk tends to become more acute when economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions otherwise worsen. There can be no assurance that if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earns income or capital gains in an emerging market currency or PIMCO </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise seeks to withdraw the Fund&#8217;s investments from a given </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market country, capital controls imposed by such country will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not prevent, or cause significant expense, or delay in, doing so.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bankruptcy law and creditor reorganization processes may differ </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantially from those in the United States, resulting in greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainty as to the rights of creditors, the enforceability of such rights, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization timing and the classification, seniority and treatment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims. In certain emerging market countries, although bankruptcy laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have been enacted, the process for reorganization remains highly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertain. In addition, it may be impossible to seek legal redress against </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer that is a sovereign state.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Emerging market countries typically have less established regulatory, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disclosure, legal, accounting, recordkeeping and financial reporting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">systems than those in more developed markets, which may increase the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential for market manipulation or reduce the scope or quality of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial information available to investors. Governments in emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market countries are often less stable and more likely to take extra-legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">action with respect to companies, industries, assets, or foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ownership than those in more developed markets. Moreover, it can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more difficult for investors to bring litigation or enforce judgments </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against issuers in emerging markets or for U.S. regulators to bring </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforcement actions, or obtain information needed to pursue or enforce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such judgments, against such issuers. In addition, foreign companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with securities listed on U.S. exchanges may be delisted if they do not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meet U.S. accounting standards and auditor oversight requirements, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may decrease the liquidity and value of the securities. The Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be subject to emerging markets risk if it invests in derivatives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other securities or instruments whose value or return are related to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value or returns of emerging markets securities.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other heightened risks associated with emerging markets investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include, without limitation: (i) risks due to less social, political and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic stability; (ii) the smaller size of the market for such securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and a lower volume of trading, resulting in a lack of liquidity and in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price volatility; (iii) certain national policies which may restrict the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities, including sanctions and restrictions on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investing in issuers or industries deemed sensitive to relevant national </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests and requirements that government approval be obtained prior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to investment by foreign persons; (iv) certain national policies that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrict the Fund&#8217;s repatriation of investment income, capital or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds of sales of securities, including temporary restrictions on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign capital remittances; (v) the lack of uniform accounting and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">auditing standards and/or standards that may be significantly different </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the standards required in the United States; (vi) less publicly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available financial and other information regarding issuers; (vii) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential difficulties in enforcing contractual obligations; and (viii) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher rates of inflation, higher interest rates and other economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">concerns. The Fund may invest to a substantial extent in emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market securities that are denominated in local currencies, subjecting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to a greater degree of foreign currency risk. Also, investing in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emerging market countries may entail purchases of securities of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are insolvent, bankrupt or otherwise of questionable ability to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfy their payment obligations as they become due, subjecting the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to a greater amount of credit risk and/or high yield risk. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economy of some emerging markets may be particularly exposed to or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by a certain industry or sector, and therefore issuers and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of such emerging markets may be more affected by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance of such industries or sectors.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distribution Rate Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution rates may be affected by numerous factors, including but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to changes in realized and projected market returns, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuations in market interest rates, Fund performance, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors. The Fund&#8217;s distributions may be comprised of a return of capital. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general terms, a return of capital would occur where a Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution (or portion thereof) represents a return of a portion of your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment, rather than net income or capital gains generated from your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment during a particular period. There can be no assurance that a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in market conditions or other factors will not result in a change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund&#8217;s distribution rate or that the rate will be sustainable in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For instance, during periods of low or declining interest rates, the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributable income and dividend levels may decline for many reasons. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For example, the Fund may have to deploy uninvested assets (whether </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from sales of Fund shares, proceeds from matured, traded or called debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations or other sources) in new, lower yielding instruments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, payments from certain instruments that may be held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund (such as variable and floating rate securities) may be negatively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by declining interest rates, which may also lead to a decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s distributable income and dividend levels.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short Exposure Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s short sales and short positions, if any, are subject to special </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks. A short sale involves the sale by the Fund of a security that it does </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not own with the hope of purchasing the same security at a later date at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a lower price. The Fund may also enter into a short position through a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward commitment or a short derivative position through a futures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract or swap agreement. If the price of the security or derivative has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased during this time, then the Fund will incur a loss equal to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase in price from the time that the short sale was entered into plus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any transaction costs (i.e., premiums and interest) paid to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broker-dealer to borrow securities. Therefore, short sales involve the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that losses may be exaggerated, potentially losing more money than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual cost of the investment. By contrast, a loss on a long position </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arises from decreases in the value of the security and is limited by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fact that a security&#8217;s value cannot decrease below zero. By investing the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds received from selling securities short, the Fund could be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deemed to be employing a form of leverage, which creates special risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage may increase the Fund&#8217;s exposure to long security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">positions and make any change in the Fund&#8217;s NAV greater than it would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be without the use of leverage. This could result in increased volatility of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns. There is no guarantee that any leveraging strategy the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employs will be successful during any period in which it is employed.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In times of unusual or adverse market, economic, regulatory, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environmental or political conditions, the Fund may not be able, fully or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">partially, to implement its short selling strategy. Periods of unusual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse market, economic, environmental, regulatory or political </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions generally may exist for long periods of time. In response to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market events, the SEC and regulatory authorities in other jurisdictions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may adopt (and in certain cases, have adopted) bans on, and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reporting requirements for, short sales of certain securities, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short positions on such securities acquired through swaps. 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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Subprime Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loans, and debt instruments collateralized by loans&#160;(including Alt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lending ABS), acquired by the Fund may be subprime in quality, or may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">become subprime in quality. Although there is no specific legal or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market definition of &#8220;subprime,&#8221; subprime loans are generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">understood to refer to loans made to borrowers that display poor credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">histories and other characteristics that correlate with a higher default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Accordingly, subprime loans, and debt instruments secured by such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans&#160;including Alt Lending ABS), have speculative characteristics and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to heightened risks, including the risk of nonpayment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest or repayment of principal, and the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in high yield securities. In addition, these instruments could </div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to increased regulatory scrutiny. The Fund is not restricted by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any particular borrower credit risk criteria and/or qualifications when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquiring loans or debt instruments collateralized by loans.</div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Operational Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An investment in the Fund, like any fund, can involve operational risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arising from factors such as processing errors, human errors, inadequate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or failed internal or external processes, failures in systems and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology, changes in personnel and errors caused by third-party </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service providers. The occurrence of any of these failures, errors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">breaches could result in a loss of information, regulatory scrutiny, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reputational damage or other events, any of which could have a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">material adverse effect on the Fund. While the Fund seeks to minimize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such events through controls and oversight, there may still be failures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that could cause losses to the Fund.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Tax Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has elected to be treated as a &#8220;regulated investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company&#8221; (a &#8220;RIC&#8221;) under Subchapter M of the Code and intends each </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">year to qualify and be eligible to be treated as such, so that it generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be subject to U.S. federal income tax on its net investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income or net short-term or long-term capital gains that are distributed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(or deemed distributed, as described below) to shareholders. In order to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">qualify and be eligible for such treatment, the Fund must meet certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset diversification tests, derive at least 90% of its gross income for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such year from certain types of qualifying income, and distribute to its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders at least 90% of the sum of its &#8220;investment company </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable income&#8221; as that term is defined in the Code (which includes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among other things, dividends, taxable interest and the excess of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">net short-term capital gains over net long-term capital losses, as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduced by certain deductible expenses) and net tax-exempt income, for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such year.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investment strategy will potentially be limited by its intention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to continue qualifying as such. The tax treatment of certain of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s investments under one or more of the qualification or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution tests applicable to RICs is uncertain. An adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determination or future guidance by the IRS or a change in law might </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s ability to qualify or be eligible for treatment as a RIC. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income and gains from certain of the Fund&#8217;s&#160;activities, including fees </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received in connection with the origination of loans, may not constitute </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">qualifying income to a RIC for purposes of the 90% gross income test. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund were to treat income or gain from a particular investment or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activity as qualifying income and the income or gain were later </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">determined not to constitute qualifying income and, together with any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other nonqualifying income, caused the Fund&#8217;s nonqualifying income to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceed 10% of its gross income in any taxable year, the Fund would fail </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to qualify as a RIC unless it is eligible to and does pay a tax at the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">level. Income and gains from certain of the Fund&#8217;s activities may not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">constitute qualifying income to a RIC for purposes of the 90% gross </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income test. If the Fund were to treat income or gain from a particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment or activity as qualifying income and the income or gain were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">later determined not to constitute qualifying income and, together with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any other nonqualifying income, caused the Fund&#8217;s nonqualifying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income to exceed 10% of its gross income in any taxable year, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would fail to qualify as a RIC unless it is eligible to and does pay a tax at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund level.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If, in any year, the Fund were to fail to qualify for treatment as a RIC </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Code, and were ineligible to or did not otherwise cure such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failure, the Fund would be subject to tax on its taxable income at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate rates and, when such income is distributed, shareholders </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would be subject to further tax, on such distributions to the extent of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s current or accumulated earnings and profits.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of the Fund&#8217;s investments and its net asset value may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected by changes in tax rates and policies. Because interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income from municipal securities is normally not subject to regular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">federal in-come taxation, the attractiveness of municipal securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relation to other investment alternatives is affected by changes in </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">federal income tax rates or changes in the tax-exempt status of interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income from municipal securities. Any proposed or actual changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such rates or exempt status, therefore, can significantly affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand for and supply, liquidity and marketability of municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. This could in turn affect the Fund&#8217;s net asset value and ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to acquire and dispose of municipal securities at desirable yield and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price levels. Additionally, the Fund is not a suitable investment for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individual retirement accounts, for other tax-exempt or tax-deferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accounts or for investors who are not sensitive to the federal income tax </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences of their investments.</div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Inflation-Indexed Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inflation-indexed debt securities are subject to the effects of actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated changes in market interest rates caused by factors other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than inflation (real interest rates). In general, the value of an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed security, including Treasury Inflation-Protected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities (&#8220;TIPS&#8221;), tends to decrease when real interest rates increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and can increase when real interest rates decrease. Thus generally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during periods of rising inflation, the value of inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities will tend to increase and during periods of deflation, their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value will tend to decrease. Interest payments on inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are unpredictable and will fluctuate as the principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest are adjusted for inflation. There can be no assurance that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation index used (</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">i.e.,</div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the CPI) will accurately measure the real rate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation in the prices of goods and services. Increases in the principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of TIPS due to inflation are considered taxable ordinary income for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the amount of the increase in the calendar year. Any increase in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal amount of an inflation-indexed debt security will be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxable ordinary income, even though the Fund will not receive the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal until maturity. Additionally, a CPI swap can potentially lose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value if the realized rate of inflation over the life of the swap is less than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the fixed market implied inflation rate (fixed breakeven rate) that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor agrees to pay at the initiation of the swap. With municipal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation-indexed securities, the inflation adjustment is integrated into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the coupon payment, which is federally tax exempt (and may be state </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax exempt). For municipal inflation-indexed securities, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adjustment to the principal value. Because municipal inflation-indexed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are a small component of the municipal bond market, they </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less liquid than conventional municipal bonds.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Equity Securities and Related Market Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market price of common stocks and other equity securities may go </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">up or down, sometimes rapidly or unpredictably. Equity securities may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in value due to factors affecting equity securities markets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally, particular industries represented in those markets, or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer itself. The values of equity securities may decline due to real or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived adverse economic conditions, changes in the general outlook </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for corporate earnings, changes in interest or currency rates or adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor sentiment generally. They may also decline due to labor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shortages or increased production costs and competitive conditions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">within an industry. Equity securities generally have greater price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility than bonds and other debt securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Different types of equity securities provide different voting and dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights and priority in the event of the bankruptcy and/or insolvency of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer. In addition to common stock, equity securities may include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred securities, convertible securities and warrants. Equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other than common stock are subject to many of the same risks as </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common stock, although possibly to different degrees. The risks of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity securities are generally magnified in the case of equity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in distressed companies.</div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">High Yield Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests in high yield securities and unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of similar credit quality (commonly known as &#8220;high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of credit risk, call risk and liquidity risk than funds that do not invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities, which could have a negative effect on the NAV and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of the Fund&#8217;s Common Shares or Common Share </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends. These securities are considered predominantly speculative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to an issuer&#8217;s continuing ability to make principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest payments, and may be more volatile than other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. An economic downturn or individual corporate developments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the market for these securities and reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to sell these securities at an advantageous time or price. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could also generally lead to a higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment rate and, a high yield security may lose significant market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value before a default occurs. The Fund may purchase distressed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that are in default or the issuers of which are in bankruptcy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which involve heightened risks.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">High yield securities structured as zero-coupon bonds or pay-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities tend to be especially volatile as they are particularly sensitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to downward pricing pressures from rising interest rates or widening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads and may require the Fund to make taxable distributions of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imputed income without receiving the actual cash currency. Issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high yield securities may have the right to &#8220;call&#8221; or redeem the issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to maturity, which may result in the Fund having to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other high yield securities or similar instruments that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay lower interest rates. The Fund may also be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of liquidity risk than funds that do not invest in high yield securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, transactions in high yield securities may involve greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs than transactions in more actively traded securities. A lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly-available information, irregular trading activity and wide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bid/ask spreads among other factors, may, in certain circumstances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make high yield debt more difficult to sell at an advantageous time or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price than other types of securities or instruments. These factors may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in the Fund being unable to realize full value for these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or may result in the Fund not receiving the proceeds from a sale of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a high yield security for an extended period after such sale, each of </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could result in losses to the Fund. Because of such risks involved </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in investing in high yield securities, an investment in the Fund should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered speculative.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general, lower rated debt securities carry a greater degree of risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer will lose its ability to make interest and principal payments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could have a negative effect on the Fund. Securities of below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade quality are regarded as having predominantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics with respect to capacity to pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay principal and are commonly referred to as &#8220;high yield&#8221; securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and their prices are generally more volatile and sensitive to actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived negative developments. Debt securities in the lowest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade category also may be considered to possess some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics by certain rating agencies. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase stressed or distressed securities that are in default or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers of which are in bankruptcy, which involve heightened risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could severely affect the ability of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly those that are highly leveraged) to service or repay their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligations. Lower-rated securities are generally less liquid than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher-rated securities, which may have an adverse effect on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of them. For example, under adverse market or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions, the secondary market for below investment grade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities could contract further, independent of any specific adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the condition of a particular issuer, and certain securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could find it more difficult to sell these securities or may be able to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell these securities only at prices lower than if such securities were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely traded. To the extent the Fund focuses on below investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and associated risks will be particularly important, and there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that PIMCO will be successful in this regard. Due to such risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in investing in high yield securities, an investment in the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should be considered speculative.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchased, and the Fund is not required to dispose of a security in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event that a rating agency or PIMCO downgrades its assessment of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit characteristics of a particular issue. In determining whether to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retain or sell such a security, PIMCO may consider factors including, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, PIMCO's assessment of the credit quality of the issuer of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such security, the price at which such security could be sold and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating, if any, assigned to such security by other rating agencies. Analysis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of creditworthiness may be more complex for issuers of high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities than that for issuers of higher quality debt securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Investment Objectives and Policies-Portfolio Contents-High Yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities&#8221; for additional information.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund invests in high yield securities and unrated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of similar credit quality (commonly known as &#8220;high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of credit risk, call risk and liquidity risk than funds that do not invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities, which could have a negative effect on the NAV and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market price of the Fund&#8217;s Common Shares or Common Share </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends. These securities are considered predominantly speculative </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to an issuer&#8217;s continuing ability to make principal and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest payments, and may be more volatile than other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. An economic downturn or individual corporate developments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the market for these securities and reduce the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to sell these securities at an advantageous time or price. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could also generally lead to a higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment rate and, a high yield security may lose significant market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value before a default occurs. The Fund may purchase distressed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that are in default or the issuers of which are in bankruptcy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which involve heightened risks.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">High yield securities structured as zero-coupon bonds or pay-in-kind </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities tend to be especially volatile as they are particularly sensitive </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to downward pricing pressures from rising interest rates or widening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads and may require the Fund to make taxable distributions of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">imputed income without receiving the actual cash currency. Issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high yield securities may have the right to &#8220;call&#8221; or redeem the issue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to maturity, which may result in the Fund having to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other high yield securities or similar instruments that may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay lower interest rates. The Fund may also be subject to greater levels </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of liquidity risk than funds that do not invest in high yield securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consequently, transactions in high yield securities may involve greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs than transactions in more actively traded securities. A lack of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly-available information, irregular trading activity and wide </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bid/ask spreads among other factors, may, in certain circumstances, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make high yield debt more difficult to sell at an advantageous time or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price than other types of securities or instruments. These factors may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in the Fund being unable to realize full value for these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or may result in the Fund not receiving the proceeds from a sale of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a high yield security for an extended period after such sale, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could result in losses to the Fund. Because of such risks involved </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in investing in high yield securities, an investment in the Fund should be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered speculative.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general, lower rated debt securities carry a greater degree of risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer will lose its ability to make interest and principal payments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could have a negative effect on the Fund. Securities of below </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade quality are regarded as having predominantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics with respect to capacity to pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay principal and are commonly referred to as &#8220;high yield&#8221; securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and their prices are generally more volatile and sensitive to actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived negative developments. Debt securities in the lowest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade category also may be considered to possess some </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics by certain rating agencies. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase stressed or distressed securities that are in default or the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers of which are in bankruptcy, which involve heightened risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An economic downturn could severely affect the ability of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly those that are highly leveraged) to service or repay their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligations. Lower-rated securities are generally less liquid than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher-rated securities, which may have an adverse effect on the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of them. For example, under adverse market or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions, the secondary market for below investment grade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities could contract further, independent of any specific adverse </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the condition of a particular issuer, and certain securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could find it more difficult to sell these securities or may be able to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell these securities only at prices lower than if such securities were </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely traded. To the extent the Fund focuses on below investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and associated risks will be particularly important, and there can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that PIMCO will be successful in this regard. Due to such risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involved in investing in high yield securities, an investment in the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should be considered speculative.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchased, and the Fund is not required to dispose of a security in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event that a rating agency or PIMCO downgrades its assessment of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit characteristics of a particular issue. In determining whether to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retain or sell such a security, PIMCO may consider factors including, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to, PIMCO's assessment of the credit quality of the issuer of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such security, the price at which such security could be sold and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rating, if any, assigned to such security by other rating agencies. Analysis </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of creditworthiness may be more complex for issuers of high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities than that for issuers of higher quality debt securities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">See &#8220;Investment Objectives and Policies-Portfolio Contents-High Yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Securities&#8221; for additional information.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Loans and Other Indebtedness; Loan Acquisitions, </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Participations and Assignments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loan interests may take the form of (i) direct interests acquired during a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">primary distribution or other purchase of a loan or (ii) assignments of, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">novations of or participations in all or a portion of a loan acquired in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary markets. In addition to credit risk and interest rate risk, the </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s exposure to loan interests may be subject to additional risks. For </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, purchasers of loans and other forms of direct indebtedness </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend primarily upon the creditworthiness of the borrower for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of principal and interest. Loans are subject to the risk that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled interest or principal payments will not be made in a timely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner or at all, either of which may adversely affect the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan. If the Fund does not receive scheduled interest or principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on such indebtedness, the Fund&#8217;s share price and yield could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be adversely affected. Loans that are fully secured may offer the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more protection than an unsecured loan in the event of non-payment of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled interest or principal if the Fund is able to access and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetize the collateral. However, the collateral underlying a loan, if any, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unavailable or insufficient to satisfy a borrower&#8217;s obligation. If </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund becomes owner, whole or in part, of any collateral after a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is foreclosed, the Fund may incur costs associated with owning and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetizing its ownership of the collateral.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of deteriorating economic conditions, such as recessions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or periods of rising unemployment, or changing interest rates (notably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increases), delinquencies and losses generally increase, sometimes </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatically, with respect to obligations under such loans. An economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturn or individual corporate developments could adversely affect </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market for these instruments and reduce a Fund&#8217;s ability to sell </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these instruments at an advantageous time or price. An economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturn could also generally lead to a higher nonpayment rate and, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan may lose significant market value before a default occurs.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in loans through a purchase of a loan or a direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assignment of a financial institution&#8217;s interests with respect to a loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may involve additional risks to the Fund. For example, if a loan is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreclosed, the Fund could become owner, in whole or in part, of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral, which could include, among other assets, real estate or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real or personal property, and would bear the costs and liabilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with owning and holding or disposing of the collateral. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment typically succeeds to all the rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations under the loan agreement with the same rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations as the assigning lender. Assignments may, however, be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arranged through private negotiations between potential assignees and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential assignors, and the rights and obligations acquired by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment may differ from, and be more limited than, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those held by the assigning lender.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In connection with purchasing loan participations, the Fund generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have no right to enforce compliance by the borrower with the terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the loan agreement relating to the loan, nor any rights of set-off </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the borrower, and the Fund may not directly benefit from any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral supporting the loan in which it has purchased the loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participation. As a result, the Fund will be subject to the credit risk of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both the borrower and the lender that is selling the participation. In the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of the insolvency of the lender selling a participation, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be treated as a general creditor of the lender and may not benefit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from any set-off between the lender and the borrower. Certain loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations may be structured in a manner designed to prevent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasers of participations from being subject to the credit risk of the </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lender, but even under such a structure, in the event of the lender&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insolvency, the lender&#8217;s servicing of the participation may be delayed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the assignability of the participation impaired.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may have difficulty disposing of loans and loan participations. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because there is no liquid market for many such investments, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">anticipates that such investments could be sold only to a limited number </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of institutional investors. The lack of a liquid secondary market may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an adverse impact on the value of such investments and the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to dispose of particular loans and loan participations when that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would be desirable, including in response to a specific economic event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as a deterioration in the creditworthiness of the borrower. The lack </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a liquid secondary market for loans and loan participations also may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make it more difficult for the Fund to assign a value to these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for purposes of valuing the Fund&#8217;s portfolio. Investments in loans may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include participations in bridge loans, which are loans taken out by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers for a short period (typically less than one year) pending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">arrangement of more permanent financing through, for example, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuance of bonds, frequently high yield bonds issued for the purpose of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquisitions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in loans may include acquisitions of, or participation in, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed draw and delayed funding loans and revolving credit facilities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These commitments may have the effect of requiring the Fund to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase its investment in a borrower at a time when it might not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise decide to do so (including at a time when the company&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition makes it unlikely that such amounts will be repaid). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Delayed draw and delayed funding loans and revolving credit facilities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to restrictions on transfer, and only limited opportunities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may exist to resell such instruments. As a result, a Fund may be unable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to sell such investments at an opportune time or may have to resell </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">them at less than fair market value. Further, the Fund may need to hold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquid assets in order to provide funding for these types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commitments, meaning the Fund may not be able to invest in other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attractive investments, or the Fund may need to liquidate existing assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in order to provide such funding.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in loans used to finance the cost of construction, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquisition, development, and/ or rehabilitation of a property, including, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to, development of single-family for-sale homes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">multi-family rentals and/or commercial facilities. Such construction </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending may expose the Fund to increased risk of non-payment and loss </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">because the loan is not backed by a finished project. Such risk may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depend on the nature of the construction and the relevant counterparty </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or counterparties, which may include, but not be limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">homebuilders, private developers and/or entities with limited capital. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Repayment of these types of loans may depend on the borrower&#8217;s ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to secure permanent &#8220;take-out&#8221; financing, which requires the successful </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of the project, or operation of the property with an income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stream sufficient to meet operating and loan expenses. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these types of loans are subject to the risk of errors in estimations of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">property&#8217;s value at completion of construction and the estimated cost of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">construction, as well as the risk that the projects may not be completed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and have limited liquidity.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Fund invests in loans, including, but not limited to, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank loans, non-syndicated loans, the residual or equity tranches of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related and other asset-backed securities, which may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as subordinate mortgage-backed or asset-backed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and interest-only mortgage-backed or asset-backed securities, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, the Fund may be subject to greater levels of credit risk, call </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, settlement risk and liquidity risk. These instruments are considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predominantly speculative with respect to an issuer&#8217;s continuing ability </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to make principal and interest payments and may be more volatile than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other types of securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also be subject to greater levels of liquidity risk than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">funds that do not invest in loans. In addition, the loans in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund invests may not be listed on any exchange and a secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for such loans may be comparatively illiquid relative to markets for other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more liquid fixed income securities. Consequently, transactions in loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may involve greater costs than transactions in more actively traded </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. In connection with certain loan transactions, transaction costs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are borne by the Fund may include the expenses of third parties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are retained to assist with reviewing and conducting diligence, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiating, structuring and servicing a loan transaction, and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">providing other services in connection therewith. Furthermore, the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may incur such costs in connection with loan transactions that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursued by the Fund but not ultimately consummated (so-called </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;broken deal costs&#8221;).</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Restrictions on transfers in loan agreements, a lack of publicly available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information, irregular trading activity and wide bid/ask spreads, among </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other factors, may, in certain circumstances, make loans more difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sell at an advantageous time or price than other types of securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments. These factors may result in the Fund being unable to realize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">full value for the loans and/or may result in the Fund not receiving the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds from a sale of a loan for an extended period after such sale, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each of which could result in losses to the Fund. Some loans may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extended trade settlement periods, including settlement periods of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater than seven days, which may result in cash not being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">immediately available to the Fund. If an issuer of a loan prepays or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redeems the loan prior to maturity, the Fund may have to reinvest the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds in other loans or similar instruments that may pay lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Because of such risks involved in investing in loans, an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund should be considered speculative.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in subordinated and unsecured loans generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to similar risks as those associated with investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured loans. Subordinated or unsecured loans are lower in priority of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment to secured loans and are subject to the additional risk that the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flow of the borrower and property securing the loan or debt, if any, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be insufficient to meet scheduled payments after giving effect to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the senior secured obligations of the borrower. This risk is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher for subordinated unsecured loans or debt, which are not backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by a security interest in any specific collateral. Subordinated and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unsecured loans generally have greater price volatility than secured </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans and may be less liquid. There is also a possibility that originators </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will not be able to sell participations in subordinated or unsecured </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans, which would create greater credit risk exposure for the holders of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such loans. Subordinate and unsecured loans share the same risks as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other below investment grade securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There may be less readily available information about most loans and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the underlying borrowers than is the case for many other types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities. Loans may be issued by companies that are not subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">SEC reporting requirements and therefore may not be required to file </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reports with the SEC or may file reports that are not required to comply </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with SEC form requirements. In addition, such companies may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to a less stringent liability disclosure regime than companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to SEC reporting requirements. Loans may not be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;securities,&#8221; and purchasers, such as the Fund, therefore may not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to rely on the anti-fraud protections of the federal securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">laws. Because there is limited public information available regarding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan investments, the Fund is particularly dependent on the analytical </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abilities of the Fund&#8217;s portfolio managers.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economic exposure to loan interests through the use of derivative </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may involve greater risks than if the Fund had invested in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the loan interest directly during a primary distribution, through direct </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originations or through assignments of, novations of or participations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loan acquired in secondary markets since, in addition to the risks </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">described above, certain derivative transactions may be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage risk and greater illiquidity risk, counterparty risk, valuation risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other risks.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest Risk&#8212;Allocation of Investment </div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Opportunities</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Manager and its affiliates are involved worldwide with a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broad spectrum of financial services and asset management activities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may engage in the ordinary course of business in activities in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their interests or the interests of their clients may conflict with those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. The Investment Manager may provide investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management services to other funds and discretionary managed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accounts that follow an investment program similar to that of the Fund. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the requirements of the 1940 Act, the Investment Manager </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intends to engage in such activities and may receive compensation from </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">third parties for its services. The results of the Fund&#8217;s investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities may differ from those of&#160;the the Fund&#8217;s affiliates, or another </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account managed by the Investment Manager or its affiliates, and it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible that the Fund could sustain losses during periods in which one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more of the Fund&#8217;s affiliates and/or other accounts managed by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Manager or its affiliates, including proprietary accounts, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve profits on their trading.</div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Foreign (Non-U.S.) Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign (non-U.S.) securities may experience more rapid and extreme </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in value than securities of U.S. issuers or securities that trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exclusively in U.S. markets. The securities markets of many foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries are relatively small, with a limited number of companies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing a small number of industries. Additionally, issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) securities are usually not subject to the same degree </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of regulation as U.S. issuers. Reporting, legal, accounting, auditing and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custody standards of foreign countries differ, in some cases significantly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from U.S. standards. Global economies and financial markets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">becoming increasingly interconnected, and conditions and events in one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country, region or financial market may adversely impact issuers in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different country, region or financial market. Foreign (non-U.S.) market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading hours, clearance and settlement procedures, and holiday </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">schedules may limit the Fund&#8217;s ability to buy and sell securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in foreign (non-U.S.) markets may also be adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by governmental actions such as the imposition of capital </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">controls, nationalization of companies or industries, expropriation of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets or the imposition of punitive taxes. The governments of certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries may prohibit or impose substantial restrictions on foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(non-U.S.) investing in their capital markets or in certain sectors or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industries. In addition, a foreign (non-U.S.) government may limit or </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause delay in the convertibility or repatriation of its currency which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would adversely affect the U.S. dollar value and/or liquidity of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments denominated in that currency. Certain foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may become less liquid in response to market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments or adverse investor perceptions, or become illiquid after </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase by the Fund, particularly during periods of market turmoil. A </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction in trading in securities of issuers located in countries whose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economies are heavily dependent upon trading with key partners may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have an adverse impact on a Fund&#8217;s investments.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Also, nationalization, expropriation or confiscatory taxation, unstable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments, decreased market liquidity, currency blockage, market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions, political changes, security suspensions or diplomatic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments or the imposition of sanctions or other similar measures </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the Fund&#8217;s investments in a foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country. In the event of nationalization, expropriation or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">confiscation, the Fund could lose its entire investment in foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(non-U.S.) securities. The type and severity of sanctions and other similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measures, including counter sanctions and other retaliatory actions, that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be imposed could vary broadly in scope, and their impact is difficult </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to ascertain. These types of measures may include, but are not limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to, banning a sanctioned country or certain persons or entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with such country from global payment systems that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facilitate cross-border payments, restricting the settlement of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions by certain investors, and freezing the assets of particular </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries, entities or persons. The imposition of sanctions and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar measures could, among other things, result in a decline in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value and/or liquidity of securities issued by the sanctioned country or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies located in or economically tied to the sanctioned country, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downgrades in the credit ratings of the sanctioned country's securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or those of companies located in or economically tied to the sanctioned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country, currency devaluation or volatility, and increased market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility and disruption in the sanctioned country and throughout the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">world. Sanctions and other similar measures could directly or indirectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limit or prevent a Fund from buying and selling securities (in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctioned country and other markets), significantly delay or prevent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">settlement of securities transactions, and adversely impact a Fund's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity and performance. Adverse conditions in a certain region can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect securities of other countries whose economies appear </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be unrelated. To the extent that the Fund invests a significant portion </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its assets in a specific geographic region or in securities denominated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a particular foreign (non-U.S.) currency, the Fund will generally have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more exposure to regional economic risks, including weather </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">emergencies and natural disasters, associated with foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. Foreign (non-U.S.) securities may also be less liquid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(particularly during market closures due to local holidays or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reasons) and more difficult to value than securities of U.S. issuers.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities and instruments that are economically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tied to Russia. Investments in Russia are subject to various risks such as, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but not limited to political, economic, legal, market and currency risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The risks include uncertain political and economic policies, short term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market volatility, poor accounting standards, corruption and crime, an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inadequate regulatory system, regional armed conflict and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unpredictable taxation. Investments in Russia are particularly subject to </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that further economic sanctions, export and import controls, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other similar measures may be imposed by the United States and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other countries. Other similar measures may include, but are not limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to, banning or expanding bans on Russia or certain persons or entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with Russia from global payment systems that facilitate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cross-border payments, restricting the settlement of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions by certain investors, and freezing Russian assets or those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular countries, entities or persons with ties to Russia (e.g. Belarus). </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such sanctions and other similar measures &#8212; which may impact </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies in many sectors, including energy, financial services, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology, accounting, quantum computing, shipping, aviation, metals </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and mining, defense, architecture, engineering, construction, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manufacturing and transportation, among others &#8212; and Russia&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countermeasures may negatively impact the Fund&#8217;s performance and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to achieve its investment objectives. For example, certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may be prohibited and/or existing investments may become </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid (e.g., in the event that transacting in certain existing investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is prohibited, securities markets close, or market participants cease </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transacting in certain investments in light of geopolitical events, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctions or related considerations), which could render any such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund unmarketable for an indefinite period of time </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or cause the Fund to sell other portfolio holdings at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantageous time or price or to continue to hold investments that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund no longer seeks to hold. In addition, such sanctions or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar measures, and the Russian government's response, could result </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a downgrade of Russia's credit rating or of securities of issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">located in or economically tied to Russia, devaluation of Russia's </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency and/or increased volatility with respect to Russian securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the ruble. Moreover, disruptions caused by Russian military action </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other actions (including cyberattacks, espionage or other asymmetric </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measures) or resulting actual or threatened responses to such activity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may impact Russia's economy and Russian and other issuers of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities in which the Fund is invested. Such resulting actual or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threatened responses may include, but are not limited to, purchasing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and financing restrictions, withdrawal of financial intermediaries, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">boycotts or changes in consumer or purchaser preferences, sanctions, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">export and import controls, tariffs or cyberattacks on the Russian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government, Russian companies or Russian individuals, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">politicians. Any actions by Russia made in response to such sanctions or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retaliatory measures could further impair the value and liquidity of Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. Sanctions and other similar measures have resulted in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaults on debt obligations by certain corporate issuers and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Russian Federation that could lead to cross-defaults or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cross-accelerations on other obligations of these issuers.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Russian securities market is characterized by limited volume of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading, resulting in difficulty in obtaining accurate prices and trading. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These issues can be magnified as a result of sanctions and other similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">measures that may be imposed and the Russian government's response. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Russian securities market, as compared to U.S. markets, has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant price volatility, less liquidity, a smaller market capitalization </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and a smaller number of traded securities. There may be little publicly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available information about issuers. Settlement, clearing and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration of securities transactions are subject to risks. Prior to the </div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the National Settlement Depository (&#8220;NSD&#8221;), a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recognized central securities depository, there was no central </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration system for equity share registration in Russia, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration was carried out by either the issuers themselves or by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registrars located throughout Russia. Title to Russian equities held </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">through the NSD is now based on the records of the NSD and not the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registrars. Although the implementation of the NSD has enhanced the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">efficiency and transparency of the Russian securities market, issues </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resulting in loss can still occur. In addition, sanctions by the European </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Union against the NSD, as well as the potential for sanctions by other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments, could make it more difficult to conduct or confirm </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions involving Russian securities. Ownership of securities issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by Russian companies that are not held through depositories such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NSD may be recorded by companies themselves and by registrars. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such cases, the risk is increased that the Fund could lose ownership </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights through fraud, negligence or oversight. While applicable Russian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulations impose liability on registrars for losses resulting from their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">errors, it may be difficult for the Fund to enforce any rights it may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">against the registrar or issuer of the securities in the event of loss of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">share registration. In addition, issuers and registrars are still prominent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the validation and approval of documentation requirements for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate action processing in Russia. Because the documentation </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements and approval criteria vary between registrars and issuers, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there remain unclear and inconsistent market standards in the Russian </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market with respect to the completion and submission of corporate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">action elections. In addition, sanctions or Russian countermeasures may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prohibit or limit a Fund&#8217;s ability to participate in corporate actions, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">therefore require the Fund to forego voting on or receiving funds that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would otherwise be beneficial to the Fund. To the extent that the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">suffers a loss relating to title or corporate actions relating to its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, it may be difficult for the Fund to enforce its rights or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise remedy the loss. Russian securities laws may not recognize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign nominee accounts held with a custodian bank, and therefore the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodian may be considered the ultimate owner of securities they hold </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for their clients. Adverse currency exchange rates are a risk and there </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be a lack of available currency hedging instruments. Investments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Russia may be subject to the risk of nationalization or expropriation of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets. Oil, natural gas, metals, minerals and timber account for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant portion of Russia&#8217;s exports, leaving the country vulnerable to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swings in world prices and to sanctions or other actions that may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">directed at the Russian economy as a whole or at Russian oil, natural </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gas, metals, minerals or timber industries.</div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Certain Affiliations</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain broker-dealers may be considered to be affiliated persons of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and/or the Investment Manager due to their possible affiliations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with Allianz SE, the ultimate parent of the Investment Manager, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">another Allianz entity. Allianz Asset Management of America LP merged </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with Allianz Asset Management of America LLC (&#8220;Allianz Asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Management&#8221;), with the latter being the surviving entity, effective </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">January 1, 2023. Following the merger, Allianz Asset Management is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO&#8217;s managing member and direct parent entity. Absent an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exemption from the SEC or other regulatory relief, the Fund is generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">precluded from effecting certain principal transactions with affiliated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">brokers, and its ability to purchase securities being underwritten by an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliated broker or a syndicate including an affiliated broker, or to utilize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliated brokers for agency transactions, is subject to restrictions. This </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could limit the Fund&#8217;s ability to engage in securities transactions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">take advantage of market opportunities.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The 1940 Act imposes significant limits on co-investment with affiliates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund. The Fund has received exemptive relief from the SEC that, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent a fund relies on such relief, permits it to (among other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things) co-invest alongside certain other persons in privately negotiated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including certain affiliates of the Investment Manager and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain public or private funds managed by the Investment Manager and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its affiliates, subject to certain terms and conditions. The exemptive relief </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from the SEC with respect to co-investments imposes a number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions on any co-investments made in reliance on such relief that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may limit or restrict a fund&#8217;s ability to participate in an investment or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require it to participate in an investment to a lesser extent, which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negatively impact a fund&#8217;s ability to execute its desired investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategy and its returns. Subject to applicable law, the Fund may also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest alongside other PIMCO managed funds and accounts, including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">private funds and affiliates of the Investment Manager, without relying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the exemptive relief. Pursuant to co-investment exemptive relief, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the extent a fund relies on such relief, the fund will be able to invest in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities in which PIMCO and/or its affiliates has an investment, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and PIMCO and/or its affiliates will be able to invest in opportunities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which a fund has made an investment.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Turnover Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Manager manages the Fund without regard generally to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on portfolio turnover. The use of futures contracts and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments with relatively short maturities may tend to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exaggerate the portfolio turnover rate for the Fund. Trading in fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income securities does not generally involve the payment of brokerage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commissions, but does involve indirect transaction costs. The use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contracts and other derivative instruments may involve the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment of commissions to futures commission merchants or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediaries. Higher portfolio turnover involves correspondingly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater expenses to the Fund, including brokerage commissions or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer mark-ups and other transaction costs on the sale of securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and reinvestments in other securities. The higher the rate of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">turnover of the Fund, the higher these transaction costs borne by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund generally will be. Such sales may result in realization of taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital gains (including short-term capital gains, which are generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">taxed to shareholders at ordinary income tax rates when distributed net </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of short-term capital losses and net long-term capital losses), and may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact the Fund&#8217;s after-tax returns. See &#8220;Tax Matters.&#8221;</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">U.S. Government Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain U.S. government securities, such as U.S. Treasury bills, notes, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds and mortgage-related securities guaranteed by the GNMA, are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supported by the full faith and credit of the United States; others, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as those of FHLBs or the FHLMC, are supported by the right of the issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to borrow from the U.S. Treasury; others, such as those of the FNMA, are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supported by the discretionary authority of the U.S. government to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase the agency&#8217;s obligations; and still others are supported only by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the credit of the agency, instrumentality or corporation. U.S. government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are subject to market risk, interest rate risk and credit risk. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although legislation has been enacted to support certain government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sponsored entities, including the FHLBs, FHLMC and FNMA, there is no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that the obligations of such entities will be satisfied in full, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that such obligations will not decrease in value or default. It is difficult, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if not impossible, to predict the future political, regulatory or economic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes that could impact the government sponsored entities and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values of their related securities or obligations. In addition, certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental entities, including FNMA and FHLMC, have been subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to regulatory scrutiny regarding their accounting policies and practices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other concerns that may result in legislation, changes in regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">oversight and/or other consequences that could adversely affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit quality, availability or investment character of securities issued by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these entities. Yields available from U.S. government debt securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally lower than the yields available from other debt securities. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values of U.S. government securities change as interest rates fluctuate.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Periodically, uncertainty regarding the status of negotiations in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government to increase the statutory debt ceiling could increase the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that the U.S. government may default on payments on certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government securities, cause the credit rating of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government to be downgraded, increase volatility in the stock and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond markets, result in higher interest rates, reduce prices of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury and other securities, and/or increase the costs of various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">kinds of debt. If a government-sponsored entity is negatively impacted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by legislative or regulatory action (or lack thereof), is unable to meet its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations, or its creditworthiness declines, the performance of a fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that holds securities of the entity will be adversely impacted.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Currency Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Fund invests directly in foreign (non-U.S.) currencies or in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that trade in, and receive revenues in, foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies, or in derivatives or other instruments that provide exposure </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to foreign (non-U.S.) currencies, it will be subject to the risk that those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies will decline in value relative to the U.S. dollar, or, in the case </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of hedging positions, that the U.S. dollar will decline in value relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the currency being hedged. Although the Fund may attempt to hedge its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency exposure into the U.S. dollar, it may not be successful in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reducing the effects of currency fluctuations. The Fund may also hedge </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from one foreign currency to another. In addition, the Fund's use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency hedging may not be successful and the use of such strategies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may lower the Fund's potential returns.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments denominated in foreign (non-U.S.) currencies or that trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in and receive revenues in, foreign (non-U.S.) currencies, derivatives or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments that provide exposure to foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies, are subject to the risk that those currencies will decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value relative to the U.S. dollar, or, in the case of hedging positions, that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the U.S. dollar will decline in value relative to the currency being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedged.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Currency rates in foreign (non-U.S.) countries may fluctuate significantly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over short periods of time for a number of reasons, including changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, rates of inflation, balance of payments and governmental </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">surpluses or deficits, intervention (or the failure to intervene) by U.S. or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) governments, central banks or supranational entities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as the International Monetary Fund, or by the imposition of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency controls or other political developments in the United States or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">abroad. These fluctuations may have a significant adverse impact on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s portfolio and/or the level of Fund distributions made </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to Common Shareholders. There is no assurance that a hedging strategy, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if used, will be successful. Moreover, currency hedging techniques may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be unavailable with respect to emerging market currencies.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The local emerging market currencies in which the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invested from time to time may experience substantially greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility against the U.S. dollar than the major convertible currencies of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developed countries. Some of the local currencies in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may invest are neither freely convertible into one of the major currencies </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">nor internationally traded. The local currencies may be convertible into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other currencies only inside the relevant emerging market where the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited availability of such other currencies may tend to inflate their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">values relative to the local currency in question. Such internal exchange </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets can therefore be said to be neither liquid nor competitive. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, many of the currencies of emerging market countries in which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may invest have experienced steady devaluation relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">freely convertible currencies.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Continuing uncertainty as to the status of the euro and the European </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Monetary Union (&#8220;EMU&#8221;) has created significant volatility in currency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and financial markets generally. Any partial or complete dissolution of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the EMU could have significant adverse effects on currency and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets, and on the values of the Fund&#8217;s portfolio investments. If one or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more EMU countries were to stop using the euro as its primary currency, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments in such countries may be redenominated into a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different or newly adopted currency. As a result, the value of those </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments could decline significantly and unpredictably. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or other investments that are redenominated may be subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to foreign currency risk, liquidity risk and valuation risk to a greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent than similar investments currently denominated in euros. To the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent a currency used for redenomination purposes is not specified in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect of certain EMU-related investments, or should the euro cease to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be used entirely, the currency in which such investments are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denominated may be unclear, making such investments particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value or dispose of. The Fund may incur additional expenses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent it is required to seek judicial or other clarification of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">denomination or value of such securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that if the Fund earns income or capital gains </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments from a given country, capital controls imposed by such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">country will not prevent, or cause significant expense in, doing so.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Changes Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Financial entities, such as investment companies and investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advisers, are generally subject to extensive government regulation and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intervention. Government regulation and/or intervention may change </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the way the Fund is regulated, affect the expenses incurred directly by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund and the value of its investments, and limit and/or preclude the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s ability to achieve its investment objectives. Government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulation may change frequently and may have significant adverse </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequences. The Fund and the Investment Manager have historically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">been eligible for exemptions from certain regulations. However, there is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">no assurance that the Fund and the Investment Manager will continue </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be eligible for such exemptions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moreover, government regulation may have unpredictable and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unintended effects. Legislative or regulatory actions to address </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perceived liquidity or other issues in fixed income markets generally, or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in particular markets such as the municipal securities market, may alter </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or impair the Fund&#8217;s ability to pursue its investment objectives or utilize </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain investment strategies and techniques. While there continues to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be uncertainty about the full impact of these and other regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes, it is the case that the Fund will be subject to a more complex </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory framework, and may incur additional costs to comply with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">new requirements as well as to monitor for compliance in the future.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Current rules related to credit risk retention requirements for ABS may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the cost to originators, securitizers and, in certain cases, asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">managers of SPEs in which the Fund may invest. The impact of the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retention rules on the securitization markets is uncertain. These </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements may increase the costs to originators, securitizers, and, in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain cases, collateral managers of SPEs in which the Fund may invest, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which costs could be passed along to the Fund as an investor in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vehicles. In addition, the costs imposed by the risk retention rules on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originators, securitizers and/or collateral managers may result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction of the number of new offerings of ABS and thus in fewer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities for the Fund. A reduction in the number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">new securitizations could also reduce liquidity in the markets for certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of financial assets, which in turn could negatively affect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns on the Fund&#8217;s investment.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Actions by governmental entities may also impact certain instruments in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund invests and reduce market liquidity and resiliency.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Leverage Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s use of leverage (as described under &#8220;Use of Leverage&#8221; in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">body of this prospectus) creates the opportunity for increased Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Share net income, but also creates special risks for Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders (including an increased risk of loss). To the extent used, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there is no assurance that the Fund&#8217;s leveraging strategies will be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successful. Leverage is a speculative technique that may expose the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to greater risk and increased costs. The Fund&#8217;s assets attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to leverage, if any, will be invested in accordance with the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and policies. Interest expense payable by the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to derivatives and other forms of leverage, and dividends </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payable with respect to any preferred shares outstanding, if any, will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally be based on shorter-term interest rates that would be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periodically reset. So long as the Fund&#8217;s portfolio investments provide a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher rate of return (net of applicable Fund expenses) than the interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses and other costs to the Fund of such leverage, the investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the proceeds thereof will generate more income than will be needed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to pay the costs of the leverage. If so, and all other things being equal, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the excess may be used to pay higher dividends to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders than if the Fund were not so leveraged. There can be no </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance these circumstances will occur. If, however, shorter-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rise relative to the rate of return on the Fund&#8217;s portfolio, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the interest and other costs to the Fund of leverage could exceed the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate of return on the debt obligations and other investments held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, thereby reducing return to Common Shareholders. Leveraging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions pursued by the Fund may increase its duration and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitivity to interest rate movements. In addition, fees and expenses of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any form of leverage used by the Fund will be borne entirely by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shareholders (and not by preferred shareholders, if any) and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will reduce the investment return of the Common Shares. Therefore, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there can be no assurance that the Fund&#8217;s use of leverage will result in a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher yield on the Common Shares, and it may result in losses. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, any preferred shares issued by the Fund are expected to pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cumulative dividends, which may tend to increase leverage risk. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage creates several major types of risks for Common Shareholders, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including:</div></div></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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of NAV and market price of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, and of the investment return to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders, than a comparable portfolio without leverage;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the possibility either that Common Share dividends will fall if the </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:12.0pt;margin-left:22pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest and other costs of leverage rise, or that dividends paid on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares will fluctuate because such costs vary over time; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and</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"><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#9632;</div></div><div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effects of leverage in a declining market or a rising interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate environment, as leverage is likely to cause a greater decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NAV of the Common Shares than if the Fund were not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any preferred shareholders of the Fund will have priority of payment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over the Fund&#8217;s Common Shareholders.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reverse repurchase agreements involve the risks that the interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income earned on the investment of the proceeds will be less than the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest expense and Fund expenses associated with the repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement, that the market value of the securities sold by the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline below the price at which the Fund is obligated to repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities and that the securities may not be returned to the Fund. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is no assurance that reverse repurchase agreements can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">successfully employed. Dollar roll/buyback transactions involve the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the market value of the securities the Fund is required to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may decline below the agreed upon purchase price of those securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Successful use of dollar rolls/buybacks may depend upon the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager&#8217;s ability to correctly predict interest rates and prepayments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is no assurance that dollar rolls/buybacks can be successfully </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employed. In connection with reverse repurchase agreements and dollar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolls/buybacks, the Fund will also be subject to counterparty risk with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to the purchaser of the securities. If the broker/dealer to whom </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or repurchase securities may be restricted.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may engage in total return swaps, reverse repurchases, loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of portfolio securities, short sales and when-issued, delayed delivery and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forward commitment transactions, credit default swaps, basis swaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other swap agreements, purchases or sales of futures and forward </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts (including foreign currency exchange contracts), call and put </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">options or other derivatives. The Fund&#8217;s use of such transactions gives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise to associated leverage risks described above, and may adversely </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the Fund&#8217;s income, distributions and total returns to Common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders. To the extent that any offsetting positions do not behave </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in relation to one another as expected, the Fund may perform as if it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged through use of these derivative strategies.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any total return swaps, reverse repurchases, loans of portfolio securities, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short sales and when-issued, delayed delivery and forward commitment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, credit default swaps, basis swaps and other swap </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements, purchases or sales of futures and forward contracts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including foreign currency exchange contracts), call and put options or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other derivatives by the Fund or counterparties to the Fund&#8217;s other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraging transactions, if any, would have seniority over the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because the fees received by the Investment Manager may increase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depending on the types of leverage utilized by the Fund, the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager has a financial incentive for the Fund to use certain forms of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage, which may create a conflict of interest between the Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Manager, on the one hand, and the Common Shareholders, on the other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hand.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">&#8220;Covenant-lite&#8221; Obligations Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Covenant-lite obligations contain fewer maintenance covenants than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other obligations, or no maintenance covenants, and may not include </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms that allow the lender to monitor the performance of the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and declare a default if certain criteria are breached. Covenant-lite </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans carry a risk that the borrower could transfer or encumber its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, which could reduce the amount of assets that can be used to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">satisfy debts and result in losses for debtholders. Covenant-lite loans </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may carry more risk than traditional loans as they allow individuals and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporations to engage in activities that would otherwise be difficult or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impossible under a covenant-heavy loan agreement. In the event of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default, covenant-lite loans may exhibit diminished recovery values as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the lender may not have the opportunity to negotiate with the borrower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior to default.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Sovereign Debt Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to the other risks applicable to debt investments, sovereign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt may decline in value as a result of default or other adverse credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event resulting from an issuer&#8217;s inability or unwillingness to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal or interest payments in a timely fashion. A sovereign entity&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">failure to make timely payments on its debt can result from many </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors, including, without limitation, insufficient foreign (non-U.S.) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currency reserves or an inability to sufficiently manage fluctuations in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative currency valuations, an inability or unwillingness to satisfy the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demands of creditors and/or relevant supranational entities regarding </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt service or economic reforms, the size of the debt burden relative to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic output and tax revenues, cash flow difficulties, and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">political and social considerations. The risk of loss to the Fund in the </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of a sovereign debt default or other adverse credit event is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened by the unlikelihood of any formal recourse or means to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enforce its rights as a holder of the sovereign debt. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sovereign debt restructurings, which may be shaped by entities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors beyond the Fund&#8217;s control, may result in a loss in value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s sovereign debt holdings.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may enter into repurchase agreements, in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases a security from a bank or broker-dealer, which agrees to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase the security at the Fund&#8217;s cost plus interest within a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time. If the party agreeing to repurchase should default, the Fund would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seek to sell the securities which it holds. This could involve costs or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delays in addition to a loss on the securities if their value should fall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">below their repurchase price. The security subject to a repurchase </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement may be or become illiquid. These events could also trigger </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse tax consequences for the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Debt Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Debt securities are generally subject to the risks described below and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">further herein:</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Issuer risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of fixed income securities may decline for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of reasons that directly relate to the issuer, such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management performance, financial leverage, reduced demand for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s goods and services, historical and prospective earnings of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer and the value of the assets of the issuer. A change in the financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condition of a single issuer may affect securities markets as a whole. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These risks can apply to the Common Shares issued by the Fund and to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuers of securities and other instruments in which the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Interest rate risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The market value of debt securities changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">response to interest rate changes and other factors. Interest rate risk is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that prices of debt securities will increase as interest rates fall </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and decrease as interest rates rise, which would be reflected in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s NAV. The Fund may lose money if short-term or long-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rise sharply in a manner not anticipated by the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management. Moreover, because rates on certain floating rate debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities typically reset only periodically, changes in prevailing interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates (and particularly sudden and significant changes) can be expected </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to cause some fluctuations in the NAV of the Fund to the extent that it </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests in floating rate debt securities.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Prepayment risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of declining interest rates, borrowers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may prepay principal. This may force the Fund to reinvest in lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yielding securities, resulting in a possible decline in the Fund&#8217;s income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and distributions.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Credit risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit risk is the risk that one or more debt securities in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s portfolio will decline in price or fail to pay interest or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal when due because the issuer of the security experiences a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decline in its financial status. Credit risk is increased when a portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security is downgraded or the perceived creditworthiness of the issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deteriorates.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reinvestment risk is the risk that income from the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s portfolio will decline if the Fund invests the proceeds from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">matured, traded or called fixed income securities at market interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are below the portfolio&#8217;s current earnings rate.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Duration and maturity risk.</div></div></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;">&#8201;</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may seek to adjust the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration or maturity of its investments in debt securities based on its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of current and projected market conditions. The Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur costs in seeking to adjust the average duration or maturity of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio of debt securities. There can be no assurances that the Fund&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of current and projected market conditions will be correct or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that any strategy to adjust duration or maturity will be successful.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, from time to time, uncertainty regarding the status of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations in the U.S. government to increase the statutory debt </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ceiling could impact the creditworthiness of the United States and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the liquidity and value of U.S. Government and other securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and ultimately the Fund.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund could lose money if the issuer or guarantor of a fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security (including a security purchased with securities lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral), the counterparty to a derivatives contract, or the issuer or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantor of collateral, repurchase agreement or a loan of portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities is unable or unwilling, or is perceived (whether by market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants, rating agencies, pricing services or otherwise) as unable or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unwilling, to make timely principal and/or interest payments, or to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise honor its financial obligations. The risk that such issuer, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">guarantor or counterparty is less willing or able to do so is heightened </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in market environments where interest rates are changing, notably </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when rates are rising. The downgrade of the credit rating of a security or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the issuer of a security held by the Fund may decrease its value. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Measures such as average credit quality may not accurately reflect the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">true credit risk of the Fund. This is especially the case if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consists of securities with widely varying credit ratings. This risk is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater to the extent the Fund uses leverage or derivatives. Rising or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">high interest rates may deteriorate the credit quality of an issuer or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty, particularly if an issuer or counterparty faces challenges </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rolling or refinancing its obligations. The Fund's investments may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected if any of the issuers it is invested in are subject to an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual or perceived (whether by market participants, rating agencies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pricing services or otherwise) deterioration to their credit quality.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit risk includes credit spread risk, which is the risk that credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spreads (i.e., the difference in yield between securities that is due to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differences in their actual or perceived credit quality) may increase when </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market believes that investments generally have a greater risk of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default. Increasing credit spreads may reduce the market values of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's investments. Credit spreads often increase more for lower rated </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and unrated securities than for investment grade securities. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when credit spreads increase, reductions in market value will generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be greater for longer-maturity securities. Further, credit spread duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(a measure of credit spread risk) can vary significantly from interest rate </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration (e.g., for floating rate debt securities, credit spread duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically will be higher than interest rate duration). The Fund may add </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit spread duration to its portfolio, for example through the use of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives (e.g., credit default swaps), even while it has lower interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate duration. The credit spread duration of the Fund&#8217;s portfolio may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">vary, in some cases significantly, from its interest rate duration. All </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">descriptions of duration in this prospectus refer to interest rate duration </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unless otherwise noted.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convertible securities are fixed income securities, preferred securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities that are convertible into or exercisable for common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock of the issuer (or cash or securities of equivalent value) at either a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stated price or a stated rate. Convertible debt securities pay interest and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible preferred stocks pay dividends until they mature or are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">converted, exchanged or redeemed. The market values of convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline as interest rates increase and, conversely, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase as interest rates decline. A convertible security&#8217;s market value, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">however, tends to reflect the market price of the common stock of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuing company when that stock price approaches or is greater than </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the convertible security&#8217;s &#8220;conversion price.&#8221; The conversion price is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defined as the predetermined price at which the convertible security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could be exchanged for the associated stock. Certain types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities may decline in value or lose their value entirely in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the event the issuer&#8217;s financial condition becomes significantly impaired. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As the market price of the underlying common stock declines, the price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the convertible security tends to be influenced more by the yield of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the convertible security. Thus, it may not decline in price to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent as the underlying common stock. In the event of a liquidation of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuing company, holders of convertible securities may be paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">before the company&#8217;s common stockholders but after holders of any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior debt obligations of the company. Consequently, the issuer&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible securities generally entail less risk than its common stock </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but more risk than its other debt obligations. Convertible securities are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often rated below investment grade or not rated.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Contingent Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos have no stated maturity, have fully discretionary coupons and are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically issued in the form of subordinated debt instruments. CoCos </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally either convert into equity or have their principal written down </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including potentially to zero) upon the occurrence of certain triggering </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events linked to regulatory capital thresholds or regulatory actions </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relating to the issuer&#8217;s continued viability. As a result, an investment by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund in CoCos is subject to the risk that coupon (i.e., interest) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments or the entire principal may be cancelled by the issuer or a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory authority in order to help the issuer absorb losses and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk of total loss. If such an event occurs, an investor may not have any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights to repayment of the principal amount of the securities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, an investor may not be able to collect interest payments or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dividends on such securities. An investment by the Fund in CoCos is also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to the risk that, in the event of the liquidation, dissolution or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">winding-up of an issuer prior to a trigger event, the Fund&#8217;s rights and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims will generally rank junior to the claims of holders of the issuer&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other debt obligations and CoCos may also be treated as junior to an </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer&#8217;s other obligations and securities. In addition, if CoCos held by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund are converted into the issuer&#8217;s underlying equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">following a trigger event, the Fund&#8217;s holding may be further </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated due to the conversion from a debt to equity instrument. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, the value of an investment in CoCos is unpredictable and could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be influenced by many factors and risks, including interest rate risk, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk, market risk and liquidity risk. An investment by the Fund in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CoCos may result in losses to the Fund.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Synthetic Convertible Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Synthetic convertible securities involve the combination of separate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that possess the two principal characteristics of a traditional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible security (i.e., an income-producing component and a right to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquire an equity security). Synthetic convertible securities are often </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieved, in part, through investments in warrants or options to buy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common stock (or options on a stock index), and therefore are subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the risks associated with derivatives. The value of a synthetic </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">convertible security will respond differently to market fluctuations than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a traditional convertible security because a synthetic convertible is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">composed of two or more separate securities or instruments, each with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its own market value. Because the convertible component is typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieved by investing in warrants or options to buy common stock at a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain exercise price, or options on a stock index, synthetic convertible </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are subject to the risks associated with derivatives. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, if the value of the underlying common stock or the level of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">index involved in the convertible component falls below the exercise </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price of the warrant or option, the warrant or option may lose all value.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Special Purpose Acquisition Companies (&#8220;SPACs&#8221;) Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities of SPACs or similar special purpose </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities that pool funds to seek potential acquisition opportunities. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unless and until an acquisition is completed, a SPAC generally invests its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets (less a portion retained to cover expenses) in U.S. government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, money market securities or holds cash. If an acquisition that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">meets the requirements for the SPAC is not completed within a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pre-established period of time, the invested funds are returned to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entity&#8217;s shareholders unless shareholders approve alternative options. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because SPACs and similar entities are in essence blank check </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies without operating history or ongoing business other than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seeking acquisitions, the value of their securities is particularly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dependent on the ability of the entity&#8217;s management to identify and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">complete a profitable acquisition. A SPAC&#8217;s structure may result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant dilution of a shareholder's share value immediately upon the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of a business combination due to, among other reasons, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests held by the SPAC sponsor, conversion of warrants into </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional shares, shares issued in connection with a business </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">combination and/or certain embedded costs. There is no guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the SPACs in which the Fund invests will complete an acquisition or that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any acquisitions that are completed will be profitable. Some SPACs may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursue acquisitions only within certain industries or regions, which may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the volatility of their prices. In addition, these securities, which </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are typically traded in the over-the-counter market, may be considered </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid and/or be subject to restrictions on resale.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related and Other Asset-Backed Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The mortgage-related assets in which the Fund may invest include, but </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not limited to, any security, instrument or other asset that is related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to U.S. or non-U.S. mortgages, including those issued by private </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originators or issuers, or issued or guaranteed as to principal or interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the U.S. government or its agencies or instrumentalities or by </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. governments or authorities, such as, without limitation, assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representing interests in, collateralized or backed by, or whose values </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are determined in whole or in part by reference to any number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages or pools of mortgages or the payment experience of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages or pools of mortgages, including REMICs, which could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include Re-REMICs, mortgage pass-through securities, inverse floaters, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CMOs, CLOs, multi-class pass-through securities, private mortgage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pass-through securities, stripped mortgage securities (generally </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest-only and principal-only securities), mortgage-related asset </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">backed securities and mortgage-related loans (including through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations, assignments, originations and whole loans), including </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial and residential mortgage loans. Exposures to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related assets through derivatives or other financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments will be considered investments in mortgage-related assets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also invest in other types of ABS, including CDOs, CBOs </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and CLOs and other similarly structured securities. See &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Objectives and Policies&#8212;Portfolio Contents&#8212;Mortgage-Related and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other Asset-Backed Instruments&#8221; in this prospectus and &#8220;Investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Objectives and Policies&#8212;Mortgage-Related and Other Asset-Backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Instruments&#8221; in the Statement of Additional Information for a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">description of the various mortgage-related and other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in which the Fund may invest and their related risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-related and other asset-backed instruments represent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests in &#8220;pools&#8221; of mortgages or other assets such as consumer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans or receivables held in trust and often involve risks that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different from or possibly more acute than risks associated with other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of debt instruments.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Generally, rising interest rates tend to extend the duration of fixed rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related assets, making them more sensitive to changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Compared to other fixed income investments with similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity and credit, mortgage-related securities may increase in value to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a lesser extent when interest rates decline and may decline in value to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">similar or greater extent when interest rates rise. As a result, in a period </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of rising interest rates, the Fund may exhibit additional volatility since </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individual mortgage holders are less likely to exercise prepayment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">options, thereby putting additional downward pressure on the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these securities and potentially causing the Fund to lose money. This is </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">known as extension risk. Mortgage-backed securities can be highly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to rising interest rates, such that even small movements can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cause the Fund to lose value. Mortgage-backed securities, and in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">particular those not backed by a government guarantee, are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk. When interest rates decline, borrowers may pay off their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgages sooner than expected. This can reduce the returns of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund because the Fund may have to reinvest that money at the lower </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prevailing interest rates.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the creditworthiness, servicing practices, and financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">viability of the servicers of the underlying mortgage pools present </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant risks. For instance, a servicer may be required to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advances in respect of delinquent loans underlying the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities; however, servicers experiencing financial </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficulties may not be able to perform these obligations. Additionally, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">both mortgage-related securities and asset-backed securities are subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to risks associated with fraud or negligence by, or defalcation of, their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicers. These securities are also subject to the risks of the underlying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans. In some circumstances, a servicer&#8217;s or originator&#8217;s mishandling of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">documentation related to the underlying collateral (e.g., failure to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">properly document a security interest in the underlying collateral) may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affect the rights of security holders in and to the underlying collateral. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the underlying loans may have been extended pursuant to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inappropriate underwriting guidelines, to no underwriting guidelines at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all, or to fraudulent origination practices. The owner of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed security&#8217;s ability to recover against the sponsor, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicer or originator is uncertain and is often limited.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investments in other asset-backed instruments are subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks similar to those associated with mortgage-related assets, as well </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as additional risks associated with the nature of the assets and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicing of those assets. Payment of principal and interest on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed instruments may be largely dependent upon the cash </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">flows generated by the assets backing the instruments, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed instruments may not have the benefit of any security </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest in the related assets.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subordinate mortgage-backed or asset-backed instruments are paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest only to the extent that there are funds available to make </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments. To the extent the collateral pool includes a large percentage </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of delinquent loans, there is a risk that interest payments on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subordinate mortgage-backed or asset-backed instruments will not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fully paid.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There are multiple tranches of mortgage-backed and asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, offering investors various maturity and credit risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics. For example, tranches may be categorized as senior, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mezzanine, and subordinated/equity or &#8220;first loss.&#8221; The most senior </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranche of a mortgage-backed or asset-backed instrument generally has </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the greatest collateralization and generally pays the lowest interest rate. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If there are defaults or the collateral otherwise underperforms, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">scheduled payments to senior tranches generally take precedence over </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">those of mezzanine tranches, and scheduled payments to mezzanine </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches take precedence over those to subordinated/equity tranches. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lower tranches represent lower degrees of credit quality and pay higher </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates intended to compensate for the attendant risks. The return </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the lower tranches is especially sensitive to the rate of defaults in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral pool. The lowest tranche (i.e., the &#8220;equity&#8221; or &#8220;residual&#8221; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranche) generally specifically receives the residual interest payments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(i.e., money that is left over after the higher tranches have been paid </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expenses of the issuing entities have been paid) rather than a fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate. The Fund may also invest in the residual or equity tranches </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of mortgage-related and other asset-backed instruments, which may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as subordinate mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments and interest-only mortgage-backed or asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments. The Fund expects that investments in subordinate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed and other asset-backed instruments will be subject to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks arising from delinquencies and foreclosures, thereby exposing its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment portfolio to potential losses. Subordinate securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-backed and other asset-backed instruments are also subject </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to greater credit risk than those mortgage-backed or other asset-backed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are more highly rated.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The mortgage markets in the United States and in various foreign </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">countries have experienced extreme difficulties in the past that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affected the performance and market value of certain of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8217;s mortgage-related investments. Delinquencies and losses on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">residential and commercial mortgage loans (especially subprime and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">second-lien mortgage loans) may increase, and a decline in or flattening </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of housing and other real property values may exacerbate such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delinquencies and losses. In addition, reduced investor demand for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loans and mortgage-related securities and increased investor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield requirements have caused limited liquidity in the secondary market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for mortgage-related securities, which can adversely affect the market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of mortgage-related securities. It is possible that such limited </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity in such secondary markets could continue or worsen.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">With respect to risk retention tranches (i.e., eligible residual interests </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">initially held by the sponsors of CMBS and other eligible securitizations </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pursuant to the U.S. Risk Retention Rules), a third-party purchaser, such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as the Fund, must hold its retained interest, unhedged, for at least five </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">years following the closing of the CMBS transaction, after which it is </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to transfer its interest in the securitization to another person </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that meets the requirements for a third-party purchaser. Even after the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required holding period has expired, due to the generally illiquid nature </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of such investments, no assurance can be given as to what, if any, exit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">strategies will ultimately be available for any given position.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, there is limited guidance on the application of the final </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Risk Retention Rules to specific securitization structures. There can </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance that the applicable federal agencies charged with the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">implementation of the final U.S. Risk Retention Rules (e.g., the FDIC, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Comptroller of the Currency, the Federal Reserve Board, the SEC, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Department of Housing and Urban Development, and the Federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Housing Finance Agency) could not take positions in the future that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">differ from the interpretation of such rules taken or embodied in such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securitizations, or that the final U.S. Risk Retention Rules will not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, in situations where the Fund invests in risk retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tranches of securitizations structured by third parties, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to execute one or more letters or other agreements, the exact </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">form and nature of which will vary (each, a &#8220;Risk Retention </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement&#8221;) under which it will make certain undertakings designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ensure such securitization complies with the U.S. Risk Retention Rules. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such Risk Retention Agreements may include a variety of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">representations, warranties, covenants and other indemnities, each of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may run to various transaction parties. If the Fund breaches any </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">undertakings in any Risk Retention Agreement, it will be exposed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims by the other parties thereto, including for any losses incurred as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of such breach, which could be significant and exceed the value of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund&#8217;s investments.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Asset Allocation Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund&#8217;s investment performance depends upon how its assets are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocated and reallocated. A principal risk of investing in the Fund is that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO may make less than optimal or poor asset allocation decisions. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO employs an active approach to allocation among multiple fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income sectors within the Fund's investment objectives and strategies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">but there is no guarantee that such allocation techniques will produce </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the desired results. It is possible that PIMCO will focus on an investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that performs poorly or underperforms other investments under various </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions, or underperforms as compared to funds with similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and strategies. You could lose money on your </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in the Fund as a result of these allocation decisions.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Subsidiary Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Fund invests through one or more of its wholly-owned </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries, the Fund would be exposed to the risks associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such Subsidiary&#8217;s investments. Such Subsidiaries would likely not be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registered as investment companies under the 1940 Act and, except as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">noted in this prospectus, would not be subject to all of the investor </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">protections of the 1940 Act. Changes in the laws of the United States </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or the jurisdiction in which a Subsidiary is organized could result in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the inability of the Fund and/or the Subsidiary to operate as intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and could adversely affect the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Focused Investment Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent that the Fund focuses its investments in a particular sector, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it may be susceptible to loss due to adverse developments affecting that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sector, including (but not limited to): governmental regulation; inflation; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rising interest rates; cost increases in raw materials, fuel and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating expenses; technological innovations that may render existing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products and equipment obsolete; competition from new entrants; high </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">research and development costs; increased costs associated with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compliance with environmental or other governmental regulations; and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other economic, business or political developments specific to that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sector. Furthermore, the Fund may invest a substantial portion of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets in companies in related sectors that may share common </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics, are often subject to similar business risks and regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">burdens, and whose securities may react similarly to the types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments described above, which will subject the Fund to greater </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. The Fund also will be subject to focused investment risk to the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that it invests a substantial portion of its assets in a particular </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer, market, asset class, country or geographic region. See &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund&#8212;Foreign (Non-U.S.) Investment Risk,&#8221; &#8220;Principal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks of the Fund&#8212;Emerging Markets Risk&#8221; and &#8220;Principal Risks of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund&#8212;Currency Risk.&#8221;</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the purpose of achieving income, the Fund may lend its portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities to brokers, dealers, and other financial institutions provided a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of conditions are satisfied, including that the loan is fully </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio Securities&#8221; in the Statement of Additional Information for more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">details. When the Fund lends portfolio securities, its investment </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance will continue to reflect changes in the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities loaned, and the Fund will also receive a fee or interest on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral. Securities lending involves the risk of loss of rights in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateral or delay in recovery of the collateral if the borrower fails to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return the security loaned or becomes insolvent. The Fund may pay </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lending fees to a party arranging the loan, which may be an affiliate of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. Cash collateral received by the Fund in securities lending </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may be invested in short-term liquid fixed income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments or in money market or short-term mutual funds, or similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles, including affiliated money market or short-term </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mutual funds. The Fund bears the risk of such investments.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Preferred Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to equity securities risk, credit risk and possibly high yield </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk, investment in preferred securities involves certain other risks. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain preferred securities contain provisions that allow an issuer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under certain conditions to skip or defer distributions. If the Fund owns </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a preferred security that is deferring its distribution, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to include the amount of the deferred distribution in its taxable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income for tax purposes although it does not currently receive such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount in cash. In order to receive the special treatment accorded to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">RICs and their shareholders under the Code and to avoid U.S. federal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and/or excise taxes at the Fund level, the Fund may be required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to distribute this income to shareholders in the tax year in which the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income is recognized (without a corresponding receipt of cash by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund). Therefore, the Fund may be required to pay out as an income </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distribution in any such tax year an amount greater than the total </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of cash income the Fund actually received and to sell portfolio </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, including at potentially disadvantageous times or prices, to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtain cash needed for these income distributions. Preferred securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">often are subject to legal provisions that allow for redemption in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of certain tax or legal changes or at the issuer&#8217;s call. In the event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of redemption, the Fund may not be able to reinvest the proceeds at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">comparable rates of return. Preferred securities are subordinated to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds and other debt securities in an issuer&#8217;s capital structure in terms </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of priority for corporate income and liquidation payments, and therefore </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be subject to greater credit risk than those debt securities. Preferred </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may trade less frequently and in a more limited volume and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to more abrupt or erratic price movements than many </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities.</div></div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Privately-Issued Mortgage-Related Securities Risk</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There are no direct or indirect government or agency guarantees of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments in pools created by non-governmental issuers. Privately-issued </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage-related securities are also not subject to the same </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underwriting requirements for the underlying mortgages that are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to those mortgage-related securities that have a government </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or government sponsored entity guarantee.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Privately-issued mortgage-related securities are not traded on an </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange and there may be a limited market for the securities, especially </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when there is a perceived weakness in the mortgage and real estate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market sectors. Without an active trading market, mortgage-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities held in the Fund&#8217;s portfolio may be particularly difficult to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value because of the complexities involved in assessing the value of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying mortgage loans.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Smaller Company Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The general risks associated with debt instruments or equity securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are particularly pronounced for securities issued by companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small market capitalizations. Small capitalization companies involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain special risks. They are more likely than larger companies to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited product lines, markets or financial resources, or to depend on a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">small, inexperienced management group. Securities of smaller </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may trade less frequently and in lesser volume than more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">widely held securities and their values may fluctuate more sharply than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities. They may also have limited liquidity. These securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may therefore be more vulnerable to adverse developments than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of larger companies, and the Fund may have difficulty </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasing or selling securities positions in smaller companies at </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prevailing market prices. Also, there may be less publicly available </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information about smaller companies or less market interest in their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities as compared to larger companies. Companies with </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">medium-sized market capitalizations may have risks similar to those of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">smaller companies.</div></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Insurance-Linked and Other Instruments Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in insurance-linked instruments and similar </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments (which may include, for example, exposure to reinsurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contracts (through sidecars or otherwise), event-linked bonds, such as </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">catastrophe and resilience bonds, and securities relating to life </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance policies, annuity contracts and premium finance loans). The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund could lose a portion or all of the principal it has invested in these </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">types of investments, and the right to additional interest and/or dividend </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments with respect to the investments, upon the occurrence of one </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or more trigger events, as defined within the terms of an investment. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Trigger events may include natural or other perils of a specific size or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">magnitude that occur in a designated geographic region during a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified time period, and/or that involve losses or other metrics that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceed a specific amount. The Fund may also invest in insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments that are subject to &#8220;indemnity triggers.&#8221; An indemnity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trigger is a mechanism where the payout to the investor is based on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual losses incurred by the insurer and come into play when losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from a specified event exceed a designated level. Insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments subject to indemnity triggers are often regarded as being </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to potential moral hazard, since such insurance-linked </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments are triggered by actual losses of the ceding sponsor and the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ceding sponsor may have an incentive to take actions and/or risks that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would have an adverse effect on the Fund. There is no way to accurately </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predict whether a trigger event will occur and, accordingly, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked instruments and similar investments carry significant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. In addition to the specified trigger events, these types of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may expose the Fund to other risks, including but not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to issuer (credit) default, adverse regulatory or jurisdictional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interpretations and adverse tax consequences.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also gain exposure to reinsurance contracts (through </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurance-linked securities, sidecars or otherwise). This exposure may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include &#8220;excess of loss&#8221; contracts, wherein liability arises only if and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">when losses exceed a specified amount, and proportional reinsurance, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wherein a pro rata portion of the premiums and liabilities of the cedant </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with a specified business or a portfolio if insurance contracts </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are linked to the investment. Investments linked to reinsurance </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions may involve significant insurance brokerage fees, fronting </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fees and other transaction costs.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A series of major triggering events could cause the failure of a reinsurer. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Similarly, to the extent the Fund invests in reinsurance-related securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for which a triggering event occurs, losses associated with such event </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will result in losses to the Fund and a series of major triggering events </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affecting a large portion of the reinsurance-related securities held by the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may result in substantial losses to the Fund. In addition, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unexpected events such as natural disasters or terrorist attacks could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lead to government intervention. Political, judicial and legal </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">developments affecting the reinsurance industry could also create new </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expanded theories of liability or regulatory or other requirements; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such changes could have a material adverse effect on the Fund. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the litigation environment in catastrophe-exposed states or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regions could impact the frequency and severity of insurance claims, and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation costs could decrease the value of the Fund&#8217;s investment in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">products linked to reinsurance contracts. In recent years, capital market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants have been increasingly active in the reinsurance market and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets for related risks. Increased competition could result in fewer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">submissions, lower premium rates and less favorable policy terms and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain insurance-linked instruments and similar investments may have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited liquidity, or may be illiquid. The Fund has limited transparency </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into the individual contracts underlying certain insurance-linked </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments and similar investments, which may make the risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assessment of them more difficult. These types of investments may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">difficult to value.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The aforementioned instruments may include longevity and mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments, including indirect investment in pools of insurance-related </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longevity and mortality investments, including life insurance policies, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">annuity contracts and premium finance loans. Such investments are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to &#8220;longevity risk&#8221; and/or &#8220;mortality risk.&#8221; Longevity risk is the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk that members of a reference population will live longer, on average, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than anticipated. Mortality risk is the risk that members of a reference </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">population will live shorter, on average, than anticipated. Changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these rates can significantly affect the liabilities and cash needs of life </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">insurers, annuity providers and pension funds. The terms of a longevity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond typically provide that the investor in the bond will receive less than </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the bond&#8217;s par amount at maturity if the actual average longevity (life </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">span) of a specified population of people observed over a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of time (typically measured by a longevity index) is higher than a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">specified level. If longevity is higher than expected, the bond will return </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">less than its par amount at maturity. A mortality bond, in contrast to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">longevity bond, typically provides that the investor in the bond will </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receive less than the bond&#8217;s par amount at maturity if the mortality rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a specified population of people observed over a specified period of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time (typically measured by a mortality index) is higher than a specified </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">level.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During their term, both longevity bonds and mortality bonds typically </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pay a floating rate of interest to investors. Longevity and mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments purchased by the Fund involve the risk of incorrectly </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">predicting the actual level of longevity or mortality, as applicable, for the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference population of people. With respect to mortality investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">held by the Fund, there is also the risk that an epidemic or other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">catastrophic event could strike the reference population, resulting in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">mortality rates exceeding expectations. The Fund may also gain this type </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of exposure through event-linked derivative instruments, such as swaps, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are contingent on or formulaically related to longevity or mortality </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Distressed and Defaulted Securities Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in the securities of financially distressed issuers involve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substantial risks, including the risk of default. Distressed securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally trade significantly below &#8220;par&#8221; or full value because </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in such securities and debt of distressed issuers or issuers in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default are considered speculative and involve substantial risks in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition to the risks of investing in high-yield bonds. Such investments </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be in default at the time of investment. In addition, these securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may fluctuate more in price, and are typically less liquid. The Fund also </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be subject to significant uncertainty as to when, and in what </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner, and for what value obligations evidenced by securities of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financially distressed issuers will eventually be satisfied. Defaulted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations might be repaid only after lengthy workout or bankruptcy </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings, during which the issuer might not make any interest or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other payments. In any such proceeding relating to a defaulted </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligation, the Fund may lose its entire investment or may be required </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to accept cash or securities with a value substantially less than its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">original investment. Moreover, any securities received by the Fund upon </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completion of a workout or bankruptcy proceeding may be less liquid, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative or restricted as to resale. Similarly, if the Fund participates in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations with respect to any exchange offer or plan of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization with respect to the securities of a distressed issuer, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be restricted from disposing of such securities. To the extent </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund becomes involved in such proceedings, the Fund may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a more active participation in the affairs of the issuer than that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assumed generally by an investor. The Fund may incur additional </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses to the extent it is required to seek recovery upon a default in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the payment of principal or interest on its portfolio holdings.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Also among the risks inherent in investments in a troubled issuer is that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it frequently may be difficult to obtain information as to the true </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition of such issuer. PIMCO's judgments about the credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality of a financially distressed issuer and the relative value of its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may prove to be wrong.</div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Privacy and Data Security Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The GLBA and other laws limit the disclosure of certain non-public </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">personal information about a consumer to non- affiliated third parties </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and require financial institutions to disclose certain privacy policies and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">practices with respect to information sharing with both affiliates and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-affiliated third parties. Many states and a number of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. jurisdictions have enacted privacy and data security laws </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requiring safeguards on the privacy and security of consumers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">personally identifiable information. Other laws deal with obligations to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">safeguard and dispose of private information in a manner designed to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Commission and SEC implement GLBA and other requirements and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">govern the disclosure of consumer financial information by certain </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial institutions, ranging from banks to private investment funds. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. platforms following certain models generally are required to have </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">privacy policies that conform to these GLBA and other requirements. In </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, such platforms typically have policies and procedures intended </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to maintain platform participants&#8217; personal information securely and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dispose of it properly.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund generally does not intend to obtain or hold borrowers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-public personal information, and the Fund has implemented </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">procedures reasonably designed to prevent the disclosure of borrowers&#8217; </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-public personal information to the Fund. However, service providers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the Fund, including their custodians and the platforms acting as loan </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">servicers for the Fund, may obtain, hold or process such information. The </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund cannot guarantee the security of non-public personal information </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the possession of such a service provider and cannot guarantee that </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service providers have been and will continue to comply with the GLBA, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other data security and privacy laws and any other related regulatory </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements. Violations of GLBA and other laws could subject the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to litigation and/or fines, penalties or other regulatory action, which, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individually or in the aggregate, could have an adverse effect on the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund. The Fund may also face regulations related to privacy and data </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security in the other jurisdictions in which the Fund invests.</div></div></div><span></span>
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<td class="text"><div style="line-height:12.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk</div></div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest rate risk is the risk that fixed income securities and other </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in the Fund&#8217;s portfolio will fluctuate in value because of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in interest rates. For example, as nominal interest rates rise, the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of certain fixed income securities held by the Fund is likely to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decrease. A nominal interest rate can be described as the sum of a real </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate and an expected inflation rate. Interest rate changes can be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sudden and unpredictable, and the Fund may lose money as a result of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">movements in interest rates. The Fund may not be able to effectively </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hedge against changes in interest rates or may choose not to do so for </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cost or other reasons.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A wide variety of factors can cause interest rates or yields of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury securities (or yields of other types of bonds) to rise, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including but not limited to central bank monetary policies, changing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation or real growth rates, general economic conditions, increasing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bond issuances or reduced market demand for low yielding investments. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Risks associated with rising interest rates may be heightened under </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recent market conditions, including because the U.S. Federal Reserve </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(the &#8220;Federal Reserve&#8221;) has, in the recent past, raised interest rates from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">historically low levels. In addition, changes in monetary policy may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exacerbate the risks associated with changing interest rates. Further, in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market environments where interest rates are higher or rising, issuers </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be less willing or able to make principal and interest payments on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fixed income investments when due. Actions by governments and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">central banking authorities can result in increases or decreases in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Periods of higher inflation could cause such authorities to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">raise interest rates, which may adversely affect the Fund and its </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, fixed income securities with longer durations tend to be more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to changes in interest rates, usually making them more volatile. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Duration is a measure used to determine the sensitivity of a security&#8217;s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price to changes in interest rates that incorporates a security&#8217;s yield, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coupon, final maturity and call features, among other characteristics. </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Duration is useful primarily as a measure of the sensitivity of a fixed </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income security&#8217;s market price to interest rate (i.e., yield) movements. All </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other things remaining equal, for each one percentage point increase in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates, the value of a portfolio of fixed income investments would </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally be expected to decline by one percent for every year of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio&#8217;s average duration above zero. For example, the value of a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio of fixed income securities with an average duration of eight </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">years would generally be expected to decline by approximately 8% if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates rose by one percentage point.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend-paying equity securities, particularly those whose market price </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is closely related to their yield, may be more sensitive to changes in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. During periods of rising interest rates, the values of such </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline and may result in losses to the Fund. Variable and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating rate securities may decline in value if their interest rates do not </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise as much, or as quickly, as interest rates in general. Conversely, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating rate securities will not generally increase in value if interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates decline. Inverse floating rate securities may decrease in value if </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates increase. Inverse floating rate securities may also exhibit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater price volatility than a fixed rate obligation with similar credit </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality. When the Fund holds variable or floating rate securities, a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decrease (or, in the case of inverse floating rate securities, an increase) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in market interest rates will adversely affect the income received from </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities and the NAV of the Fund&#8217;s shares.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During periods of very low or negative interest rates, the Fund may be </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unable to maintain positive returns. Very low or negative interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may magnify interest rate risk. Changing interest rates, including rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that fall below zero, may have unpredictable effects on markets, may </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in heightened market volatility and may detract from Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance to the extent the Fund is exposed to such interest rates.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Measures such as average duration may not accurately reflect the true </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate sensitivity of the Fund. This is especially the case if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consists of securities with widely varying durations. Therefore, if the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund has an average duration that suggests a certain level of interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate risk, the Fund may in fact be subject to greater interest rate risk </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than the average would suggest. This risk is greater to the extent the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund uses leverage or derivatives in connection with the management </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Convexity is an additional measure used to understand a security's or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's interest rate sensitivity. Convexity measures the rate of change of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration in response to changes in interest rates. With respect to a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security&#8217;s price, a larger convexity (positive or negative) may imply more </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dramatic price changes in response to changing interest rates. Convexity </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be positive or negative. Negative convexity implies that interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rate increases result in increased duration and that interest rate </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">decreases result in declining duration (i.e., increased sensitivity in prices </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in response to rising and/or declining interest rates). Thus, securities </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with negative convexity, which may include bonds with traditional call </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">features and certain mortgage-backed securities, may experience </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater losses in periods of rising interest rates. Accordingly, if the Fund </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holds such securities, the Fund may be subject to a greater risk of losses </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in periods of rising interest rates.</div></div><div style="line-height:12.0pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rising interest rates may result in periods of volatility and a decline in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund&#8217;s fixed income investments. Also, when interest rates </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rise, issuers are less likely to refinance existing debt securities, causing </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the average life of such securities to extend. Further, while U.S. bond </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets have steadily grown over the past three decades, dealer </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">&#8220;market making&#8221; ability has remained relatively stagnant. As a result, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">dealer inventories of certain types of bonds and similar instruments, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which provide a core indication of the ability of financial intermediaries </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to &#8220;make markets,&#8221; are at or near historic lows in relation to market </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">size. Because market makers provide stability to a market through their </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intermediary services, a significant reduction in dealer inventories could </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potentially lead to decreased liquidity and increased volatility in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fixed income markets. Such issues may be exacerbated during periods of </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic uncertainty. All of these factors, collectively and/or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">individually, could cause the Fund to lose value.</div></div></div><span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CA<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">92660<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Ryan G. Leshaw<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cik0001219360_CommonSharesMember', window );">Common Shares [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Common Shares<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">171,030,439<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr><td colspan="14"></td></tr>
<tr><td colspan="14"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">In the event that the Common Shares to which this prospectus relates are sold to or through underwriters or dealer managers, a corresponding prospectus supplement will disclose the applicable sales load and/or commission.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund&#8217;s Dividend Reinvestment Plan. See &#8220;Dividend Reinvestment Plan.&#8221;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">The related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by the Fund and indirectly by all of its Common Shareholders as a percentage of the offering price.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the &#8220;unified management fee&#8221;). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.76% of the Fund&#8217;s average daily net assets (including daily net assets attributable to any preferred shares of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see &#8220;Management of the Fund&#8211;Investment Management Agreement&#8221; for an explanation of the unified management fee and definition of &#8220;net assets.&#8221;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Reflects the Fund&#8217;s use of leverage in the form of reverse repurchase agreements averaged over the fiscal year ended June 30, 2024, which represented 14.59% of the Fund&#8217;s average total managed assets, (including assets attributable to reverse repurchase agreements), at an annual interest rate cost to the Fund of 5.80%, which is the weighted average interest rate cost during the fiscal year ended June 30, 2024. See &#8220;Use of Leverage&#8212;Effects of Leverage.&#8221; The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of reverse repurchase agreements, dollar rolls and/or borrowings and variations in market interest rates. Borrowing expense is required to be treated as an expense of the Fund for accounting purposes. Any associated income or gains (or losses) realized from leverage obtained through such instruments is not reflected in the Annual Expenses table above, but would be reflected in the Fund&#8217;s performance results</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Reflects the Fund&#8217;s preferred shares averaged over the fiscal year ended June 30, 2024, which represented 0.21% of the Fund&#8217;s total average managed assets (including the liquidation preference of outstanding Preferred Shares and assets attributable to reverse repurchase agreements) as of that date, at an annual dividend cost to the Fund of 4.26%. The Fund purchased the bulk of its preferred shares in a tender offer completed in April 2024 and redeemed its remaining preferred shares between November 4, 2024 and November 8, 2024. The Fund has no preferred shares outstanding as of the date of this prospectus.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending June 30, 2025.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">&#8220;Dividend Cost on Preferred Shares&#8221;, including distributions on Preferred Shares, and &#8220;Interest Payments on Borrowed Funds&#8221; are borne by the Fund separately from management fees paid to PIMCO. Excluding these expenses, Total Annual Fund Operating Expenses are 0.85%. Excluding only distributions on Preferred Shares of 0.01%, Total Annual Fund Operating Expenses are 2.91%.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[9]</td>
<td style="vertical-align: top;" valign="top">The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated Interest Payments on Borrowed Funds, Dividend Cost on Preferred Shares and Other Expenses set forth in the Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#8217;s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. The example does not include commissions or estimated offering expenses, which would cause the expenses shown in the example to increase. In connection with an offering of Common Shares, the prospectus supplement will set forth an example including sales load and estimated offering costs.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[10]</td>
<td style="vertical-align: top;" valign="top">Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 4<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_EffectsOfLeverageTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_EffectsOfLeverageTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_EffectsOfLeverageTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYear01">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYear01</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to10">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to10</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FeeTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_GeneralDescriptionOfRegistrantAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InterestExpensesOnBorrowingsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InterestExpensesOnBorrowingsPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IntervalFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IntervalFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NewCefOrBdcRegistrantFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NewCefOrBdcRegistrantFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherExpensesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherExpensesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionFeesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionFeesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PrimaryShelfFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfQualifiedFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PrimaryShelfQualifiedFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PurposeOfFeeTableNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurposeOfFeeTableNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RegisteredClosedEndFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RegisteredClosedEndFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtMinusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtMinusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtZeroPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtZeroPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskFactorsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SalesLoadPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SalesLoadPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityDividendsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityDividendsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityLiquidationRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityLiquidationRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityVotingRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityVotingRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SharePriceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ShareholderTransactionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ShareholderTransactionExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_TotalAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecurities462b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AdditionalSecurities462b</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecuritiesEffective413b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 413<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AdditionalSecuritiesEffective413b</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The approximate date of a commencement of a proposed sale of securities to the public. This element is disclosed in S-1, S-3, S-4, S-11, F-1, F-3 and F-10 filings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ApproximateDateOfCommencementOfProposedSaleToThePublic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:dateOrAsapItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DelayedOrContinuousOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DelayedOrContinuousOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DividendOrInterestReinvestmentPlanOnly">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DividendOrInterestReinvestmentPlanOnly</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EffectiveUponFiling462e">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection e<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EffectiveUponFiling462e</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EffectiveWhenDeclaredSection8c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Section 8<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EffectiveWhenDeclaredSection8c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInvCompanyType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 313<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInvCompanyType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:invCompanyType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ExhibitsOnly462d">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ExhibitsOnly462d</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyActFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyActFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyActRegistration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyActRegistration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyRegistrationAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyRegistrationAmendment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyRegistrationAmendmentNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyRegistrationAmendmentNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:sequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NewEffectiveDateForPreviousFiling">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NewEffectiveDateForPreviousFiling</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NoSubstantiveChanges462c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NoSubstantiveChanges462c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PostEffectiveAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PostEffectiveAmendment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreEffectiveAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreEffectiveAmendment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_PrivatePlacementsAndRestrictedSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_PrivatePlacementsAndRestrictedSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_CyberSecurityRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_CyberSecurityRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_RealEstateRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_RealEstateRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_CreditDefaultSwapsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_CreditDefaultSwapsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_ManagementRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_ManagementRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_MarketDisruptionsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_MarketDisruptionsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_InvestmentsInReitsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_InvestmentsInReitsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_OtherInvestmentCompaniesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_OtherInvestmentCompaniesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_RiskRetentionInvestmentRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_RiskRetentionInvestmentRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_PlatformRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_PlatformRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_RegulatoryRiskCommodityPoolOperatorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_RegulatoryRiskCommodityPoolOperatorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_CallRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_CallRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_DerivativesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_DerivativesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_ValuationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_ValuationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_MarketRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_MarketRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_ConfidentialInformationAccessRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_ConfidentialInformationAccessRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_LiquidityRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_LiquidityRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_MortgageRelatedDerivativeInstrumentsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_MortgageRelatedDerivativeInstrumentsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_SeniorDebtRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_SeniorDebtRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_ReinvestmentRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_ReinvestmentRiskMember</td>
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<tr>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_CertainAffiliationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_PortfolioTurnoverRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_USGovernmentSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_CurrencyRiskMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_RegulatoryChangesRiskMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_LeverageRiskMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_CovenantLiteObligationsRiskMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_SovereignDebtRiskMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_RepurchaseAgreementsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_DebtSecuritiesRiskMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_DebtSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_CreditRisksMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_CreditRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_ConvertibleSecuritiesRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_ContingentConvertibleSecuritiesRiskMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_SyntheticConvertibleSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_SpecialPurposeAcquisitionCompaniesSPACsRiskMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_AssetAllocationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_SubsidiaryRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_FocusedInvestmentRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=cik0001219360_SecuritiesLendingRiskMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_SecuritiesLendingRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001219360_PreferredSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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    </context>
    <context id="P04_14_2025To04_14_2025_CreditRisksMembercefRiskAxis">
        <entity>
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            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">cik0001219360:CreditRisksMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
    </context>
    <context id="P04_14_2025To04_14_2025_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_MortgageRelatedDerivativeInstrumentsRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
    </context>
    <context id="P04_14_2025To04_14_2025_PrivatelyIssuedMortgageRelatedSecuritiesRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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            </segment>
        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_HighYieldSecuritiesRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">cik0001219360:HighYieldSecuritiesRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
    </context>
    <context id="P04_14_2025To04_14_2025_DistressedAndDefaultedSecuritiesRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">cik0001219360:DistressedAndDefaultedSecuritiesRiskMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_InflationIndexedSecurityRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_SeniorDebtRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_CallRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
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            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_ForeignNonUSInvestmentRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    </context>
    <context id="P04_14_2025To04_14_2025_EmergingMarketsRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_RiskRetentionInvestmentRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        <period>
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    <context id="P04_14_2025To04_14_2025_CovenantLiteObligationsRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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            </segment>
        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_SubprimeRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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            </segment>
        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_PrivacyAndDataSecurityRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
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            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_PlatformRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_ReinvestmentRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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            </segment>
        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_SecuritiesLendingRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_CurrencyRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_USGovernmentSecuritiesRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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            </segment>
        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_ConvertibleSecuritiesRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        </entity>
        <period>
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            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_SyntheticConvertibleSecuritiesRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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            </segment>
        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_ContingentConvertibleSecuritiesRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
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    <context id="P04_14_2025To04_14_2025_ValuationRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_RealEstateRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        </entity>
        <period>
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            <endDate>2025-04-14</endDate>
        </period>
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    <context id="P04_14_2025To04_14_2025_LeverageRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_ShortExposureRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        </entity>
        <period>
            <startDate>2025-04-14</startDate>
            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_SmallerCompanyRiskMembercefRiskAxis">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001219360</identifier>
            <segment>
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        </entity>
        <period>
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            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_DerivativesRiskMembercefRiskAxis">
        <entity>
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            <segment>
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            </segment>
        </entity>
        <period>
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            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_RegulatoryChangesRiskMembercefRiskAxis">
        <entity>
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            <segment>
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            </segment>
        </entity>
        <period>
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            <endDate>2025-04-14</endDate>
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    <context id="P04_14_2025To04_14_2025_RegulatoryRiskCommodityPoolOperatorMembercefRiskAxis">
        <entity>
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            <segment>
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        </entity>
        <period>
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    <context id="P04_14_2025To04_14_2025_InvestmentsInReitsRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        </entity>
        <period>
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    <context id="P04_14_2025To04_14_2025_LiquidityRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        </entity>
        <period>
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    <context id="P04_14_2025To04_14_2025_TaxRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        <period>
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    <context id="P04_14_2025To04_14_2025_SubsidiaryRiskMembercefRiskAxis">
        <entity>
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            <segment>
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    <context id="P04_14_2025To04_14_2025_CounterpartyRiskMembercefRiskAxis">
        <entity>
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        <period>
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    <context id="P04_14_2025To04_14_2025_EquitySecuritiesAndRelatedMarketRiskMembercefRiskAxis">
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        <entity>
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            <segment>
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        <period>
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    <context id="P04_14_2025To04_14_2025_InsuranceLinkedandOtherInstrumentsRiskMembercefRiskAxis">
        <entity>
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        <period>
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    <context id="P04_14_2025To04_14_2025_ConfidentialInformationAccessRiskMembercefRiskAxis">
        <entity>
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        <period>
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        <entity>
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    <context id="P04_14_2025To04_14_2025_PortfolioTurnoverRiskMembercefRiskAxis">
        <entity>
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        <period>
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    <context id="P04_14_2025To04_14_2025_OperationalRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        <period>
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    <context id="P04_14_2025To04_14_2025_OtherInvestmentCompaniesRiskMembercefRiskAxis">
        <entity>
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            <segment>
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        <period>
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    <context id="P04_14_2025To04_14_2025_CyberSecurityRiskMembercefRiskAxis">
        <entity>
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            <segment>
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            </segment>
        </entity>
        <period>
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            <endDate>2025-04-14</endDate>
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    </context>
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    <cef:PurposeOfFeeTableNoteTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-6235">&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The following table is intended to assist investors in understanding the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fees and expenses (annualized) that an investor in Common Shares of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund would bear, directly or indirectly, as a result of an offering. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;table reflects the use of leverage attributable to the Fund's outstanding &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;preferred shares and reverse repurchase agreements averaged over the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fiscal year ended June 30, 2024 in an amount equal to 14.80% of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund's average total managed assets, including the assets attributable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to such leverage (or 17.37% of the Fund's average net assets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;attributable to Common Shares), and shows Fund expenses as a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;percentage of net assets attributable to Common Shares. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;percentage above and information below do not reflect the Fund&#x2019;s use &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of other forms of economic leverage, such as credit default swaps or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other derivative instruments. The table and example below are based on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s capital structure as of June 30, 2024. The extent of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s assets attributable to leverage following an offering, and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s associated expenses, are likely to vary (perhaps significantly) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from these assumptions.&lt;/div&gt;</cef:PurposeOfFeeTableNoteTextBlock>
    <cef:ShareholderTransactionExpensesTableTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-6254"> &lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt; &lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Shareholder Transaction Expenses:&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#x2003;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="margin-top:0.0pt"&gt;
&lt;table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt"&gt;
&lt;tr style="height:9.5pt"&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:239.91pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Sales Load (as a percentage of offering price)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;"&gt;(1)&lt;/div&gt; &lt;div style="clear:right"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:20.09pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="-sec-ix-hidden:Fact_137970526;display:inline;"&gt;[ ]&lt;/div&gt;%&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height:21pt"&gt;
&lt;td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:239.91pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Offering Expenses Borne by Common Shareholders (as a percentage of offering &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;"&gt;(2)&lt;/div&gt; &lt;div style="clear:right"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:20.09pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="-sec-ix-hidden:Fact_137970527;display:inline;"&gt;[ ]&lt;/div&gt;%&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height:9.5pt"&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:239.91pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Dividend Reinvestment Plan Fees&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;"&gt;(3)&lt;/div&gt; &lt;div style="clear:right"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:20.09pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;None&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;(1)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In the event that the Common Shares to which this prospectus relates are sold to or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;through underwriters or dealer managers, a corresponding prospectus supplement will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disclose the applicable sales load and/or commission.&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;(2)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The related prospectus supplement will disclose the estimated amount of offering &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses, the offering price and the offering expenses borne by the Fund and indirectly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by all of its Common Shareholders as a percentage of the offering price.&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;(3)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;You will pay brokerage charges if you direct your broker or the plan agent to sell your &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares that you acquired pursuant to a dividend reinvestment plan. You may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;also pay a pro rata share of brokerage commissions incurred in connection with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;open-market purchases pursuant to the Fund&#x2019;s Dividend Reinvestment Plan. See &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;Dividend Reinvestment Plan.&#x201d;&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt;&lt;/div&gt;</cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:BasisOfTransactionFeesNoteTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-37551">as a percentage of offering price</cef:BasisOfTransactionFeesNoteTextBlock>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="P04_14_2025To04_14_2025"
      decimals="0"
      id="Fact_137970529"
      unitRef="Unit_USD">0</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:OtherTransactionFeesNoteTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-6320">&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The related prospectus supplement will disclose the estimated amount of offering &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses, the offering price and the offering expenses borne by the Fund and indirectly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by all of its Common Shareholders as a percentage of the offering price.&lt;/div&gt;</cef:OtherTransactionFeesNoteTextBlock>
    <cef:AnnualExpensesTableTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-6341"> &lt;div style="line-height:12.0pt;margin-top:6.0pt;text-align:left"&gt; &lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Annual Expenses&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#x2003;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="line-height:0.0pt;margin-top:6.0pt;text-align:left"&gt; &lt;div style="margin-top:6pt"&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="margin-top:0.0pt"&gt;
&lt;table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt"&gt;
&lt;tr style="height:39.5pt"&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:126.25pt"&gt; &lt;div style="line-height:7.5pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Annual Expenses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:133.75pt"&gt; &lt;div style="line-height:7.5pt;text-align:left"&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Percentage of&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Net Assets Attributable to Common&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Shares (reflecting leverage&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;attributable to preferred shares and reverse&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;repurchase agreements)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height:13pt"&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:126.25pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Management Fees&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;"&gt;(1)&lt;/div&gt; &lt;div style="clear:right"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:133.75pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;0.80%&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height:12pt"&gt;
&lt;td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:126.25pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Dividend Cost on Preferred Shares&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;"&gt;(2)&lt;/div&gt; &lt;div style="clear:right"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:133.75pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;0.01%&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height:12pt"&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:126.25pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Interest Payments on Borrowed Funds&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;"&gt;(3)&lt;/div&gt; &lt;div style="clear:right"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:133.75pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2.06%&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height:12pt"&gt;
&lt;td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:126.25pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Other Expenses&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;"&gt;(4)&lt;/div&gt; &lt;div style="clear:right"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:133.75pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;0.05%&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height:9.5pt"&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:126.25pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Total Annual Expenses&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;"&gt;(5)&lt;/div&gt; &lt;div style="clear:right"&gt;&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:133.75pt"&gt; &lt;div style="line-height:8.0pt;text-align:left"&gt; &lt;div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2.92%&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;(1)&lt;/div&gt; &lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Management Fees include fees payable to the Investment Manager for advisory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;services and for supervisory, administrative and other services. The Fund pays for the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advisory, supervisory and administrative services it requires under what is essentially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an all-in fee structure (the &#x201c;unified management fee&#x201d;). Pursuant to an investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management agreement, PIMCO is paid a Management Fee of 0.76% of the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;average daily net assets (including daily net assets attributable to any preferred shares &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for certain fees and expenses, which are reflected in the table above, that are not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;covered by the unified management fee under the investment management &lt;/div&gt;&lt;div style="line-height:10.0pt;margin-left:10pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreement. Please see &#x201c;Management of the Fund&#x2013;Investment Management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Agreement&#x201d; for an explanation of the unified management fee and definition of &#x201c;net &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets.&#x201d;&lt;/div&gt;&lt;/div&gt;  &lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;(2)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Reflects the Fund&#x2019;s preferred shares averaged over the fiscal year ended June 30, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2024, which represented 0.21% of the Fund&#x2019;s total average managed assets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(including the liquidation preference of outstanding Preferred Shares and assets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;attributable to reverse repurchase agreements) as of that date, at an annual dividend &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cost to the Fund of 4.26%. The Fund purchased the bulk of its preferred shares in a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tender offer completed in April 2024 and redeemed its remaining preferred shares &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;between November 4, 2024 and November 8, 2024. The Fund has no preferred shares &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;outstanding as of the date of this prospectus.&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;(3)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Reflects the Fund&#x2019;s use of leverage in the form of reverse repurchase agreements &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;averaged over the fiscal year ended June 30, 2024, which represented 14.59% of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s average total managed assets, (including assets attributable to reverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;repurchase agreements), at an annual interest rate cost to the Fund of 5.80%, which is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the weighted average interest rate cost during the fiscal year ended June 30, 2024. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;See &#x201c;Use of Leverage&#x2014;Effects of Leverage.&#x201d; The actual amount of interest expense &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;borne by the Fund will vary over time in accordance with the level of the Fund&#x2019;s use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reverse repurchase agreements, dollar rolls and/or borrowings and variations in market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates. Borrowing expense is required to be treated as an expense of the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for accounting purposes. Any associated income or gains (or losses) realized from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leverage obtained through such instruments is not reflected in the Annual Expenses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;table above, but would be reflected in the Fund&#x2019;s performance results.&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;(4)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;Other Expenses&#x201d; are estimated for the Fund&#x2019;s current fiscal year ending June 30, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2025.&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;(5)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;Dividend Cost on Preferred Shares&#x201d;, including distributions on Preferred Shares, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;Interest Payments on Borrowed Funds&#x201d; are borne by the Fund separately from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management fees paid to PIMCO. Excluding these expenses, Total Annual Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Operating Expenses are 0.85%. Excluding only distributions on Preferred Shares of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;0.01%, Total Annual Fund Operating Expenses are 2.91%.&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt;&lt;/div&gt;</cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="INF"
      id="Fact_137970530"
      unitRef="Unit_pure">0.008</cef:ManagementFeesPercent>
    <cef:DividendExpenseOnPreferredSharesPercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="INF"
      id="Fact_137970531"
      unitRef="Unit_pure">0.0001</cef:DividendExpenseOnPreferredSharesPercent>
    <cef:InterestExpensesOnBorrowingsPercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="INF"
      id="Fact_137970532"
      unitRef="Unit_pure">0.0206</cef:InterestExpensesOnBorrowingsPercent>
    <cef:OtherAnnualExpensesPercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="INF"
      id="Fact_137970533"
      unitRef="Unit_pure">0.0005</cef:OtherAnnualExpensesPercent>
    <cef:TotalAnnualExpensesPercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="INF"
      id="Fact_137970534"
      unitRef="Unit_pure">0.0292</cef:TotalAnnualExpensesPercent>
    <cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-37559"> &lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Management Fees include fees payable to the Investment Manager for advisory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;services and for supervisory, administrative and other services. The Fund pays for the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advisory, supervisory and administrative services it requires under what is essentially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an all-in fee structure (the &#x201c;unified management fee&#x201d;). Pursuant to an investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management agreement, PIMCO is paid a Management Fee of 0.76% of the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;average daily net assets (including daily net assets attributable to any preferred shares &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for certain fees and expenses, which are reflected in the table above, that are not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;covered by the unified management fee under the investment management &lt;/div&gt;&lt;div style="line-height:10.0pt;margin-left:10pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreement. Please see &#x201c;Management of the Fund&#x2013;Investment Management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Agreement&#x201d; for an explanation of the unified management fee and definition of &#x201c;net &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets.&#x201d;&lt;/div&gt;&lt;/div&gt; </cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock>
    <cef:OtherExpensesNoteTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-6500">&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;Other Expenses&#x201d; are estimated for the Fund&#x2019;s current fiscal year ending June 30, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2025.&lt;/div&gt;</cef:OtherExpensesNoteTextBlock>
    <cef:ExpenseExampleTableTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-6520"> &lt;div style="line-height:14.0pt;margin-top:10pt;text-align:left"&gt; &lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Example&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt; &lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The following example illustrates the expenses that you would pay on a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$1,000 investment in Common Shares of the Fund, assuming (1) that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s net assets do not increase or decrease, (2) that the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incurs total annual expenses of 2.92% of net assets attributable to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares in years 1 through 10 (assuming outstanding Preferred &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shares and assets attributable to reverse repurchase agreements &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;representing 14.80% of the Fund's average total managed assets) and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(3) a 5% annual return&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;"&gt;(1)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;:&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2003;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="line-height:0.0pt;margin-top:6pt;text-align:left"&gt; &lt;div style="margin-top:6pt"&gt;&lt;/div&gt; &lt;/div&gt; &lt;div style="margin-top:0.0pt"&gt;
&lt;table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt"&gt;
&lt;tr style="height:8.5pt"&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:132.84pt"&gt; &lt;div style="line-height:0.5pt;text-align:left"&gt; &lt;div style="margin-left: 3pt; margin-right: 5.75pt; text-align: center; white-space: nowrap; font-size: 7pt;"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:29.55pt"&gt; &lt;div style="line-height:7pt;text-align:left"&gt; &lt;div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;1 Year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:32.32pt"&gt; &lt;div style="line-height:7pt;text-align:left"&gt; &lt;div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;3 Years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:32.32pt"&gt; &lt;div style="line-height:7pt;text-align:left"&gt; &lt;div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;5 Years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:32.96pt"&gt; &lt;div style="line-height:7pt;text-align:left"&gt; &lt;div style="margin-left:5.75pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;10 Years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height:9pt"&gt;
&lt;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"&gt; &lt;div style="line-height:7.5pt;text-align:left"&gt; &lt;div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Total Expenses Incurred&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;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"&gt; &lt;div style="line-height:7.5pt;text-align:left"&gt; &lt;div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$30&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;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"&gt; &lt;div style="line-height:7.5pt;text-align:left"&gt; &lt;div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$90&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;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"&gt; &lt;div style="line-height:7.5pt;text-align:left"&gt; &lt;div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$154&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="background-color:#ECF6F8;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:32.96pt"&gt; &lt;div style="line-height:7.5pt;text-align:left"&gt; &lt;div style="margin-left:5.75pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$324&lt;/div&gt;&lt;/div&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;(1)&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;The example above should not be considered a representation of future &lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;expenses. Actual expenses may be higher or lower than those shown.&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;example assumes that the estimated Interest Payments on Borrowed Funds, Dividend &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Cost on Preferred Shares and Other Expenses set forth in the Annual Expenses table &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are accurate, that the rate listed under Total Annual Expenses remains the same each &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;year and that all dividends and distributions are reinvested at NAV. Actual expenses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be greater or less than those assumed. Moreover, the Fund&#x2019;s actual rate of return &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be greater or less than the hypothetical 5% annual return shown in the example. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The example does not include commissions or estimated offering expenses, which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would cause the expenses shown in the example to increase. In connection with an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;offering of Common Shares, the prospectus supplement will set forth an example &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;including sales load and estimated offering costs.&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt;&lt;/div&gt;</cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="P04_14_2025To04_14_2025"
      decimals="0"
      id="Fact_137970539"
      unitRef="Unit_USD">30</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="P04_14_2025To04_14_2025"
      decimals="0"
      id="Fact_137970540"
      unitRef="Unit_USD">90</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="P04_14_2025To04_14_2025"
      decimals="0"
      id="Fact_137970541"
      unitRef="Unit_USD">154</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="P04_14_2025To04_14_2025"
      decimals="0"
      id="Fact_137970542"
      unitRef="Unit_USD">324</cef:ExpenseExampleYears1to10>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-9374">&lt;div style="line-height:14.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Investment Objectives and Policies&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:2pt;text-align:left"&gt;&lt;div style="margin-top:2pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;When used in this prospectus, the term &#x201c;invest&#x201d; includes both direct &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investing and indirect investing and the term &#x201c;investments&#x201d; includes &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;both direct investments and indirect investments. For example, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may invest indirectly by investing in derivatives or through its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;wholly-owned subsidiaries (each, a &#x201c;Subsidiary&#x201d; and collectively, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subsidiaries). References herein to the Fund include, as appropriate, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subsidiaries through which the Fund may gain exposure to investments. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may be exposed to the different types of investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;described below through its investments in its Subsidiaries. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;allocation of the Fund&#x2019;s assets to a Subsidiary will vary over time and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will likely not include all of the different types of investments described &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;herein at any given time.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund seeks high current income as a primary objective and capital &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;appreciation as a secondary objective. The Fund's investment objectives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are considered non-fundamental and may be changed by the Board &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;without shareholder approval. The Fund seeks to achieve its investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;objectives by utilizing a dynamic asset allocation strategy among &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;multiple fixed income sectors in the global credit markets, which may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;include corporate debt (including, among other things, fixed-, variable- &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and floating-rate bonds, loans (including, but not limited to, bank &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or other syndicated loans and non-syndicated (private direct) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans), convertible securities and stressed debt securities issued by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. or foreign (non-U.S.) corporations or other business entities, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;including emerging market issuers), mortgage-related and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;asset-backed securities, government and sovereign debt, taxable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;municipal bonds and other fixed-, variable- and floating-rate &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income-producing securities of U.S. and foreign issuers, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emerging market issuers. Aiming to identify securities that provide high &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;current income and/or capital appreciation, the Fund focuses on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;duration management, credit quality analysis, risk management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;techniques and broad diversification among issuers, industries and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sectors as well as other risk management techniques designed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manage default risk. The Fund may invest in investment grade debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities and below investment grade debt securities (commonly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;referred to as &#x201c;high yield&#x201d; securities or &#x201c;junk bonds&#x201d;), including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities of stressed, distressed or defaulted issuers. The types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities and instruments in which the Fund may invest are described &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;under &#x201c;Portfolio Contents&#x2014;Principal Investments&#x201d; below. The Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cannot assure you that it will achieve its investment objectives or that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s investment program will be successful, and you could lose all &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of your investment in the Fund.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other Strategy Information. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Portfolio securities may be sold at any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;time. By way of example, sales may occur when PIMCO determines to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;take advantage of what it considers to be a better investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;opportunity, when the portfolio managers believe the portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities no longer represent relatively attractive investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;opportunities, when the portfolio managers perceive deterioration in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit fundamentals of an issuer, or when an individual security has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reached the portfolio managers&#x2019; sell target. PIMCO may engage in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;active and frequent trading of the Fund&#x2019;s portfolio investments. To the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent that it does so, the Fund may incur greater transaction costs and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may make greater distributions of income and gains, which will be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxable to shareholders who do not hold their shares through a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tax-advantaged or tax-deferred account.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:EffectsOfLeverageTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-13357">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Effects of Leverage&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The following table is furnished in response to requirements of the SEC. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;It is designed to illustrate the effects of leverage through the use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;senior securities, as that term is defined under Section 18 of the 1940 &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Act, on Common Share total return, assuming investment portfolio total &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;returns (consisting of income and changes in the value of investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;held in the Fund&#x2019;s portfolio) of -10%, -5%, 0%, 5% and 10%. Although &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund does not currently have a class of senior securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;outstanding, the table below reflects the Fund&#x2019;s continued use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reverse repurchase agreements averaged over the fiscal year ended &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;June 30, 2024 representing approximately 14.59% of the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;average total managed assets (including assets attributable to reverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;repurchase agreements) at an estimated annual effective interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expense rate of 5.80% payable by the Fund on such instruments (based &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on market conditions averaged over the fiscal year ended June 30, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2024). Based on such estimated annual effective interest expense rate, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the annual return that the Fund&#x2019;s portfolio must experience (net of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses) in order to cover such costs of the reverse repurchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreements is 0.86%. The information below does not reflect the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;use of certain other forms of economic leverage achieved through the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;use of other instruments or transactions not considered to be senior &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities under the 1940 Act, such as credit default swaps or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivative instruments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The assumed investment portfolio returns in the table below are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hypothetical figures and are not necessarily indicative of the investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio returns experienced or expected to be experienced by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund. Your actual returns may be greater or less than those appearing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;below. In addition, the actual borrowing expenses associated with &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reverse repurchase agreements (or dollar rolls/buybacks or borrowings, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;if any) used by the Fund may vary frequently and may be significantly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher or lower than the rate used for the example below.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2003;&lt;/div&gt;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt"&gt;
&lt;tr style="height:14pt"&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:108.62pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Assumed Portfolio Total Return&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"&gt;&lt;div style="display:flex;margin:auto;width:28.19pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:28.19pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(&lt;div style="display:inline;"&gt;10.00&lt;/div&gt;&lt;div style="display:inline;"&gt;&lt;/div&gt;)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"&gt;&lt;div style="display:flex;margin:auto;width:24.59pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.59pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="display:inline;"&gt;(5.00&lt;/div&gt;)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"&gt;&lt;div style="display:flex;margin:auto;width:24.59pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.59pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 1.94pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="display:inline;"&gt;0.00&lt;/div&gt;%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"&gt;&lt;div style="display:flex;margin:auto;width:20.71pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:20.71pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;5.00%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"&gt;&lt;div style="display:flex;margin:auto;width:24.31pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.31pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="display:inline;"&gt;10.00&lt;/div&gt;%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:8.5pt"&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:108.62pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Share Total Return&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"&gt;&lt;div style="display:flex;margin:auto;width:28.19pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:28.19pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="display:inline;"&gt;(12.74&lt;/div&gt;)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"&gt;&lt;div style="display:flex;margin:auto;width:24.59pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.59pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(6.87)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"&gt;&lt;div style="display:flex;margin:auto;width:24.59pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.59pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(1.00)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"&gt;&lt;div style="display:flex;margin:auto;width:20.71pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:20.71pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;4.86%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"&gt;&lt;div style="display:flex;margin:auto;width:24.31pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.31pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;10.73%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Share total return is composed of two elements &#x2014; the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Share dividends paid by the Fund (the amount of which is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;largely determined by the net investment income of the Fund after &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;paying dividend payments on any preferred shares issued by the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and expenses on any forms of leverage outstanding) and gains or losses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on the value of the securities and other instruments the Fund owns. As &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required by SEC rules, the table assumes that the Fund is more likely to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;suffer capital losses than to enjoy capital appreciation. For example, to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assume a portfolio total return of 0%, the Fund must assume that the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income it receives on its investments is entirely offset by losses in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of those investments. This table reflects hypothetical performance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the Fund&#x2019;s portfolio and not the actual performance of the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares, the value of which is determined by market forces and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other factors.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Should the Fund elect to add additional leverage to its portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;following an offering, any benefits of such additional leverage cannot &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be fully achieved until the proceeds resulting from the use of such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leverage have been received by the Fund and invested in accordance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with the Fund&#x2019;s investment objectives and policies. As noted above, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s willingness to use additional leverage, and the extent to which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leverage is used at any time, will depend on many factors, including, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;among other things, PIMCO&#x2019;s assessment of the yield curve &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;environment, interest rate trends, market conditions and other factors.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:EffectsOfLeverageTextBlock>
    <cef:EffectsOfLeverageTableTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-13402">
&lt;table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt"&gt;
&lt;tr style="height:14pt"&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:108.62pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Assumed Portfolio Total Return&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"&gt;&lt;div style="display:flex;margin:auto;width:28.19pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:28.19pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(&lt;div style="display:inline;"&gt;10.00&lt;/div&gt;&lt;div style="display:inline;"&gt;&lt;/div&gt;)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"&gt;&lt;div style="display:flex;margin:auto;width:24.59pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.59pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="display:inline;"&gt;(5.00&lt;/div&gt;)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"&gt;&lt;div style="display:flex;margin:auto;width:24.59pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.59pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 1.94pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="display:inline;"&gt;0.00&lt;/div&gt;%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"&gt;&lt;div style="display:flex;margin:auto;width:20.71pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:20.71pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;5.00%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"&gt;&lt;div style="display:flex;margin:auto;width:24.31pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.31pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="display:inline;"&gt;10.00&lt;/div&gt;%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:8.5pt"&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:108.62pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Share Total Return&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:34.19pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:26.19pt"&gt;&lt;div style="display:flex;margin:auto;width:28.19pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:28.19pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="display:inline;"&gt;(12.74&lt;/div&gt;)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"&gt;&lt;div style="display:flex;margin:auto;width:24.59pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.59pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(6.87)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:30.59pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:22.59pt"&gt;&lt;div style="display:flex;margin:auto;width:24.59pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.59pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(1.00)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:26.71pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:4pt;text-align:right;width:18.71pt"&gt;&lt;div style="display:flex;margin:auto;width:20.71pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:20.71pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;4.86%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;white-space:nowrap;width:29.31pt"&gt;&lt;div style="line-height:7.5pt;margin-left:4pt;margin-right:1.5pt;text-align:right;width:22.31pt"&gt;&lt;div style="display:flex;margin:auto;width:24.31pt"&gt;&lt;div style="display:flex;white-space:nowrap;width:24.31pt"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;10.73%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cef:EffectsOfLeverageTableTextBlock>
    <cef:ReturnAtMinusTenPercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="4"
      id="ixv-37564"
      unitRef="Unit_pure">-0.1274</cef:ReturnAtMinusTenPercent>
    <cef:ReturnAtMinusFivePercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="4"
      id="ixv-37565"
      unitRef="Unit_pure">-0.0687</cef:ReturnAtMinusFivePercent>
    <cef:ReturnAtZeroPercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="4"
      id="ixv-37566"
      unitRef="Unit_pure">-0.01</cef:ReturnAtZeroPercent>
    <cef:ReturnAtPlusFivePercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="4"
      id="ixv-37567"
      unitRef="Unit_pure">0.0486</cef:ReturnAtPlusFivePercent>
    <cef:ReturnAtPlusTenPercent
      contextRef="P04_14_2025To04_14_2025"
      decimals="4"
      id="ixv-37568"
      unitRef="Unit_pure">0.1073</cef:ReturnAtPlusTenPercent>
    <cef:RiskFactorsTableTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-13499">&lt;div style="line-height:14.0pt;margin-top:10.0pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Principal Risks of the Fund&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:2.0pt;text-align:left"&gt;&lt;div style="margin-top:2pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund is subject to the principal risks noted below, whether through &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s direct investments, investments by its Subsidiaries or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives positions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10.0pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Market Discount Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The price of the Fund&#x2019;s Common Shares will fluctuate with market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions and other factors. If you sell your Common Shares, the price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;received may be more or less than your original investment. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares are designed for long-term investors and should not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;treated as trading vehicles. Shares of closed-end management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment companies frequently trade at a discount from their NAV. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares may trade at a price that is less than the offering price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for Common Shares issued pursuant to an offering. This risk may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater for investors who sell their Common Shares relatively shortly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;after completion of an offering. The sale of Common Shares by the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(or the perception that such sales may occur), particularly if sold at a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;discount to the then current market price of the Common Shares, may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have an adverse effect on the market price of the Common Shares.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Market Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market price of securities owned by the Fund may go up or down, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sometimes rapidly or unpredictably. Securities may decline in value due &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to factors affecting securities markets generally or particular industries &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or companies represented in the securities markets. The value of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security may decline due to general market conditions that are not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;specifically related to a particular company, such as real or perceived &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adverse economic conditions, changes in the general outlook for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporate earnings, changes in inflation, interest or currency rates, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial system instability, adverse changes to credit markets or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adverse investor sentiment generally. The value of a security may also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline due to factors that affect a particular industry or industries, such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as labor shortages or increased production costs and competitive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions within an industry. During a general downturn in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities markets, multiple asset classes may decline in value &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;simultaneously even if the performance of those asset classes is not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise historically correlated. Investments may also be negatively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impacted by market disruptions and by attempts by other market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participants to manipulate the prices of particular investments. Equity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities generally have greater price volatility than fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. Credit ratings downgrades may also negatively affect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities held by the Fund. Even when markets perform well, there is no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance that the investments held by the Fund will increase in value &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;along with the broader market.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, market risk includes the risk that geopolitical and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;events will disrupt the economy on a national or global level. For &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instance, war, terrorism, social unrest, recessions, supply chain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disruptions, market manipulation, government defaults, government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shutdowns, political changes, diplomatic developments or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;imposition of sanctions and other similar measures, public health &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emergencies (such as the spread of infectious diseases, pandemics and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;epidemics), natural/environmental disasters, climate-change and climate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;related events can all negatively impact the securities markets, which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could cause the Fund to lose value. These events could reduce consumer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;demand or economic output, result in market closures, changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates, inflation/deflation, travel restrictions or quarantines, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significantly adversely impact the economy.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;As computing technology and data analytics continually advance there &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;has been an increasing trend towards machine driven and artificially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intelligent trading systems, particularly providing such systems with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increasing levels of autonomy in trading decisions. Regulators of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial markets have become increasingly focused on the potential &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impact of artificial intelligence on investment activities and may issue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulations that are intended to affect the use of artificial technology in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading activities. Any such regulations may not have the intended affect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on financial markets. Moreover, advancements in artificial intelligence &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other technologies may suffer from the introduction of errors, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;defects or security vulnerabilities which can go undetected. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potential speed of such trading and technologies may exacerbate the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impact of any such flaws, particularly where such flaws are exploited by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other artificially intelligent systems and may act to impair or prevent the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intervention of a human control.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The current contentious domestic political environment, as well as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;political and diplomatic events within the United States and abroad, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as the U.S. government&#x2019;s inability at times to agree on a long-term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;budget and deficit reduction plan, has in the past resulted, and may in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the future result, in a government shutdown or otherwise adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the U.S. regulatory landscape, the general market environment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or investor sentiment, which could have an adverse impact on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s investments and operations. Additional and/or prolonged &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. federal government shutdowns may affect investor and consumer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;confidence and may adversely impact financial markets and the broader &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy, perhaps suddenly and to a significant degree. Governmental &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and quasi-governmental authorities and regulators throughout the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;world have previously responded to serious economic disruptions with a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;variety of significant fiscal and monetary policy changes, including but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not limited to, direct capital infusions into companies, new monetary &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;programs and dramatically lower interest rates. An unexpected or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sudden reversal of these policies, or the ineffectiveness of these policies, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could increase volatility in securities markets, which could adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the Fund&#x2019;s investments. Any market disruptions could also prevent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund from executing advantageous investment decisions in a timely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manner. Funds that have focused their investments in a region enduring &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;geopolitical market disruption will face higher risks of loss, although the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increasing interconnectivity between global economies and financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets can lead to events or conditions in one country, region or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial market adversely impacting a different country, region or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial market. Thus, investors should closely monitor current market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions to determine whether the Fund meets their individual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial needs and tolerance for risk.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During inflationary price movements, fixed income securities markets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may experience heightened levels of interest rate, volatility and liquidity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk. Interest rate increases in the future could cause the value of a fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that invests in fixed income securities to decrease.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Interest rate increases and other market events have the potential to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely impact real estate values and real estate-related asset prices, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could, by extension, adversely impact the value of other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, such as loans, securitized debt and other fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. Such an impact could materialize in one real estate sector and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not another, or in a different manner in different real estate sectors. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Examples of the current risks faced by real estate-related assets include: &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tenant vacancy rates; increase in tenant turnover and tenant &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;concentration; headwinds, delinquencies and difficulties in collecting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rents and other payments faced by owners of real estate (which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increases the risk of owners being unable to pay or otherwise defaulting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on their own borrowings and obligations); decline in property values; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase in inflation, upkeep costs and other expenses; lowered rent for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;many properties; and concentrated ownership of certain types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properties.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Exchanges and securities markets may close early, close late or issue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading halts on specific securities, which may result in, among other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;things, the Fund being unable to buy or sell certain securities or financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments at an advantageous time or accurately price its portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Asset Allocation Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investment performance depends upon how its assets are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;allocated and reallocated. A principal risk of investing in the Fund is that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO may make less than optimal or poor asset allocation decisions. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO employs an active approach to allocation among multiple fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income sectors within the Fund's investment objectives and strategies, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but there is no guarantee that such allocation techniques will produce &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the desired results. It is possible that PIMCO will focus on an investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that performs poorly or underperforms other investments under various &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market conditions, or underperforms as compared to funds with similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment objectives and strategies. You could lose money on your &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment in the Fund as a result of these allocation decisions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Management Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund is subject to management risk because it is an actively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;managed investment portfolio. PIMCO and each individual portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manager will apply investment techniques and risk analysis in making &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment decisions for the Fund, but there can be no guarantee that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these decisions will produce the desired results. Certain securities or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other instruments in which the Fund seeks to invest may not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available in the quantities desired, including in circumstances where &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other funds for which PIMCO acts as investment adviser, including funds &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with names, investment objectives and policies, and/or portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management teams, similar to the Fund, are seeking to invest in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;same or similar securities or instruments. In addition, regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;restrictions, actual or potential conflicts of interest or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considerations may cause PIMCO to restrict or prohibit participation in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain investments. In such circumstances, PIMCO or the individual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio managers may determine to purchase other securities or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments as substitutes. Such substitute securities or instruments may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not perform as intended, which could result in losses to the Fund. To the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent the Fund employs strategies targeting perceived pricing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inefficiencies, arbitrage strategies or similar strategies, it is subject to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that the pricing or valuation of the securities and instruments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involved in such strategies may change unexpectedly, which may result &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in reduced returns or losses to the Fund. The Fund is also subject to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that deficiencies in the internal systems or controls of PIMCO or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;another service provider will cause losses for the Fund or hinder Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operations. For example, trading delays or errors (both human and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;systemic) could prevent the Fund from purchasing a security expected to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;appreciate in value. Please refer to &#x201c;Portfolio Managers &#x2013; Conflicts of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Interest&#x201d; in the SAI for further information. Additionally, actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived conflicts of interest, legislative, regulatory, or tax restrictions, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;policies or developments may affect the investment techniques available &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to PIMCO and each individual portfolio manager in connection with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;managing the Fund and may also adversely affect the ability of the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to achieve its investment objectives. There also can be no assurance that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all of the personnel of PIMCO will continue to be associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO for any length of time. The loss of services of one or more key &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;employees of PIMCO could have an adverse impact on the Fund&#x2019;s ability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to realize its investment objectives.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the Fund may rely on various third-party sources to calculate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its NAV. As a result, the Fund is subject to certain operational risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with reliance on service providers and service providers&#x2019; data &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sources. In particular, errors or systems failures and other technological &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issues may adversely impact the Fund&#x2019;s calculations of its NAV, and such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;NAV calculation issues may result in inaccurately calculated NAVs, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delays in NAV calculation and/or the inability to calculate NAV over &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extended periods. The Fund may be unable to recover any losses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with such failures.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Issuer Risk&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The value of a security may decline for a number of reasons that directly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relate to the issuer, such as management performance, major litigation, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investigations or other controversies, changes in the issuer&#x2019;s financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;condition or credit rating, changes in government regulations affecting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuer or its competitive environment and strategic initiatives such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as mergers, acquisitions or dispositions and the market response to any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such initiatives, financial leverage, reputation or reduced demand for the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer&#x2019;s goods or services, as well as the historical and prospective &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;earnings of the issuer and the value of its assets. A change in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial condition of a single issuer may affect one or more other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuers or securities markets as a whole. These risks can apply to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares issued by the Fund and to the issuers of securities and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other instruments in which the Fund invests.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Interest Rate Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Interest rate risk is the risk that fixed income securities and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments in the Fund&#x2019;s portfolio will fluctuate in value because of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;change in interest rates. For example, as nominal interest rates rise, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of certain fixed income securities held by the Fund is likely to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decrease. A nominal interest rate can be described as the sum of a real &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rate and an expected inflation rate. Interest rate changes can be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sudden and unpredictable, and the Fund may lose money as a result of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;movements in interest rates. The Fund may not be able to effectively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hedge against changes in interest rates or may choose not to do so for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cost or other reasons.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;A wide variety of factors can cause interest rates or yields of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. Treasury securities (or yields of other types of bonds) to rise, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;including but not limited to central bank monetary policies, changing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation or real growth rates, general economic conditions, increasing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bond issuances or reduced market demand for low yielding investments. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Risks associated with rising interest rates may be heightened under &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recent market conditions, including because the U.S. Federal Reserve &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(the &#x201c;Federal Reserve&#x201d;) has, in the recent past, raised interest rates from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;historically low levels. In addition, changes in monetary policy may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exacerbate the risks associated with changing interest rates. Further, in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market environments where interest rates are higher or rising, issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be less willing or able to make principal and interest payments on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fixed income investments when due. Actions by governments and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;central banking authorities can result in increases or decreases in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates. Periods of higher inflation could cause such authorities to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;raise interest rates, which may adversely affect the Fund and its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Further, fixed income securities with longer durations tend to be more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sensitive to changes in interest rates, usually making them more volatile. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Duration is a measure used to determine the sensitivity of a security&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price to changes in interest rates that incorporates a security&#x2019;s yield, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;coupon, final maturity and call features, among other characteristics. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Duration is useful primarily as a measure of the sensitivity of a fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income security&#x2019;s market price to interest rate (i.e., yield) movements. All &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other things remaining equal, for each one percentage point increase in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates, the value of a portfolio of fixed income investments would &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally be expected to decline by one percent for every year of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio&#x2019;s average duration above zero. For example, the value of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio of fixed income securities with an average duration of eight &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;years would generally be expected to decline by approximately 8% if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates rose by one percentage point.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Dividend-paying equity securities, particularly those whose market price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;is closely related to their yield, may be more sensitive to changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates. During periods of rising interest rates, the values of such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may decline and may result in losses to the Fund. Variable and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;floating rate securities may decline in value if their interest rates do not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rise as much, or as quickly, as interest rates in general. Conversely, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;floating rate securities will not generally increase in value if interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates decline. Inverse floating rate securities may decrease in value if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates increase. Inverse floating rate securities may also exhibit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater price volatility than a fixed rate obligation with similar credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;quality. When the Fund holds variable or floating rate securities, a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decrease (or, in the case of inverse floating rate securities, an increase) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in market interest rates will adversely affect the income received from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such securities and the NAV of the Fund&#x2019;s shares.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During periods of very low or negative interest rates, the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unable to maintain positive returns. Very low or negative interest rates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may magnify interest rate risk. Changing interest rates, including rates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that fall below zero, may have unpredictable effects on markets, may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result in heightened market volatility and may detract from Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;performance to the extent the Fund is exposed to such interest rates.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Measures such as average duration may not accurately reflect the true &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rate sensitivity of the Fund. This is especially the case if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consists of securities with widely varying durations. Therefore, if the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund has an average duration that suggests a certain level of interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate risk, the Fund may in fact be subject to greater interest rate risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;than the average would suggest. This risk is greater to the extent the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund uses leverage or derivatives in connection with the management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Convexity is an additional measure used to understand a security's or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund's interest rate sensitivity. Convexity measures the rate of change of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;duration in response to changes in interest rates. With respect to a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security&#x2019;s price, a larger convexity (positive or negative) may imply more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dramatic price changes in response to changing interest rates. Convexity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be positive or negative. Negative convexity implies that interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate increases result in increased duration and that interest rate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decreases result in declining duration (i.e., increased sensitivity in prices &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in response to rising and/or declining interest rates). Thus, securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with negative convexity, which may include bonds with traditional call &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;features and certain mortgage-backed securities, may experience &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater losses in periods of rising interest rates. Accordingly, if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;holds such securities, the Fund may be subject to a greater risk of losses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in periods of rising interest rates.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Rising interest rates may result in periods of volatility and a decline in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of the Fund&#x2019;s fixed income investments. Also, when interest rates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rise, issuers are less likely to refinance existing debt securities, causing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the average life of such securities to extend. Further, while U.S. bond &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets have steadily grown over the past three decades, dealer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;market making&#x201d; ability has remained relatively stagnant. As a result, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dealer inventories of certain types of bonds and similar instruments, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which provide a core indication of the ability of financial intermediaries &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to &#x201c;make markets,&#x201d; are at or near historic lows in relation to market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;size. Because market makers provide stability to a market through their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intermediary services, a significant reduction in dealer inventories could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potentially lead to decreased liquidity and increased volatility in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fixed income markets. Such issues may be exacerbated during periods of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic uncertainty. All of these factors, collectively and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;individually, could cause the Fund to lose value.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Credit Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund could lose money if the issuer or guarantor of a fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security (including a security purchased with securities lending &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral), the counterparty to a derivatives contract, or the issuer or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;guarantor of collateral, repurchase agreement or a loan of portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities is unable or unwilling, or is perceived (whether by market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participants, rating agencies, pricing services or otherwise) as unable or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unwilling, to make timely principal and/or interest payments, or to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise honor its financial obligations. The risk that such issuer, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;guarantor or counterparty is less willing or able to do so is heightened &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in market environments where interest rates are changing, notably &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when rates are rising. The downgrade of the credit rating of a security or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the issuer of a security held by the Fund may decrease its value. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Measures such as average credit quality may not accurately reflect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;true credit risk of the Fund. This is especially the case if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consists of securities with widely varying credit ratings. This risk is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater to the extent the Fund uses leverage or derivatives. Rising or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;high interest rates may deteriorate the credit quality of an issuer or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparty, particularly if an issuer or counterparty faces challenges &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rolling or refinancing its obligations. The Fund's investments may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely affected if any of the issuers it is invested in are subject to an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;actual or perceived (whether by market participants, rating agencies, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pricing services or otherwise) deterioration to their credit quality.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Credit risk includes credit spread risk, which is the risk that credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;spreads (i.e., the difference in yield between securities that is due to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;differences in their actual or perceived credit quality) may increase when &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the market believes that investments generally have a greater risk of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default. Increasing credit spreads may reduce the market values of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund's investments. Credit spreads often increase more for lower rated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and unrated securities than for investment grade securities. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when credit spreads increase, reductions in market value will generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be greater for longer-maturity securities. Further, credit spread duration &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(a measure of credit spread risk) can vary significantly from interest rate &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;duration (e.g., for floating rate debt securities, credit spread duration &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;typically will be higher than interest rate duration). The Fund may add &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit spread duration to its portfolio, for example through the use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives (e.g., credit default swaps), even while it has lower interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate duration. The credit spread duration of the Fund&#x2019;s portfolio may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;vary, in some cases significantly, from its interest rate duration. All &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;descriptions of duration in this prospectus refer to interest rate duration &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unless otherwise noted.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Mortgage-Related and Other Asset-Backed Instruments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The mortgage-related assets in which the Fund may invest include, but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are not limited to, any security, instrument or other asset that is related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to U.S. or non-U.S. mortgages, including those issued by private &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;originators or issuers, or issued or guaranteed as to principal or interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by the U.S. government or its agencies or instrumentalities or by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-U.S. governments or authorities, such as, without limitation, assets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;representing interests in, collateralized or backed by, or whose values &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are determined in whole or in part by reference to any number of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages or pools of mortgages or the payment experience of such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages or pools of mortgages, including REMICs, which could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;include Re-REMICs, mortgage pass-through securities, inverse floaters, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CMOs, CLOs, multi-class pass-through securities, private mortgage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pass-through securities, stripped mortgage securities (generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest-only and principal-only securities), mortgage-related asset &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;backed securities and mortgage-related loans (including through &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participations, assignments, originations and whole loans), including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;commercial and residential mortgage loans. Exposures to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related assets through derivatives or other financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments will be considered investments in mortgage-related assets.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may also invest in other types of ABS, including CDOs, CBOs &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and CLOs and other similarly structured securities. See &#x201c;Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Objectives and Policies&#x2014;Portfolio Contents&#x2014;Mortgage-Related and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Other Asset-Backed Instruments&#x201d; in this prospectus and &#x201c;Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Objectives and Policies&#x2014;Mortgage-Related and Other Asset-Backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Instruments&#x201d; in the Statement of Additional Information for a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;description of the various mortgage-related and other asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments in which the Fund may invest and their related risks.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-related and other asset-backed instruments represent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interests in &#x201c;pools&#x201d; of mortgages or other assets such as consumer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans or receivables held in trust and often involve risks that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;different from or possibly more acute than risks associated with other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;types of debt instruments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Generally, rising interest rates tend to extend the duration of fixed rate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related assets, making them more sensitive to changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates. Compared to other fixed income investments with similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;maturity and credit, mortgage-related securities may increase in value to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a lesser extent when interest rates decline and may decline in value to a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;similar or greater extent when interest rates rise. As a result, in a period &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of rising interest rates, the Fund may exhibit additional volatility since &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;individual mortgage holders are less likely to exercise prepayment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;options, thereby putting additional downward pressure on the value of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these securities and potentially causing the Fund to lose money. This is &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;known as extension risk. Mortgage-backed securities can be highly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sensitive to rising interest rates, such that even small movements can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cause the Fund to lose value. Mortgage-backed securities, and in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;particular those not backed by a government guarantee, are subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit risk. When interest rates decline, borrowers may pay off their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages sooner than expected. This can reduce the returns of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund because the Fund may have to reinvest that money at the lower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prevailing interest rates.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the creditworthiness, servicing practices, and financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;viability of the servicers of the underlying mortgage pools present &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant risks. For instance, a servicer may be required to make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advances in respect of delinquent loans underlying the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related securities; however, servicers experiencing financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficulties may not be able to perform these obligations. Additionally, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;both mortgage-related securities and asset-backed securities are subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to risks associated with fraud or negligence by, or defalcation of, their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;servicers. These securities are also subject to the risks of the underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans. In some circumstances, a servicer&#x2019;s or originator&#x2019;s mishandling of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;documentation related to the underlying collateral (e.g., failure to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properly document a security interest in the underlying collateral) may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the rights of security holders in and to the underlying collateral. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, the underlying loans may have been extended pursuant to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inappropriate underwriting guidelines, to no underwriting guidelines at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all, or to fraudulent origination practices. The owner of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed security&#x2019;s ability to recover against the sponsor, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;servicer or originator is uncertain and is often limited.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investments in other asset-backed instruments are subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks similar to those associated with mortgage-related assets, as well &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as additional risks associated with the nature of the assets and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;servicing of those assets. Payment of principal and interest on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;asset-backed instruments may be largely dependent upon the cash &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;flows generated by the assets backing the instruments, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;asset-backed instruments may not have the benefit of any security &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest in the related assets.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subordinate mortgage-backed or asset-backed instruments are paid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest only to the extent that there are funds available to make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments. To the extent the collateral pool includes a large percentage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of delinquent loans, there is a risk that interest payments on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subordinate mortgage-backed or asset-backed instruments will not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fully paid.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There are multiple tranches of mortgage-backed and asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments, offering investors various maturity and credit risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;characteristics. For example, tranches may be categorized as senior, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mezzanine, and subordinated/equity or &#x201c;first loss.&#x201d; The most senior &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranche of a mortgage-backed or asset-backed instrument generally has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the greatest collateralization and generally pays the lowest interest rate. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;If there are defaults or the collateral otherwise underperforms, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;scheduled payments to senior tranches generally take precedence over &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;those of mezzanine tranches, and scheduled payments to mezzanine &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranches take precedence over those to subordinated/equity tranches. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Lower tranches represent lower degrees of credit quality and pay higher &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates intended to compensate for the attendant risks. The return &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on the lower tranches is especially sensitive to the rate of defaults in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral pool. The lowest tranche (i.e., the &#x201c;equity&#x201d; or &#x201c;residual&#x201d; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranche) generally specifically receives the residual interest payments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(i.e., money that is left over after the higher tranches have been paid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and expenses of the issuing entities have been paid) rather than a fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rate. The Fund may also invest in the residual or equity tranches &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of mortgage-related and other asset-backed instruments, which may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;referred to as subordinate mortgage-backed or asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments and interest-only mortgage-backed or asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments. The Fund expects that investments in subordinate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed and other asset-backed instruments will be subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks arising from delinquencies and foreclosures, thereby exposing its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment portfolio to potential losses. Subordinate securities of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed and other asset-backed instruments are also subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to greater credit risk than those mortgage-backed or other asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments that are more highly rated.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The mortgage markets in the United States and in various foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countries have experienced extreme difficulties in the past that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely affected the performance and market value of certain of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s mortgage-related investments. Delinquencies and losses on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;residential and commercial mortgage loans (especially subprime and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;second-lien mortgage loans) may increase, and a decline in or flattening &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of housing and other real property values may exacerbate such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delinquencies and losses. In addition, reduced investor demand for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage loans and mortgage-related securities and increased investor &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;yield requirements have caused limited liquidity in the secondary market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for mortgage-related securities, which can adversely affect the market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of mortgage-related securities. It is possible that such limited &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquidity in such secondary markets could continue or worsen.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;With respect to risk retention tranches (i.e., eligible residual interests &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;initially held by the sponsors of CMBS and other eligible securitizations &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pursuant to the U.S. Risk Retention Rules), a third-party purchaser, such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as the Fund, must hold its retained interest, unhedged, for at least five &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;years following the closing of the CMBS transaction, after which it is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;entitled to transfer its interest in the securitization to another person &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that meets the requirements for a third-party purchaser. Even after the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required holding period has expired, due to the generally illiquid nature &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of such investments, no assurance can be given as to what, if any, exit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies will ultimately be available for any given position.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, there is limited guidance on the application of the final &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. Risk Retention Rules to specific securitization structures. There can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be no assurance that the applicable federal agencies charged with the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;implementation of the final U.S. Risk Retention Rules (e.g., the FDIC, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Comptroller of the Currency, the Federal Reserve Board, the SEC, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Department of Housing and Urban Development, and the Federal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Housing Finance Agency) could not take positions in the future that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;differ from the interpretation of such rules taken or embodied in such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securitizations, or that the final U.S. Risk Retention Rules will not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;change.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Furthermore, in situations where the Fund invests in risk retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranches of securitizations structured by third parties, the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required to execute one or more letters or other agreements, the exact &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;form and nature of which will vary (each, a &#x201c;Risk Retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Agreement&#x201d;) under which it will make certain undertakings designed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ensure such securitization complies with the U.S. Risk Retention Rules. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Such Risk Retention Agreements may include a variety of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;representations, warranties, covenants and other indemnities, each of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may run to various transaction parties. If the Fund breaches any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;undertakings in any Risk Retention Agreement, it will be exposed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;claims by the other parties thereto, including for any losses incurred as a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result of such breach, which could be significant and exceed the value of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s investments.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Mortgage-Related Derivative Instruments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may engage in derivative transactions related to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed securities, including purchasing and selling &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exchange-listed and OTC put and call options, futures and forwards on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages and mortgage-backed securities. The Fund may also invest in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed securities credit default swaps, which include swaps &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the reference obligation for which is a mortgage-backed security or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;related index, such as the CMBX Index (a tradeable index referencing a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;basket of commercial mortgage-backed securities) or the ABX (a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tradeable index referencing a basket of sub-prime mortgage-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities). The Fund may invest in newly developed mortgage related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives that may hereafter become available.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Derivative mortgage-backed securities (such as principal-only (&#x201c;POs&#x201d;), &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest-only (&#x201c;IOs&#x201d;) or inverse floating rate securities) are particularly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exposed to call and extension risks. Small changes in mortgage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prepayments can significantly impact the cash flows and the market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of these derivative instruments. In general, the risk of faster than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;anticipated prepayments adversely affects IOs, super floaters and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;premium priced mortgage-backed securities. The risk of slower than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;anticipated prepayments generally affects POs, floating-rate securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to interest rate caps, support tranches and discount priced &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed securities. In addition, particular derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments may be leveraged such that their exposure (i.e., price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sensitivity) to interest rate and/or prepayment risk is magnified. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-related derivative instruments involve risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related and other asset-backed instruments, privately-issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related securities, the mortgage market, the real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;industry, derivatives and credit default swaps. See &#x201c;Mortgage-Related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and Other Asset-Backed Instruments Risk,&#x201d; &#x201c;Privately-Issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-Related Securities Risk,&#x201d; &#x201c;Derivatives Risk,&#x201d; and &#x201c;Credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Default Swaps Risk.&#x201d;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-related derivative instruments involve risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related and other asset-backed instruments, privately-issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related securities, the mortgage market, the real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;industry, derivatives and credit default swaps. See &#x201c;Mortgage-Related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and Other Asset-Backed Instruments Risk,&#x201d; &#x201c;Privately-Issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-Related Securities Risk,&#x201d; &#x201c;Derivatives Risk,&#x201d; and &#x201c;Credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Default Swaps Risk.&#x201d;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Privately-Issued Mortgage-Related Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There are no direct or indirect government or agency guarantees of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments in pools created by non-governmental issuers. Privately-issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related securities are also not subject to the same &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underwriting requirements for the underlying mortgages that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;applicable to those mortgage-related securities that have a government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or government sponsored entity guarantee.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Privately-issued mortgage-related securities are not traded on an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exchange and there may be a limited market for the securities, especially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when there is a perceived weakness in the mortgage and real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market sectors. Without an active trading market, mortgage-related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities held in the Fund&#x2019;s portfolio may be particularly difficult to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value because of the complexities involved in assessing the value of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying mortgage loans.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;High Yield Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent that the Fund invests in high yield securities and unrated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities of similar credit quality (commonly known as &#x201c;high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities&#x201d; or &#x201c;junk bonds&#x201d;), the Fund may be subject to greater levels &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of credit risk, call risk and liquidity risk than funds that do not invest in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such securities, which could have a negative effect on the NAV and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market price of the Fund&#x2019;s Common Shares or Common Share &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dividends. These securities are considered predominantly speculative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with respect to an issuer&#x2019;s continuing ability to make principal and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest payments, and may be more volatile than other types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. An economic downturn or individual corporate developments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could adversely affect the market for these securities and reduce the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s ability to sell these securities at an advantageous time or price. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An economic downturn could also generally lead to a higher &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-payment rate and, a high yield security may lose significant market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value before a default occurs. The Fund may purchase distressed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities that are in default or the issuers of which are in bankruptcy, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which involve heightened risks.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;High yield securities structured as zero-coupon bonds or pay-in-kind &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities tend to be especially volatile as they are particularly sensitive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to downward pricing pressures from rising interest rates or widening &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;spreads and may require the Fund to make taxable distributions of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;imputed income without receiving the actual cash currency. Issuers of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;high yield securities may have the right to &#x201c;call&#x201d; or redeem the issue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prior to maturity, which may result in the Fund having to reinvest the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds in other high yield securities or similar instruments that may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pay lower interest rates. The Fund may also be subject to greater levels &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of liquidity risk than funds that do not invest in high yield securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Consequently, transactions in high yield securities may involve greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;costs than transactions in more actively traded securities. A lack of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;publicly-available information, irregular trading activity and wide &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bid/ask spreads among other factors, may, in certain circumstances, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;make high yield debt more difficult to sell at an advantageous time or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price than other types of securities or instruments. These factors may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result in the Fund being unable to realize full value for these securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or may result in the Fund not receiving the proceeds from a sale of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a high yield security for an extended period after such sale, each of &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could result in losses to the Fund. Because of such risks involved &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in investing in high yield securities, an investment in the Fund should be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considered speculative.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In general, lower rated debt securities carry a greater degree of risk that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuer will lose its ability to make interest and principal payments, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could have a negative effect on the Fund. Securities of below &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment grade quality are regarded as having predominantly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative characteristics with respect to capacity to pay interest and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;repay principal and are commonly referred to as &#x201c;high yield&#x201d; securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or &#x201c;junk bonds.&#x201d; High yield securities involve a greater risk of default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and their prices are generally more volatile and sensitive to actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived negative developments. Debt securities in the lowest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment grade category also may be considered to possess some &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative characteristics by certain rating agencies. The Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase stressed or distressed securities that are in default or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuers of which are in bankruptcy, which involve heightened risks.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An economic downturn could severely affect the ability of issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(particularly those that are highly leveraged) to service or repay their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;debt obligations. Lower-rated securities are generally less liquid than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher-rated securities, which may have an adverse effect on the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to dispose of them. For example, under adverse market or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic conditions, the secondary market for below investment grade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities could contract further, independent of any specific adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in the condition of a particular issuer, and certain securities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s portfolio may become illiquid or less liquid. As a result, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund could find it more difficult to sell these securities or may be able to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sell these securities only at prices lower than if such securities were &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;widely traded. To the extent the Fund focuses on below investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;grade debt obligations, PIMCO&#x2019;s capabilities in analyzing credit quality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and associated risks will be particularly important, and there can be no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance that PIMCO will be successful in this regard. Due to such risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involved in investing in high yield securities, an investment in the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;should be considered speculative.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s credit quality policies apply only at the time a security is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchased, and the Fund is not required to dispose of a security in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event that a rating agency or PIMCO downgrades its assessment of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit characteristics of a particular issue. In determining whether to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;retain or sell such a security, PIMCO may consider factors including, but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not limited to, PIMCO's assessment of the credit quality of the issuer of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such security, the price at which such security could be sold and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rating, if any, assigned to such security by other rating agencies. Analysis &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of creditworthiness may be more complex for issuers of high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities than that for issuers of higher quality debt securities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;See &#x201c;Investment Objectives and Policies-Portfolio Contents-High Yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Securities&#x201d; for additional information.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent that the Fund invests in high yield securities and unrated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities of similar credit quality (commonly known as &#x201c;high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities&#x201d; or &#x201c;junk bonds&#x201d;), the Fund may be subject to greater levels &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of credit risk, call risk and liquidity risk than funds that do not invest in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such securities, which could have a negative effect on the NAV and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market price of the Fund&#x2019;s Common Shares or Common Share &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dividends. These securities are considered predominantly speculative &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with respect to an issuer&#x2019;s continuing ability to make principal and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest payments, and may be more volatile than other types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. An economic downturn or individual corporate developments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could adversely affect the market for these securities and reduce the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s ability to sell these securities at an advantageous time or price. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An economic downturn could also generally lead to a higher &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-payment rate and, a high yield security may lose significant market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value before a default occurs. The Fund may purchase distressed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities that are in default or the issuers of which are in bankruptcy, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which involve heightened risks.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;High yield securities structured as zero-coupon bonds or pay-in-kind &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities tend to be especially volatile as they are particularly sensitive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to downward pricing pressures from rising interest rates or widening &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;spreads and may require the Fund to make taxable distributions of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;imputed income without receiving the actual cash currency. Issuers of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;high yield securities may have the right to &#x201c;call&#x201d; or redeem the issue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prior to maturity, which may result in the Fund having to reinvest the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds in other high yield securities or similar instruments that may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pay lower interest rates. The Fund may also be subject to greater levels &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of liquidity risk than funds that do not invest in high yield securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Consequently, transactions in high yield securities may involve greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;costs than transactions in more actively traded securities. A lack of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;publicly-available information, irregular trading activity and wide &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bid/ask spreads among other factors, may, in certain circumstances, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;make high yield debt more difficult to sell at an advantageous time or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price than other types of securities or instruments. These factors may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result in the Fund being unable to realize full value for these securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or may result in the Fund not receiving the proceeds from a sale of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a high yield security for an extended period after such sale, each of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could result in losses to the Fund. Because of such risks involved &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in investing in high yield securities, an investment in the Fund should be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considered speculative.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In general, lower rated debt securities carry a greater degree of risk that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuer will lose its ability to make interest and principal payments, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could have a negative effect on the Fund. Securities of below &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment grade quality are regarded as having predominantly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative characteristics with respect to capacity to pay interest and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;repay principal and are commonly referred to as &#x201c;high yield&#x201d; securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or &#x201c;junk bonds.&#x201d; High yield securities involve a greater risk of default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and their prices are generally more volatile and sensitive to actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived negative developments. Debt securities in the lowest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment grade category also may be considered to possess some &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative characteristics by certain rating agencies. The Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase stressed or distressed securities that are in default or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuers of which are in bankruptcy, which involve heightened risks.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An economic downturn could severely affect the ability of issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(particularly those that are highly leveraged) to service or repay their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;debt obligations. Lower-rated securities are generally less liquid than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher-rated securities, which may have an adverse effect on the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to dispose of them. For example, under adverse market or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic conditions, the secondary market for below investment grade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities could contract further, independent of any specific adverse &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in the condition of a particular issuer, and certain securities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s portfolio may become illiquid or less liquid. As a result, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund could find it more difficult to sell these securities or may be able to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sell these securities only at prices lower than if such securities were &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;widely traded. To the extent the Fund focuses on below investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;grade debt obligations, PIMCO&#x2019;s capabilities in analyzing credit quality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and associated risks will be particularly important, and there can be no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance that PIMCO will be successful in this regard. Due to such risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involved in investing in high yield securities, an investment in the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;should be considered speculative.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s credit quality policies apply only at the time a security is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchased, and the Fund is not required to dispose of a security in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event that a rating agency or PIMCO downgrades its assessment of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit characteristics of a particular issue. In determining whether to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;retain or sell such a security, PIMCO may consider factors including, but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not limited to, PIMCO's assessment of the credit quality of the issuer of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such security, the price at which such security could be sold and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rating, if any, assigned to such security by other rating agencies. Analysis &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of creditworthiness may be more complex for issuers of high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities than that for issuers of higher quality debt securities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;See &#x201c;Investment Objectives and Policies-Portfolio Contents-High Yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Securities&#x201d; for additional information.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Distressed and Defaulted Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in the securities of financially distressed issuers involve &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;substantial risks, including the risk of default. Distressed securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally trade significantly below &#x201c;par&#x201d; or full value because &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments in such securities and debt of distressed issuers or issuers in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default are considered speculative and involve substantial risks in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition to the risks of investing in high-yield bonds. Such investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be in default at the time of investment. In addition, these securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may fluctuate more in price, and are typically less liquid. The Fund also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will be subject to significant uncertainty as to when, and in what &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manner, and for what value obligations evidenced by securities of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financially distressed issuers will eventually be satisfied. Defaulted &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations might be repaid only after lengthy workout or bankruptcy &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceedings, during which the issuer might not make any interest or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other payments. In any such proceeding relating to a defaulted &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligation, the Fund may lose its entire investment or may be required &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to accept cash or securities with a value substantially less than its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;original investment. Moreover, any securities received by the Fund upon &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;completion of a workout or bankruptcy proceeding may be less liquid, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative or restricted as to resale. Similarly, if the Fund participates in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negotiations with respect to any exchange offer or plan of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reorganization with respect to the securities of a distressed issuer, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund may be restricted from disposing of such securities. To the extent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that the Fund becomes involved in such proceedings, the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have a more active participation in the affairs of the issuer than that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assumed generally by an investor. The Fund may incur additional &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses to the extent it is required to seek recovery upon a default in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the payment of principal or interest on its portfolio holdings.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Also among the risks inherent in investments in a troubled issuer is that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;it frequently may be difficult to obtain information as to the true &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial condition of such issuer. PIMCO's judgments about the credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;quality of a financially distressed issuer and the relative value of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may prove to be wrong.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inflation-Indexed Security Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Inflation-indexed debt securities are subject to the effects of actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;anticipated changes in market interest rates caused by factors other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;than inflation (real interest rates). In general, the value of an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation-indexed security, including Treasury Inflation-Protected &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Securities (&#x201c;TIPS&#x201d;), tends to decrease when real interest rates increase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and can increase when real interest rates decrease. Thus generally, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;during periods of rising inflation, the value of inflation-indexed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities will tend to increase and during periods of deflation, their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value will tend to decrease. Interest payments on inflation-indexed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are unpredictable and will fluctuate as the principal and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest are adjusted for inflation. There can be no assurance that the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation index used (&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;i.e.,&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; the CPI) will accurately measure the real rate of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation in the prices of goods and services. Increases in the principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of TIPS due to inflation are considered taxable ordinary income for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the amount of the increase in the calendar year. Any increase in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;principal amount of an inflation-indexed debt security will be considered &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxable ordinary income, even though the Fund will not receive the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;principal until maturity. Additionally, a CPI swap can potentially lose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value if the realized rate of inflation over the life of the swap is less than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the fixed market implied inflation rate (fixed breakeven rate) that the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investor agrees to pay at the initiation of the swap. With municipal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation-indexed securities, the inflation adjustment is integrated into &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the coupon payment, which is federally tax exempt (and may be state &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tax exempt). For municipal inflation-indexed securities, there is no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adjustment to the principal value. Because municipal inflation-indexed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are a small component of the municipal bond market, they &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be less liquid than conventional municipal bonds.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Senior Debt Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may be subject to greater levels of credit risk than funds that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;do not invest in below investment grade senior debt. The Fund may also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be subject to greater levels of liquidity risk than funds that do not invest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in senior debt. Restrictions on transfers in loan agreements, a lack of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;publicly available information and other factors may, in certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instances, make senior debt more difficult to sell at an advantageous &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;time or price than other types of securities or instruments. Additionally, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;if the issuer of senior debt prepays, the Fund will have to consider &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reinvesting the proceeds in other senior debt or similar instruments that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may pay lower interest rates.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Loans and Other Indebtedness; Loan Acquisitions, &lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Participations and Assignments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Loan interests may take the form of (i) direct interests acquired during a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;primary distribution or other purchase of a loan or (ii) assignments of, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;novations of or participations in all or a portion of a loan acquired in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary markets. In addition to credit risk and interest rate risk, the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s exposure to loan interests may be subject to additional risks. For &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;example, purchasers of loans and other forms of direct indebtedness &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depend primarily upon the creditworthiness of the borrower for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payment of principal and interest. Loans are subject to the risk that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;scheduled interest or principal payments will not be made in a timely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manner or at all, either of which may adversely affect the value of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loan. If the Fund does not receive scheduled interest or principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments on such indebtedness, the Fund&#x2019;s share price and yield could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be adversely affected. Loans that are fully secured may offer the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more protection than an unsecured loan in the event of non-payment of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;scheduled interest or principal if the Fund is able to access and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;monetize the collateral. However, the collateral underlying a loan, if any, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be unavailable or insufficient to satisfy a borrower&#x2019;s obligation. If &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund becomes owner, whole or in part, of any collateral after a loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;is foreclosed, the Fund may incur costs associated with owning and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;monetizing its ownership of the collateral.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During periods of deteriorating economic conditions, such as recessions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or periods of rising unemployment, or changing interest rates (notably &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increases), delinquencies and losses generally increase, sometimes &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dramatically, with respect to obligations under such loans. An economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;downturn or individual corporate developments could adversely affect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the market for these instruments and reduce a Fund&#x2019;s ability to sell &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these instruments at an advantageous time or price. An economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;downturn could also generally lead to a higher nonpayment rate and, a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loan may lose significant market value before a default occurs.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in loans through a purchase of a loan or a direct &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assignment of a financial institution&#x2019;s interests with respect to a loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may involve additional risks to the Fund. For example, if a loan is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreclosed, the Fund could become owner, in whole or in part, of any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral, which could include, among other assets, real estate or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;real or personal property, and would bear the costs and liabilities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with owning and holding or disposing of the collateral. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchaser of an assignment typically succeeds to all the rights and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations under the loan agreement with the same rights and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations as the assigning lender. Assignments may, however, be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;arranged through private negotiations between potential assignees and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potential assignors, and the rights and obligations acquired by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchaser of an assignment may differ from, and be more limited than, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;those held by the assigning lender.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In connection with purchasing loan participations, the Fund generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will have no right to enforce compliance by the borrower with the terms &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the loan agreement relating to the loan, nor any rights of set-off &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against the borrower, and the Fund may not directly benefit from any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral supporting the loan in which it has purchased the loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participation. As a result, the Fund will be subject to the credit risk of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;both the borrower and the lender that is selling the participation. In the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event of the insolvency of the lender selling a participation, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be treated as a general creditor of the lender and may not benefit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from any set-off between the lender and the borrower. Certain loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participations may be structured in a manner designed to prevent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchasers of participations from being subject to the credit risk of the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lender, but even under such a structure, in the event of the lender&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insolvency, the lender&#x2019;s servicing of the participation may be delayed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and the assignability of the participation impaired.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may have difficulty disposing of loans and loan participations. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Because there is no liquid market for many such investments, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;anticipates that such investments could be sold only to a limited number &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of institutional investors. The lack of a liquid secondary market may have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an adverse impact on the value of such investments and the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to dispose of particular loans and loan participations when that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would be desirable, including in response to a specific economic event &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as a deterioration in the creditworthiness of the borrower. The lack &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of a liquid secondary market for loans and loan participations also may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;make it more difficult for the Fund to assign a value to these securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for purposes of valuing the Fund&#x2019;s portfolio. Investments in loans may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;include participations in bridge loans, which are loans taken out by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;borrowers for a short period (typically less than one year) pending &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;arrangement of more permanent financing through, for example, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuance of bonds, frequently high yield bonds issued for the purpose of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;acquisitions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in loans may include acquisitions of, or participation in, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delayed draw and delayed funding loans and revolving credit facilities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;These commitments may have the effect of requiring the Fund to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase its investment in a borrower at a time when it might not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise decide to do so (including at a time when the company&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial condition makes it unlikely that such amounts will be repaid). &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Delayed draw and delayed funding loans and revolving credit facilities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be subject to restrictions on transfer, and only limited opportunities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may exist to resell such instruments. As a result, a Fund may be unable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to sell such investments at an opportune time or may have to resell &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;them at less than fair market value. Further, the Fund may need to hold &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquid assets in order to provide funding for these types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;commitments, meaning the Fund may not be able to invest in other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;attractive investments, or the Fund may need to liquidate existing assets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in order to provide such funding.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in loans used to finance the cost of construction, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;acquisition, development, and/ or rehabilitation of a property, including, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but not limited to, development of single-family for-sale homes, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;multi-family rentals and/or commercial facilities. Such construction &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lending may expose the Fund to increased risk of non-payment and loss &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;because the loan is not backed by a finished project. Such risk may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depend on the nature of the construction and the relevant counterparty &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or counterparties, which may include, but not be limited to, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;homebuilders, private developers and/or entities with limited capital. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Repayment of these types of loans may depend on the borrower&#x2019;s ability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to secure permanent &#x201c;take-out&#x201d; financing, which requires the successful &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;completion of the project, or operation of the property with an income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;stream sufficient to meet operating and loan expenses. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these types of loans are subject to the risk of errors in estimations of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;property&#x2019;s value at completion of construction and the estimated cost of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;construction, as well as the risk that the projects may not be completed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and have limited liquidity.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent the Fund invests in loans, including, but not limited to, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bank loans, non-syndicated loans, the residual or equity tranches of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related and other asset-backed securities, which may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;referred to as subordinate mortgage-backed or asset-backed securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and interest-only mortgage-backed or asset-backed securities, and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, the Fund may be subject to greater levels of credit risk, call &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk, settlement risk and liquidity risk. These instruments are considered &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;predominantly speculative with respect to an issuer&#x2019;s continuing ability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to make principal and interest payments and may be more volatile than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other types of securities.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may also be subject to greater levels of liquidity risk than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;funds that do not invest in loans. In addition, the loans in which the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund invests may not be listed on any exchange and a secondary market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for such loans may be comparatively illiquid relative to markets for other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more liquid fixed income securities. Consequently, transactions in loans &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may involve greater costs than transactions in more actively traded &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. In connection with certain loan transactions, transaction costs &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are borne by the Fund may include the expenses of third parties &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are retained to assist with reviewing and conducting diligence, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negotiating, structuring and servicing a loan transaction, and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;providing other services in connection therewith. Furthermore, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may incur such costs in connection with loan transactions that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pursued by the Fund but not ultimately consummated (so-called &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;broken deal costs&#x201d;).&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Restrictions on transfers in loan agreements, a lack of publicly available &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information, irregular trading activity and wide bid/ask spreads, among &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other factors, may, in certain circumstances, make loans more difficult to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sell at an advantageous time or price than other types of securities or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments. These factors may result in the Fund being unable to realize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;full value for the loans and/or may result in the Fund not receiving the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds from a sale of a loan for an extended period after such sale, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;each of which could result in losses to the Fund. Some loans may have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extended trade settlement periods, including settlement periods of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater than seven days, which may result in cash not being &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;immediately available to the Fund. If an issuer of a loan prepays or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;redeems the loan prior to maturity, the Fund may have to reinvest the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds in other loans or similar instruments that may pay lower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates. Because of such risks involved in investing in loans, an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment in the Fund should be considered speculative.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investments in subordinated and unsecured loans generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are subject to similar risks as those associated with investments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secured loans. Subordinated or unsecured loans are lower in priority of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payment to secured loans and are subject to the additional risk that the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cash flow of the borrower and property securing the loan or debt, if any, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be insufficient to meet scheduled payments after giving effect to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the senior secured obligations of the borrower. This risk is generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher for subordinated unsecured loans or debt, which are not backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by a security interest in any specific collateral. Subordinated and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unsecured loans generally have greater price volatility than secured &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans and may be less liquid. There is also a possibility that originators &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will not be able to sell participations in subordinated or unsecured &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans, which would create greater credit risk exposure for the holders of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such loans. Subordinate and unsecured loans share the same risks as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other below investment grade securities.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There may be less readily available information about most loans and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the underlying borrowers than is the case for many other types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. Loans may be issued by companies that are not subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;SEC reporting requirements and therefore may not be required to file &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reports with the SEC or may file reports that are not required to comply &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with SEC form requirements. In addition, such companies may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to a less stringent liability disclosure regime than companies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to SEC reporting requirements. Loans may not be considered &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;securities,&#x201d; and purchasers, such as the Fund, therefore may not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;entitled to rely on the anti-fraud protections of the federal securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;laws. Because there is limited public information available regarding &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loan investments, the Fund is particularly dependent on the analytical &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;abilities of the Fund&#x2019;s portfolio managers.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Economic exposure to loan interests through the use of derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions may involve greater risks than if the Fund had invested in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the loan interest directly during a primary distribution, through direct &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;originations or through assignments of, novations of or participations in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a loan acquired in secondary markets since, in addition to the risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;described above, certain derivative transactions may be subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leverage risk and greater illiquidity risk, counterparty risk, valuation risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other risks.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#x201c;Covenant-lite&#x201d; Obligations Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Covenant-lite obligations contain fewer maintenance covenants than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other obligations, or no maintenance covenants, and may not include &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;terms that allow the lender to monitor the performance of the borrower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and declare a default if certain criteria are breached. Covenant-lite &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans carry a risk that the borrower could transfer or encumber its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets, which could reduce the amount of assets that can be used to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;satisfy debts and result in losses for debtholders. Covenant-lite loans &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may carry more risk than traditional loans as they allow individuals and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporations to engage in activities that would otherwise be difficult or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impossible under a covenant-heavy loan agreement. In the event of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default, covenant-lite loans may exhibit diminished recovery values as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the lender may not have the opportunity to negotiate with the borrower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prior to default.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Subprime Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Loans, and debt instruments collateralized by loans&#160;(including Alt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Lending ABS), acquired by the Fund may be subprime in quality, or may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;become subprime in quality. Although there is no specific legal or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market definition of &#x201c;subprime,&#x201d; subprime loans are generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;understood to refer to loans made to borrowers that display poor credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;histories and other characteristics that correlate with a higher default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk. Accordingly, subprime loans, and debt instruments secured by such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans&#160;including Alt Lending ABS), have speculative characteristics and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are subject to heightened risks, including the risk of nonpayment of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest or repayment of principal, and the risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments in high yield securities. In addition, these instruments could &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be subject to increased regulatory scrutiny. The Fund is not restricted by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any particular borrower credit risk criteria and/or qualifications when &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;acquiring loans or debt instruments collateralized by loans.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Privacy and Data Security Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The GLBA and other laws limit the disclosure of certain non-public &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;personal information about a consumer to non- affiliated third parties &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and require financial institutions to disclose certain privacy policies and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;practices with respect to information sharing with both affiliates and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-affiliated third parties. Many states and a number of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-U.S. jurisdictions have enacted privacy and data security laws &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requiring safeguards on the privacy and security of consumers&#x2019; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;personally identifiable information. Other laws deal with obligations to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;safeguard and dispose of private information in a manner designed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Commission and SEC implement GLBA and other requirements and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;govern the disclosure of consumer financial information by certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial institutions, ranging from banks to private investment funds. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. platforms following certain models generally are required to have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;privacy policies that conform to these GLBA and other requirements. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, such platforms typically have policies and procedures intended &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to maintain platform participants&#x2019; personal information securely and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dispose of it properly.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund generally does not intend to obtain or hold borrowers&#x2019; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-public personal information, and the Fund has implemented &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;procedures reasonably designed to prevent the disclosure of borrowers&#x2019; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-public personal information to the Fund. However, service providers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the Fund, including their custodians and the platforms acting as loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;servicers for the Fund, may obtain, hold or process such information. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund cannot guarantee the security of non-public personal information &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the possession of such a service provider and cannot guarantee that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;service providers have been and will continue to comply with the GLBA, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other data security and privacy laws and any other related regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requirements. Violations of GLBA and other laws could subject the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to litigation and/or fines, penalties or other regulatory action, which, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;individually or in the aggregate, could have an adverse effect on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund. The Fund may also face regulations related to privacy and data &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security in the other jurisdictions in which the Fund invests.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Platform Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Alt Lending ABS in which the Fund may invest are typically not listed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on any securities exchange and not registered under the Securities Act. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the Fund anticipates that these instruments may only be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sold to a limited number of investors and may have a limited or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-existent secondary market. Accordingly, the Fund currently expects &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that certain of the investments it may make in Alt Lending ABS will face &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;heightened levels of liquidity risk. Although currently there is generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no reliable, active secondary market for certain Alt Lending ABS, a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary market for these Alt Lending ABS may develop. If the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchases Alt Lending ABS on an alternative lending platform, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will have the right to receive principal and interest payments due on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans underlying the Alt Lending ABS only if the platform servicing the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans receives the borrower&#x2019;s payments on such loans and passes such &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments through to the Fund. If a borrower is unable or fails to make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments on a loan for any reason, the Fund may be greatly limited in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its ability to recover any outstanding principal or interest due, as (among &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other reasons) the Fund may not have direct recourse against the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;borrower or may otherwise be limited in its ability to directly enforce its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rights under the loan, whether through the borrower or the platform &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;through which such loan was originated, the loan may be unsecured or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;under-collateralized and/or it may be impracticable to commence a legal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeding against the defaulting borrower.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may have limited knowledge about the underlying loans and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;is dependent upon the platform for information regarding underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans. Although PIMCO may conduct diligence on the platforms, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund generally does not have the ability to independently verify the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information provided by the platforms, other than payment information &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regarding loans underlying the Alt Lending ABS owned by the Fund, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which the Fund observes directly as payments are received. With respect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to Alt Lending ABS that the Fund purchases in the secondary market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(i.e., not directly from an alternative lending platform), the Fund may not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perform the same level of diligence on such platform or at all. The Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may not review the particular characteristics of the loans collateralizing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an Alt Lending ABS, but rather negotiate in advance with platforms the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;general criteria of the underlying loans. As a result, the Fund is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dependent on the platforms&#x2019; ability to collect, verify and provide &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information to the Fund about each loan and borrower.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund relies on the borrower&#x2019;s credit information, which is provided &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by the platforms. However, such information may be out of date, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incomplete or inaccurate and may, therefore, not accurately reflect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;borrower&#x2019;s actual creditworthiness. Platforms may not have an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligation to update borrower information, and, therefore, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may not be aware of any impairment in a borrower&#x2019;s creditworthiness &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subsequent to the making of a particular loan. The platforms&#x2019; credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decisions and scoring models may be based on algorithms that could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potentially contain programming or other errors or prove to be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ineffective or otherwise flawed. This could adversely affect loan pricing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;data and approval processes and could cause loans to be mispriced or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;misclassified, which could ultimately have a negative impact on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s performance.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the underlying loans, in some cases, may be affected by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;success of the platforms through which they are facilitated. Therefore, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disruptions in the businesses of such platforms may also negatively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impact the value of the Fund&#x2019;s investments. In addition, disruption in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;business of a platform could limit or eliminate the ability of the Fund to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invest in loans originated by that platform, and therefore the Fund could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lose some or all of the benefit of its diligence effort with respect to that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;platform.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Platforms are for-profit businesses that, as a general matter, generate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;revenue by collecting fees on funded loans from borrowers and by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assessing a loan servicing fee on investors, which may be a fixed annual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;amount or a percentage of the loan or amounts collected. This business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could be disrupted in multiple ways; for example, a platform could file &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for bankruptcy or a platform might suffer reputational harm from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negative publicity about the platform or alternative lending more &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally and the loss of investor confidence in the event that a loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;facilitated through the platform is not repaid and the investor loses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;money on its investment. Many platforms and/or their affiliates have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incurred operating losses since their inception and may continue to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incur net losses in the future, particularly as their businesses grow and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;they incur additional operating expenses Platforms may also be forced &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to defend legal action taken by regulators or governmental bodies. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Alternative lending is a newer industry operating in an evolving legal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;environment. Platforms may be subject to risk of litigation alleging &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;violations of law and/or regulations, including, for example, consumer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;protection laws, whether in the United States or in foreign jurisdictions. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Platforms may be unsuccessful in defending against such lawsuits or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other actions and, in addition to the costs incurred in fighting any such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;actions, platforms may be required to pay money in connection with the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;judgments, settlements or fines or may be forced to modify the terms of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its borrower loans, which could cause the platform to realize a loss or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;receive a lower return on a loan than originally anticipated. Platforms &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may also be parties to litigation or other legal action in an attempt to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;protect or enforce their rights or those of affiliates, including intellectual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;property rights, and may incur similar costs in connection with any such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;efforts.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investments in Alt Lending ABS may expose the Fund to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit risk of the issuer. Generally, such instruments are unsecured &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations of the issuer; an issuer that becomes subject to bankruptcy &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceedings may be unable to make full and timely payments on its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations to the Fund, even if the payments on the underlying loan or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans continue to be made timely and in full. In addition, when the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;owns Alt Lending ABS, the Fund and its custodian generally does not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have a contractual relationship with, or personally identifiable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information regarding, individual borrowers, so the Fund will not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;able to enforce underlying loans directly against borrowers and may not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be able to appoint an alternative servicing agent in the event that a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;platform or third-party servicer, as applicable, ceases to service the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying loans. Therefore, the Fund is more dependent on the platform &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for servicing than if the Fund had owned whole loans through the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;platform. Where such interests are secured, the Fund relies on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;platform to perfect the Fund&#x2019;s security interest. In addition, there may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a delay between the time the Fund commits to purchase an instrument &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issued by a platform, its affiliate or a special purpose entity sponsored &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by the platform or its affiliate and the issuance of such instrument and, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;during such delay, the funds committed to such an investment will not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;earn interest on the investment nor will they be available for investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in other alternative lending-related instruments, which will reduce the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;effective rate of return on the investment. The Fund&#x2019;s investments in Alt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Lending ABS may be illiquid.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Risk Retention Investment Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in risk retention tranches of commercial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed securities (&#x201c;CMBS&#x201d;) or other eligible securitizations, if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any (&#x201c;risk retention tranches&#x201d;), which are eligible residual interests &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;typically held by the sponsors of such securitizations pursuant to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the&#160;final rules implementing the credit risk retention requirements of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Section 941 of the Dodd-Frank Act (the &#x201c;U.S. Risk Retention Rules&#x201d;). In &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the case of CMBS transactions, for example, the U.S. Risk Retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Rules permit all or a portion of the retained credit risk associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain securitizations (i.e., retained risk) to be held by an unaffiliated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;third party purchaser,&#x201d; such as the Fund, if, among other requirements, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the third-party purchaser holds its retained interest, unhedged, for at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;least five years following the closing of the CMBS transaction, after &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which it is entitled to transfer its interest in the securitization to another &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;person that meets the requirements for a third-party purchaser. Even &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;after the required holding period has expired, due to the generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;illiquid nature of such investments, no assurance can be given as to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;what, if any, exit strategies will ultimately be available for any given &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;position.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, there is limited guidance on the application of the final &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. Risk Retention Rules to specific securitization structures. There can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be no assurance that the applicable federal agencies charged with the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;implementation of the final U.S. Risk Retention Rules (the Federal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Deposit Insurance Corporation, the Comptroller of the Currency, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Federal Reserve Board, the SEC, the Department of Housing and Urban &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Development, and the Federal Housing Finance Agency) could not take &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;positions in the future that differ from the interpretation of such rules &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taken or embodied in such securitizations, or that the final U.S. Risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Retention Rules will not change.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Furthermore, in situations where the Fund invests in risk retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranches of securitizations structured by third parties, the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required to execute one or more letters or other agreements, the exact &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;form and nature of which will vary (each, a &#x201c;Risk Retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Agreement&#x201d;) under which it will make certain undertakings designed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ensure such securitization complies with the final U.S. Risk Retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Rules. Such Risk Retention Agreements may include a variety of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;representations, warranties, covenants and other indemnities, each of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may run to various transaction parties. If the Fund breaches any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;undertakings in any Risk Retention Agreement, it will be exposed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;claims by the other parties thereto, including for any losses incurred as a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result of such breach, which could be significant and exceed the value of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reinvestment Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Income from the Fund&#x2019;s portfolio will decline if and when the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests the proceeds from matured, traded or called debt obligations at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market interest rates that are below the portfolio&#x2019;s current earnings rate. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#160;For instance, during periods of declining interest rates, an issuer of debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations may exercise an option to redeem securities prior to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;maturity, forcing the Fund to invest in lower-yielding securities. The Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;also may choose to sell higher yielding portfolio securities and to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase lower yielding securities to achieve greater portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;diversification, because the portfolio managers believe the current &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;holdings are overvalued or for other investment-related reasons. A &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline in income received by the Fund from its investments is likely to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have a negative effect on dividend levels and the market price, NAV &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or overall return of the Common Shares.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Securities Lending Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;For the purpose of achieving income, the Fund may lend its portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities to brokers, dealers, and other financial institutions provided a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;number of conditions are satisfied, including that the loan is fully &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateralized. Please see &#x201c;Investment Objectives and Policies&#x2014;Loans of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Portfolio Securities&#x201d; in the Statement of Additional Information for more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;details. When the Fund lends portfolio securities, its investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;performance will continue to reflect changes in the value of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities loaned, and the Fund will also receive a fee or interest on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral. Securities lending involves the risk of loss of rights in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral or delay in recovery of the collateral if the borrower fails to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;return the security loaned or becomes insolvent. The Fund may pay &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lending fees to a party arranging the loan, which may be an affiliate of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund. Cash collateral received by the Fund in securities lending &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions may be invested in short-term liquid fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments or in money market or short-term mutual funds, or similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment vehicles, including affiliated money market or short-term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mutual funds. The Fund bears the risk of such investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Call Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Call risk refers to the possibility that an issuer may exercise its right to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;redeem a fixed income security earlier than expected. Issuers may call &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;outstanding securities prior to their maturity for a number of reasons &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(e.g., declining interest rates, changes in credit spreads and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;improvements in the issuer's credit quality). If an issuer calls a security in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which the Fund has invested, the Fund may not recoup the full amount &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of its initial investment or may not realize the full anticipated earnings &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from the investment and may be forced to reinvest in lower-yielding &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, securities with greater credit risks or securities with other, less &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;favorable features.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Foreign (Non-U.S.) Investment Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Foreign (non-U.S.) securities may experience more rapid and extreme &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in value than securities of U.S. issuers or securities that trade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exclusively in U.S. markets. The securities markets of many foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countries are relatively small, with a limited number of companies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;representing a small number of industries. Additionally, issuers of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreign (non-U.S.) securities are usually not subject to the same degree &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of regulation as U.S. issuers. Reporting, legal, accounting, auditing and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;custody standards of foreign countries differ, in some cases significantly, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from U.S. standards. Global economies and financial markets are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;becoming increasingly interconnected, and conditions and events in one &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;country, region or financial market may adversely impact issuers in a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;different country, region or financial market. Foreign (non-U.S.) market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading hours, clearance and settlement procedures, and holiday &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;schedules may limit the Fund&#x2019;s ability to buy and sell securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in foreign (non-U.S.) markets may also be adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affected by governmental actions such as the imposition of capital &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;controls, nationalization of companies or industries, expropriation of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets or the imposition of punitive taxes. The governments of certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countries may prohibit or impose substantial restrictions on foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(non-U.S.) investing in their capital markets or in certain sectors or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;industries. In addition, a foreign (non-U.S.) government may limit or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cause delay in the convertibility or repatriation of its currency which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would adversely affect the U.S. dollar value and/or liquidity of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments denominated in that currency. Certain foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may become less liquid in response to market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments or adverse investor perceptions, or become illiquid after &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase by the Fund, particularly during periods of market turmoil. A &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reduction in trading in securities of issuers located in countries whose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economies are heavily dependent upon trading with key partners may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have an adverse impact on a Fund&#x2019;s investments.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Also, nationalization, expropriation or confiscatory taxation, unstable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;governments, decreased market liquidity, currency blockage, market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disruptions, political changes, security suspensions or diplomatic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments or the imposition of sanctions or other similar measures &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could adversely affect the Fund&#x2019;s investments in a foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;country. In the event of nationalization, expropriation or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;confiscation, the Fund could lose its entire investment in foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(non-U.S.) securities. The type and severity of sanctions and other similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;measures, including counter sanctions and other retaliatory actions, that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be imposed could vary broadly in scope, and their impact is difficult &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to ascertain. These types of measures may include, but are not limited &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to, banning a sanctioned country or certain persons or entities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with such country from global payment systems that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;facilitate cross-border payments, restricting the settlement of securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions by certain investors, and freezing the assets of particular &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countries, entities or persons. The imposition of sanctions and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;similar measures could, among other things, result in a decline in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value and/or liquidity of securities issued by the sanctioned country or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies located in or economically tied to the sanctioned country, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;downgrades in the credit ratings of the sanctioned country's securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or those of companies located in or economically tied to the sanctioned &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;country, currency devaluation or volatility, and increased market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatility and disruption in the sanctioned country and throughout the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;world. Sanctions and other similar measures could directly or indirectly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limit or prevent a Fund from buying and selling securities (in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sanctioned country and other markets), significantly delay or prevent the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;settlement of securities transactions, and adversely impact a Fund's &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquidity and performance. Adverse conditions in a certain region can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely affect securities of other countries whose economies appear &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to be unrelated. To the extent that the Fund invests a significant portion &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of its assets in a specific geographic region or in securities denominated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in a particular foreign (non-U.S.) currency, the Fund will generally have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more exposure to regional economic risks, including weather &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emergencies and natural disasters, associated with foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments. Foreign (non-U.S.) securities may also be less liquid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(particularly during market closures due to local holidays or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reasons) and more difficult to value than securities of U.S. issuers.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in securities and instruments that are economically &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tied to Russia. Investments in Russia are subject to various risks such as, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but not limited to political, economic, legal, market and currency risks. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The risks include uncertain political and economic policies, short term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market volatility, poor accounting standards, corruption and crime, an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inadequate regulatory system, regional armed conflict and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unpredictable taxation. Investments in Russia are particularly subject to &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the risk that further economic sanctions, export and import controls, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other similar measures may be imposed by the United States and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other countries. Other similar measures may include, but are not limited &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to, banning or expanding bans on Russia or certain persons or entities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with Russia from global payment systems that facilitate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cross-border payments, restricting the settlement of securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions by certain investors, and freezing Russian assets or those of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;particular countries, entities or persons with ties to Russia (e.g. Belarus). &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Such sanctions and other similar measures &#x2014; which may impact &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies in many sectors, including energy, financial services, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;technology, accounting, quantum computing, shipping, aviation, metals &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and mining, defense, architecture, engineering, construction, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manufacturing and transportation, among others &#x2014; and Russia&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countermeasures may negatively impact the Fund&#x2019;s performance and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to achieve its investment objectives. For example, certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may be prohibited and/or existing investments may become &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;illiquid (e.g., in the event that transacting in certain existing investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;is prohibited, securities markets close, or market participants cease &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transacting in certain investments in light of geopolitical events, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sanctions or related considerations), which could render any such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities held by the Fund unmarketable for an indefinite period of time &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or cause the Fund to sell other portfolio holdings at a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disadvantageous time or price or to continue to hold investments that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund no longer seeks to hold. In addition, such sanctions or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;similar measures, and the Russian government's response, could result &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in a downgrade of Russia's credit rating or of securities of issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;located in or economically tied to Russia, devaluation of Russia's &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency and/or increased volatility with respect to Russian securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and the ruble. Moreover, disruptions caused by Russian military action &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or other actions (including cyberattacks, espionage or other asymmetric &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;measures) or resulting actual or threatened responses to such activity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may impact Russia's economy and Russian and other issuers of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities in which the Fund is invested. Such resulting actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;threatened responses may include, but are not limited to, purchasing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and financing restrictions, withdrawal of financial intermediaries, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;boycotts or changes in consumer or purchaser preferences, sanctions, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;export and import controls, tariffs or cyberattacks on the Russian &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;government, Russian companies or Russian individuals, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;politicians. Any actions by Russia made in response to such sanctions or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;retaliatory measures could further impair the value and liquidity of Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments. Sanctions and other similar measures have resulted in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;defaults on debt obligations by certain corporate issuers and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Russian Federation that could lead to cross-defaults or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cross-accelerations on other obligations of these issuers.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Russian securities market is characterized by limited volume of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading, resulting in difficulty in obtaining accurate prices and trading. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;These issues can be magnified as a result of sanctions and other similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;measures that may be imposed and the Russian government's response. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Russian securities market, as compared to U.S. markets, has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant price volatility, less liquidity, a smaller market capitalization &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and a smaller number of traded securities. There may be little publicly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available information about issuers. Settlement, clearing and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registration of securities transactions are subject to risks. Prior to the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;implementation of the National Settlement Depository (&#x201c;NSD&#x201d;), a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recognized central securities depository, there was no central &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registration system for equity share registration in Russia, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registration was carried out by either the issuers themselves or by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registrars located throughout Russia. Title to Russian equities held &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;through the NSD is now based on the records of the NSD and not the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registrars. Although the implementation of the NSD has enhanced the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;efficiency and transparency of the Russian securities market, issues &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;resulting in loss can still occur. In addition, sanctions by the European &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Union against the NSD, as well as the potential for sanctions by other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;governments, could make it more difficult to conduct or confirm &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions involving Russian securities. Ownership of securities issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by Russian companies that are not held through depositories such as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the NSD may be recorded by companies themselves and by registrars. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such cases, the risk is increased that the Fund could lose ownership &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rights through fraud, negligence or oversight. While applicable Russian &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulations impose liability on registrars for losses resulting from their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;errors, it may be difficult for the Fund to enforce any rights it may have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against the registrar or issuer of the securities in the event of loss of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;share registration. In addition, issuers and registrars are still prominent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the validation and approval of documentation requirements for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporate action processing in Russia. Because the documentation &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requirements and approval criteria vary between registrars and issuers, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;there remain unclear and inconsistent market standards in the Russian &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market with respect to the completion and submission of corporate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;action elections. In addition, sanctions or Russian countermeasures may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prohibit or limit a Fund&#x2019;s ability to participate in corporate actions, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;therefore require the Fund to forego voting on or receiving funds that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would otherwise be beneficial to the Fund. To the extent that the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;suffers a loss relating to title or corporate actions relating to its portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, it may be difficult for the Fund to enforce its rights or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise remedy the loss. Russian securities laws may not recognize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreign nominee accounts held with a custodian bank, and therefore the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;custodian may be considered the ultimate owner of securities they hold &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for their clients. Adverse currency exchange rates are a risk and there &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be a lack of available currency hedging instruments. Investments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Russia may be subject to the risk of nationalization or expropriation of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets. Oil, natural gas, metals, minerals and timber account for a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant portion of Russia&#x2019;s exports, leaving the country vulnerable to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swings in world prices and to sanctions or other actions that may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;directed at the Russian economy as a whole or at Russian oil, natural &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;gas, metals, minerals or timber industries.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Emerging Markets Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Foreign (non-U.S.) investment risk may be particularly high to the extent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that the Fund invests in securities of issuers based in or doing business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in emerging market countries or invests in securities denominated in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies of emerging market countries. Investing in securities of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuers based in or doing business in emerging markets entails all of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks of investing in foreign securities noted above, but to a heightened &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;degree.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in emerging market countries pose a greater degree of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;systemic risk (i.e., the risk of a cascading collapse of multiple institutions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;within a country, and even multiple national economies). The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inter-relatedness of economic and financial institutions within and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;among emerging market economies has deepened over the years, with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the effect that institutional failures and/or economic difficulties that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of initially limited scope may spread throughout a country, a region or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all or most emerging market countries. This may undermine any attempt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by the Fund to reduce risk through geographic diversification of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is a heightened possibility of imposition of withholding or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxes on interest or dividend income or capital gains generated from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emerging market securities. Governments of emerging market countries &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may engage in confiscatory taxation or expropriation of income and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets to raise revenues or to pursue a domestic political agenda. In the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;past, emerging market countries have nationalized assets, companies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and even entire sectors, including the assets of foreign investors (like &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund), with inadequate or no compensation to the prior owners. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There can be no assurance that the Fund will not suffer a loss of any or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all of its investments, or interest or dividends thereon, due to adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fiscal or other policy changes in emerging market countries.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is also a greater risk that an emerging market government may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;take action that impedes or prevents the Fund from taking income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or capital gains earned in the local currency and converting into &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. dollars (i.e., &#x201c;repatriating&#x201d; local currency investments or profits). &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain emerging market countries have sought to maintain foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exchange reserves and/or address the economic volatility and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dislocations caused by the large international capital flows by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;controlling or restricting the conversion of the local currency into other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies. This risk tends to become more acute when economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions otherwise worsen. There can be no assurance that if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;earns income or capital gains in an emerging market currency or PIMCO &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise seeks to withdraw the Fund&#x2019;s investments from a given &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emerging market country, capital controls imposed by such country will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not prevent, or cause significant expense, or delay in, doing so.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Bankruptcy law and creditor reorganization processes may differ &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;substantially from those in the United States, resulting in greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;uncertainty as to the rights of creditors, the enforceability of such rights, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reorganization timing and the classification, seniority and treatment of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;claims. In certain emerging market countries, although bankruptcy laws &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have been enacted, the process for reorganization remains highly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;uncertain. In addition, it may be impossible to seek legal redress against &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an issuer that is a sovereign state.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Emerging market countries typically have less established regulatory, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disclosure, legal, accounting, recordkeeping and financial reporting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;systems than those in more developed markets, which may increase the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potential for market manipulation or reduce the scope or quality of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial information available to investors. Governments in emerging &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market countries are often less stable and more likely to take extra-legal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;action with respect to companies, industries, assets, or foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ownership than those in more developed markets. Moreover, it can be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more difficult for investors to bring litigation or enforce judgments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against issuers in emerging markets or for U.S. regulators to bring &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;enforcement actions, or obtain information needed to pursue or enforce &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such judgments, against such issuers. In addition, foreign companies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with securities listed on U.S. exchanges may be delisted if they do not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;meet U.S. accounting standards and auditor oversight requirements, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may decrease the liquidity and value of the securities. The Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may also be subject to emerging markets risk if it invests in derivatives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or other securities or instruments whose value or return are related to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the value or returns of emerging markets securities.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Other heightened risks associated with emerging markets investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;include, without limitation: (i) risks due to less social, political and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic stability; (ii) the smaller size of the market for such securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and a lower volume of trading, resulting in a lack of liquidity and in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price volatility; (iii) certain national policies which may restrict the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment opportunities, including sanctions and restrictions on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investing in issuers or industries deemed sensitive to relevant national &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interests and requirements that government approval be obtained prior &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to investment by foreign persons; (iv) certain national policies that may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;restrict the Fund&#x2019;s repatriation of investment income, capital or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds of sales of securities, including temporary restrictions on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreign capital remittances; (v) the lack of uniform accounting and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;auditing standards and/or standards that may be significantly different &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from the standards required in the United States; (vi) less publicly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available financial and other information regarding issuers; (vii) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potential difficulties in enforcing contractual obligations; and (viii) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher rates of inflation, higher interest rates and other economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;concerns. The Fund may invest to a substantial extent in emerging &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market securities that are denominated in local currencies, subjecting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund to a greater degree of foreign currency risk. Also, investing in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emerging market countries may entail purchases of securities of issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are insolvent, bankrupt or otherwise of questionable ability to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;satisfy their payment obligations as they become due, subjecting the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund to a greater amount of credit risk and/or high yield risk. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy of some emerging markets may be particularly exposed to or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affected by a certain industry or sector, and therefore issuers and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities of such emerging markets may be more affected by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;performance of such industries or sectors.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Currency Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;If the Fund invests directly in foreign (non-U.S.) currencies or in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities that trade in, and receive revenues in, foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies, or in derivatives or other instruments that provide exposure &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to foreign (non-U.S.) currencies, it will be subject to the risk that those &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies will decline in value relative to the U.S. dollar, or, in the case &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of hedging positions, that the U.S. dollar will decline in value relative to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the currency being hedged. Although the Fund may attempt to hedge its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency exposure into the U.S. dollar, it may not be successful in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reducing the effects of currency fluctuations. The Fund may also hedge &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from one foreign currency to another. In addition, the Fund's use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency hedging may not be successful and the use of such strategies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may lower the Fund's potential returns.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments denominated in foreign (non-U.S.) currencies or that trade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in and receive revenues in, foreign (non-U.S.) currencies, derivatives or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other instruments that provide exposure to foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies, are subject to the risk that those currencies will decline in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value relative to the U.S. dollar, or, in the case of hedging positions, that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the U.S. dollar will decline in value relative to the currency being &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hedged.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Currency rates in foreign (non-U.S.) countries may fluctuate significantly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;over short periods of time for a number of reasons, including changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates, rates of inflation, balance of payments and governmental &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;surpluses or deficits, intervention (or the failure to intervene) by U.S. or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreign (non-U.S.) governments, central banks or supranational entities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as the International Monetary Fund, or by the imposition of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency controls or other political developments in the United States or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;abroad. These fluctuations may have a significant adverse impact on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of the Fund&#x2019;s portfolio and/or the level of Fund distributions made &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to Common Shareholders. There is no assurance that a hedging strategy, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;if used, will be successful. Moreover, currency hedging techniques may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be unavailable with respect to emerging market currencies.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The local emerging market currencies in which the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invested from time to time may experience substantially greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatility against the U.S. dollar than the major convertible currencies of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developed countries. Some of the local currencies in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may invest are neither freely convertible into one of the major currencies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;nor internationally traded. The local currencies may be convertible into &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other currencies only inside the relevant emerging market where the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited availability of such other currencies may tend to inflate their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;values relative to the local currency in question. Such internal exchange &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets can therefore be said to be neither liquid nor competitive. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, many of the currencies of emerging market countries in which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund may invest have experienced steady devaluation relative to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;freely convertible currencies.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Continuing uncertainty as to the status of the euro and the European &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Monetary Union (&#x201c;EMU&#x201d;) has created significant volatility in currency &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and financial markets generally. Any partial or complete dissolution of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the EMU could have significant adverse effects on currency and financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets, and on the values of the Fund&#x2019;s portfolio investments. If one or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more EMU countries were to stop using the euro as its primary currency, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s investments in such countries may be redenominated into a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;different or newly adopted currency. As a result, the value of those &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments could decline significantly and unpredictably. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities or other investments that are redenominated may be subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to foreign currency risk, liquidity risk and valuation risk to a greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent than similar investments currently denominated in euros. To the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent a currency used for redenomination purposes is not specified in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;respect of certain EMU-related investments, or should the euro cease to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be used entirely, the currency in which such investments are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;denominated may be unclear, making such investments particularly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficult to value or dispose of. The Fund may incur additional expenses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the extent it is required to seek judicial or other clarification of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;denomination or value of such securities.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There can be no assurance that if the Fund earns income or capital gains &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments from a given country, capital controls imposed by such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;country will not prevent, or cause significant expense in, doing so.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;U.S. Government Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain U.S. government securities, such as U.S. Treasury bills, notes, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bonds and mortgage-related securities guaranteed by the GNMA, are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;supported by the full faith and credit of the United States; others, such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as those of FHLBs or the FHLMC, are supported by the right of the issuer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to borrow from the U.S. Treasury; others, such as those of the FNMA, are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;supported by the discretionary authority of the U.S. government to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase the agency&#x2019;s obligations; and still others are supported only by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the credit of the agency, instrumentality or corporation. U.S. government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are subject to market risk, interest rate risk and credit risk. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Although legislation has been enacted to support certain government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sponsored entities, including the FHLBs, FHLMC and FNMA, there is no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance that the obligations of such entities will be satisfied in full, or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that such obligations will not decrease in value or default. It is difficult, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;if not impossible, to predict the future political, regulatory or economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes that could impact the government sponsored entities and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;values of their related securities or obligations. In addition, certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;governmental entities, including FNMA and FHLMC, have been subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to regulatory scrutiny regarding their accounting policies and practices &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other concerns that may result in legislation, changes in regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;oversight and/or other consequences that could adversely affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit quality, availability or investment character of securities issued by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these entities. Yields available from U.S. government debt securities are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally lower than the yields available from other debt securities. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;values of U.S. government securities change as interest rates fluctuate.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Periodically, uncertainty regarding the status of negotiations in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. government to increase the statutory debt ceiling could increase the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that the U.S. government may default on payments on certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. government securities, cause the credit rating of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. government to be downgraded, increase volatility in the stock and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bond markets, result in higher interest rates, reduce prices of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. Treasury and other securities, and/or increase the costs of various &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;kinds of debt. If a government-sponsored entity is negatively impacted &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by legislative or regulatory action (or lack thereof), is unable to meet its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations, or its creditworthiness declines, the performance of a fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that holds securities of the entity will be adversely impacted.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Convertible Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Convertible securities are fixed income securities, preferred securities or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other securities that are convertible into or exercisable for common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;stock of the issuer (or cash or securities of equivalent value) at either a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;stated price or a stated rate. Convertible debt securities pay interest and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible preferred stocks pay dividends until they mature or are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;converted, exchanged or redeemed. The market values of convertible &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may decline as interest rates increase and, conversely, may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase as interest rates decline. A convertible security&#x2019;s market value, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;however, tends to reflect the market price of the common stock of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuing company when that stock price approaches or is greater than &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the convertible security&#x2019;s &#x201c;conversion price.&#x201d; The conversion price is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;defined as the predetermined price at which the convertible security &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could be exchanged for the associated stock. Certain types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible securities may decline in value or lose their value entirely in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the event the issuer&#x2019;s financial condition becomes significantly impaired. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;As the market price of the underlying common stock declines, the price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the convertible security tends to be influenced more by the yield of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the convertible security. Thus, it may not decline in price to the same &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent as the underlying common stock. In the event of a liquidation of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuing company, holders of convertible securities may be paid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;before the company&#x2019;s common stockholders but after holders of any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;senior debt obligations of the company. Consequently, the issuer&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible securities generally entail less risk than its common stock &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but more risk than its other debt obligations. Convertible securities are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;often rated below investment grade or not rated.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Synthetic Convertible Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Synthetic convertible securities involve the combination of separate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities that possess the two principal characteristics of a traditional &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible security (i.e., an income-producing component and a right to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;acquire an equity security). Synthetic convertible securities are often &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;achieved, in part, through investments in warrants or options to buy &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;common stock (or options on a stock index), and therefore are subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the risks associated with derivatives. The value of a synthetic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible security will respond differently to market fluctuations than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a traditional convertible security because a synthetic convertible is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;composed of two or more separate securities or instruments, each with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its own market value. Because the convertible component is typically &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;achieved by investing in warrants or options to buy common stock at a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain exercise price, or options on a stock index, synthetic convertible &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are subject to the risks associated with derivatives. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, if the value of the underlying common stock or the level of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;index involved in the convertible component falls below the exercise &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price of the warrant or option, the warrant or option may lose all value.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Contingent Convertible Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CoCos have no stated maturity, have fully discretionary coupons and are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;typically issued in the form of subordinated debt instruments. CoCos &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally either convert into equity or have their principal written down &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(including potentially to zero) upon the occurrence of certain triggering &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;events linked to regulatory capital thresholds or regulatory actions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relating to the issuer&#x2019;s continued viability. As a result, an investment by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund in CoCos is subject to the risk that coupon (i.e., interest) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments or the entire principal may be cancelled by the issuer or a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulatory authority in order to help the issuer absorb losses and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk of total loss. If such an event occurs, an investor may not have any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rights to repayment of the principal amount of the securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Additionally, an investor may not be able to collect interest payments or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dividends on such securities. An investment by the Fund in CoCos is also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to the risk that, in the event of the liquidation, dissolution or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;winding-up of an issuer prior to a trigger event, the Fund&#x2019;s rights and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;claims will generally rank junior to the claims of holders of the issuer&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other debt obligations and CoCos may also be treated as junior to an &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer&#x2019;s other obligations and securities. In addition, if CoCos held by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund are converted into the issuer&#x2019;s underlying equity securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;following a trigger event, the Fund&#x2019;s holding may be further &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subordinated due to the conversion from a debt to equity instrument. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Further, the value of an investment in CoCos is unpredictable and could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be influenced by many factors and risks, including interest rate risk, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit risk, market risk and liquidity risk. An investment by the Fund in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CoCos may result in losses to the Fund.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Valuation Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain securities in which the Fund invests may be less liquid and more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficult to value than other types of securities. Investments for which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market quotations are not readily available are valued at fair value as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determined in good faith pursuant to Rule 2a-5 under the 1940 Act. Fair &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value pricing may require subjective determinations about the value of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security or other asset. As a result, there can be no assurance that fair &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value pricing will result in adjustments to the prices of securities or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets or that fair value pricing will reflect actual market value, and it is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;possible that the fair value determined for a security or other asset will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be materially different from quoted or published prices, from the prices &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;used by others for the same security or other asset and/or from the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value that actually could be or is realized upon the sale of that security &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or other asset.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Real Estate Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent that the Fund invests directly or indirectly in real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, including investments in equity or debt securities issued by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;private and public REITs, real estate operating companies (&#x201c;REOCs&#x201d;), &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;private or public real estate-related loans and real estate-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivative instruments, it will be subject to the risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;owning real estate and with the real estate industry generally. These &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments carry increased risks, which include, but are not limited to: &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the burdens of ownership of real property; general and local economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions (such as an oversupply of space or a reduction in demand for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;space); the supply and demand for properties (including competition &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;based on rental rates); energy and supply shortages; fluctuations in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;average occupancy and room rates; the attractiveness, type and location &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the properties and changes in the relative popularity of commercial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properties as an investment; the financial condition and resources of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tenants, buyers and sellers of properties; increased mortgage defaults; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the quality of maintenance, insurance and management services; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in the availability of debt financing which may render the sale &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or refinancing of properties difficult or impracticable; changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;building, environmental and other laws and/or regulations (including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;those governing usage and improvements), fiscal policies and zoning &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;laws; changes in real property tax rates; changes in interest rates and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the availability of mortgage funds which may render the sale or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;refinancing of properties difficult or impracticable; changes in operating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;costs and expenses; energy and supply shortages; uninsured losses or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delays from casualties or condemnation; negative developments in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy that depress travel or leasing activity; environmental liabilities; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contingent liabilities on disposition of assets; uninsured or uninsurable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;casualties; acts of God, including earthquakes, hurricanes and other &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;natural disasters; social unrest and civil disturbances, epidemics, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pandemics or other public crises; terrorist attacks and war; risks and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operating problems arising out of the presence of certain construction &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;materials, structural or property level latent defects, work stoppages, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shortages of labor, strikes, union relations and contracts, fluctuating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prices and supply of labor and/or other labor-related factors; and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;factors which are beyond the control of PIMCO and its affiliates. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, the Fund&#x2019;s investments will be subject to various risks which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could cause fluctuations in occupancy, rental rates, operating income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and expenses or which could render the sale or financing of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properties difficult or unattractive. For example, following the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;termination or expiration of a tenant&#x2019;s lease, there may be a period of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;time before receiving rental payments under a replacement lease. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During that period, the Fund would continue to bear fixed expenses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as interest, real estate taxes, maintenance and other operating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses. In addition, declining economic conditions may impair the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to attract replacement tenants and achieve rental rates equal to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or greater than the rents paid under previous leases. Increased &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;competition for tenants may require capital improvements to properties &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which would not have otherwise been planned.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Ultimately, to the extent it is not possible to renew leases or re-let space &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as leases expire, decreased cash flow from tenants will result, which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could adversely impact the Fund&#x2019;s operating results.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Real estate values have historically been cyclical. As the general &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy grows, demand for real estate increases and occupancies and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rents may increase. As occupancies and rents increase, property values &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase, and new development occurs. As development may occur, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;occupancies, rents and property values may decline. Because leases are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;usually entered into for long periods and development activities often &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;require extended times to complete, the real estate value cycle often &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lags the general business cycle. Because of this cycle, real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies may incur large swings in their profits and the prices of their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. Developments following the onset of COVID-19 have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely impacted certain commercial real estate markets, causing the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;deferral of mortgage payments, renegotiated commercial mortgage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans, commercial real estate vacancies or outright mortgage defaults, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and potential acceleration of macro trends such as work-from-home &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and online shopping which may negatively impact certain industries, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as brick-and-mortar retail.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The total returns available from investments in real estate generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depend on the amount of income and capital appreciation generated by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the related properties. The performance of real estate, and thereby the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund, will be reduced by any related expenses, such as expenses paid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;directly at the property level and other expenses that are capitalized or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise embedded into the cost basis of the real estate.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Separately, certain service providers to the Fund and/or its Subsidiaries, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as applicable, with respect to its real estate or real estate-related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may be owned by, employed by, or otherwise related to, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO, Allianz SE, their affiliates and/or their respective employees, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consultants and other personnel. PIMCO may, in its sole discretion, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determine to provide, or engage or recommend an affiliate of PIMCO to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;provide, certain services to the Fund, instead of engaging or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recommending one or more third parties to provide such services. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subject to the governance requirements of a particular fund and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;applicable law, PIMCO or its affiliates, as applicable, will receive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;compensation in connection with the provision of such services. As a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result, PIMCO faces a conflict of interest when selecting or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recommending service providers for the Fund. Fees paid to an affiliated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;service provider will be determined in PIMCO's commercially reasonable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;discretion. Although PIMCO has adopted various policies and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;procedures intended to mitigate or otherwise manage conflicts of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest with respect to affiliated service providers, there can be no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;guarantee that such policies and procedures (which may be modified or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;terminated at any time in PIMCO's sole discretion) will be successful.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Leverage Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s use of leverage (as described under &#x201c;Use of Leverage&#x201d; in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;body of this prospectus) creates the opportunity for increased Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Share net income, but also creates special risks for Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders (including an increased risk of loss). To the extent used, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;there is no assurance that the Fund&#x2019;s leveraging strategies will be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;successful. Leverage is a speculative technique that may expose the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund to greater risk and increased costs. The Fund&#x2019;s assets attributable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to leverage, if any, will be invested in accordance with the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment objectives and policies. Interest expense payable by the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with respect to derivatives and other forms of leverage, and dividends &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payable with respect to any preferred shares outstanding, if any, will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally be based on shorter-term interest rates that would be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;periodically reset. So long as the Fund&#x2019;s portfolio investments provide a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher rate of return (net of applicable Fund expenses) than the interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses and other costs to the Fund of such leverage, the investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the proceeds thereof will generate more income than will be needed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to pay the costs of the leverage. If so, and all other things being equal, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the excess may be used to pay higher dividends to Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders than if the Fund were not so leveraged. There can be no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance these circumstances will occur. If, however, shorter-term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates rise relative to the rate of return on the Fund&#x2019;s portfolio, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the interest and other costs to the Fund of leverage could exceed the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate of return on the debt obligations and other investments held by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund, thereby reducing return to Common Shareholders. Leveraging &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions pursued by the Fund may increase its duration and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sensitivity to interest rate movements. In addition, fees and expenses of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any form of leverage used by the Fund will be borne entirely by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shareholders (and not by preferred shareholders, if any) and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will reduce the investment return of the Common Shares. Therefore, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;there can be no assurance that the Fund&#x2019;s use of leverage will result in a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher yield on the Common Shares, and it may result in losses. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, any preferred shares issued by the Fund are expected to pay &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cumulative dividends, which may tend to increase leverage risk. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Leverage creates several major types of risks for Common Shareholders, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;including:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="clear:both;margin-top:6pt;position:relative;width:100%"&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt"&gt;&lt;div style="color: rgb(30, 130, 151); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x25a0;&lt;/div&gt;&lt;/div&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the likelihood of greater volatility of NAV and market price of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares, and of the investment return to Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders, than a comparable portfolio without leverage;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="clear:both;position:relative;width:100%"&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt"&gt;&lt;div style="color: rgb(30, 130, 151); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x25a0;&lt;/div&gt;&lt;/div&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the possibility either that Common Share dividends will fall if the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-left:22pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest and other costs of leverage rise, or that dividends paid on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares will fluctuate because such costs vary over time; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="clear:both;position:relative;width:100%"&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt"&gt;&lt;div style="color: rgb(30, 130, 151); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x25a0;&lt;/div&gt;&lt;/div&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the effects of leverage in a declining market or a rising interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate environment, as leverage is likely to cause a greater decline in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the NAV of the Common Shares than if the Fund were not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leveraged.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the counterparties to the Fund&#x2019;s leveraging transactions and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any preferred shareholders of the Fund will have priority of payment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;over the Fund&#x2019;s Common Shareholders.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Reverse repurchase agreements involve the risks that the interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income earned on the investment of the proceeds will be less than the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest expense and Fund expenses associated with the repurchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreement, that the market value of the securities sold by the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline below the price at which the Fund is obligated to repurchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such securities and that the securities may not be returned to the Fund. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is no assurance that reverse repurchase agreements can be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;successfully employed. Dollar roll/buyback transactions involve the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that the market value of the securities the Fund is required to purchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may decline below the agreed upon purchase price of those securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Successful use of dollar rolls/buybacks may depend upon the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager&#x2019;s ability to correctly predict interest rates and prepayments. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is no assurance that dollar rolls/buybacks can be successfully &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;employed. In connection with reverse repurchase agreements and dollar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rolls/buybacks, the Fund will also be subject to counterparty risk with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;respect to the purchaser of the securities. If the broker/dealer to whom &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund sells securities becomes insolvent, the Fund&#x2019;s right to purchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or repurchase securities may be restricted.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may engage in total return swaps, reverse repurchases, loans &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of portfolio securities, short sales and when-issued, delayed delivery and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;forward commitment transactions, credit default swaps, basis swaps &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other swap agreements, purchases or sales of futures and forward &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contracts (including foreign currency exchange contracts), call and put &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;options or other derivatives. The Fund&#x2019;s use of such transactions gives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rise to associated leverage risks described above, and may adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the Fund&#x2019;s income, distributions and total returns to Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders. To the extent that any offsetting positions do not behave &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in relation to one another as expected, the Fund may perform as if it is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leveraged through use of these derivative strategies.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Any total return swaps, reverse repurchases, loans of portfolio securities, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;short sales and when-issued, delayed delivery and forward commitment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions, credit default swaps, basis swaps and other swap &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreements, purchases or sales of futures and forward contracts &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(including foreign currency exchange contracts), call and put options or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other derivatives by the Fund or counterparties to the Fund&#x2019;s other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leveraging transactions, if any, would have seniority over the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Because the fees received by the Investment Manager may increase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depending on the types of leverage utilized by the Fund, the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager has a financial incentive for the Fund to use certain forms of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leverage, which may create a conflict of interest between the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager, on the one hand, and the Common Shareholders, on the other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hand.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Short Exposure Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s short sales and short positions, if any, are subject to special &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks. A short sale involves the sale by the Fund of a security that it does &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not own with the hope of purchasing the same security at a later date at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a lower price. The Fund may also enter into a short position through a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;forward commitment or a short derivative position through a futures &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contract or swap agreement. If the price of the security or derivative has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increased during this time, then the Fund will incur a loss equal to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase in price from the time that the short sale was entered into plus &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any transaction costs (i.e., premiums and interest) paid to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;broker-dealer to borrow securities. Therefore, short sales involve the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that losses may be exaggerated, potentially losing more money than the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;actual cost of the investment. By contrast, a loss on a long position &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;arises from decreases in the value of the security and is limited by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fact that a security&#x2019;s value cannot decrease below zero. By investing the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds received from selling securities short, the Fund could be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;deemed to be employing a form of leverage, which creates special risks. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The use of leverage may increase the Fund&#x2019;s exposure to long security &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;positions and make any change in the Fund&#x2019;s NAV greater than it would &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be without the use of leverage. This could result in increased volatility of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;returns. There is no guarantee that any leveraging strategy the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;employs will be successful during any period in which it is employed.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In times of unusual or adverse market, economic, regulatory, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;environmental or political conditions, the Fund may not be able, fully or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;partially, to implement its short selling strategy. Periods of unusual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adverse market, economic, environmental, regulatory or political &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions generally may exist for long periods of time. In response to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market events, the SEC and regulatory authorities in other jurisdictions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may adopt (and in certain cases, have adopted) bans on, and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reporting requirements for, short sales of certain securities, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;short positions on such securities acquired through swaps. Also, there is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the risk that the third party to the short sale or short position will not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fulfill its contractual obligations, causing a loss to the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Smaller Company Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The general risks associated with debt instruments or equity securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are particularly pronounced for securities issued by companies with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;small market capitalizations. Small capitalization companies involve &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain special risks. They are more likely than larger companies to have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited product lines, markets or financial resources, or to depend on a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;small, inexperienced management group. Securities of smaller &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies may trade less frequently and in lesser volume than more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;widely held securities and their values may fluctuate more sharply than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other securities. They may also have limited liquidity. These securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may therefore be more vulnerable to adverse developments than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities of larger companies, and the Fund may have difficulty &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchasing or selling securities positions in smaller companies at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prevailing market prices. Also, there may be less publicly available &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information about smaller companies or less market interest in their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities as compared to larger companies. Companies with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;medium-sized market capitalizations may have risks similar to those of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;smaller companies.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Derivatives Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may, but is not required to, utilize a variety of derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments (both long and short positions) for investment or risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management purposes. Derivatives or other similar instruments (referred &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to collectively as &#x201c;derivatives&#x201d;) are financial contracts whose value &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depends on, or is derived from, the value of an underlying asset, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reference rate or index. For example, the Fund may use derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments for purposes of increasing liquidity, providing efficient &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio management, broadening investment opportunities (including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taking short or negative positions), implementing a tax or cash &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management strategy, gaining exposure to a particular security or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;segment of the market, modifying the effective duration of the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio investments and/or enhancing total return. Investments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives may take the form of buying and/or writing (selling) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives, and/or the Fund may otherwise become an obligor under a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives transaction. These transactions may produce current income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the form of premiums or other returns for the Fund (which may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;support, constitute and/or increase the distributions paid by, or the yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of, the Fund) but create the risk of losses that can significantly exceed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such current income or other returns. For example, the premium received &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for writing a put option may be dwarfed by the losses the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incur if the put option is exercised, and derivative transactions where &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund is an obligor can produce an up-front benefit, but the potential &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for leveraged losses. The distributions, or distribution rate, paid by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund should not be viewed as the total returns or overall performance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the Fund. These strategies may also produce adverse tax &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consequences (for example, the Fund&#x2019;s income and gain-generating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies may generate current income and gains taxable as ordinary &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income) and limit the Fund&#x2019;s opportunity to profit or otherwise benefit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from certain gains. The Fund may enter into opposing derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions, or otherwise take opposing positions. Such transactions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;can generate distributable gains (which, as noted elsewhere, may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxed as ordinary income) and create the risk of losses and NAV &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;declines.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may engage in investment strategies, including the use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives, to, among other things, generate current, distributable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income, even if such strategies could potentially result in declines in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s net asset value. The Fund&#x2019;s income and gain-generating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies, including certain derivatives strategies, may generate current &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income and gains taxable as ordinary income sufficient to support &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distributions, even in situations when the Fund has experienced a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline in net assets due to, for example, adverse changes in the broad &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. or non-U.S. securities markets or the Fund&#x2019;s portfolio of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, or arising from its use of derivatives. Consequently, Fund &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shareholders may receive distributions subject to tax at ordinary income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates at a time when their investment in the Fund has declined in value, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may be economically similar to a taxable return of capital.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The use of derivatives involves risks different from, or possibly greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;than, the risks associated with investing directly in securities and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;traditional investments. Derivatives may increase market exposure and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are subject to a number of risks, including leverage risk, liquidity risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(which may be heightened for highly-customized derivatives), interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate risk, market risk, counterparty (including credit) risk, operational &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk (such as documentation issues, settlement issues and systems &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;failures), legal risk (such as insufficient documentation, insufficient &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;capacity or authority of a counterparty, and issues with the legality or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;enforceability of a contract), counterparty risk, tax risk and management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk, as well as risks arising from changes in applicable requirements, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks arising from margin requirements and risks arising from mispricing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or valuation complexity. They also involve the risk that changes in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of a derivative instrument may not correlate perfectly with the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying asset, rate or index. By investing in a derivative instrument, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund could lose more than the initial amount invested, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives may increase the volatility of the Fund, especially in unusual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or extreme market conditions. Certain derivatives have the potential for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unlimited loss, regardless of the size of the initial investment. The 1940 &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Act and related rules no longer require asset segregation for derivatives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions, however asset segregation and posting of collateral may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;still be utilized for risk management or other purposes. The Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required to hold additional cash or sell other investments in order to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obtain cash to close out a position and changes in the value of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivative may also create margin delivery or settlement payment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations for the Fund. Also, suitable derivative transactions may not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be available in all circumstances and there can be no assurance that the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund will engage in these transactions to reduce exposure to other risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when that would be beneficial or that, if used, such strategies will be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;successful. The Fund&#x2019;s use of derivatives may increase or accelerate the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;amount of taxes payable by Common Shareholders.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Non-centrally-cleared over-the counter (&#x201c;OTC&#x201d;) derivatives are also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to the risk that a counterparty to the transaction will not fulfill &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its contractual obligations to the other party, as many of the protections &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;afforded to centrally-cleared derivative transactions might not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available for non-centrally-cleared OTC derivatives. The primary credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk on derivatives that are exchange-traded or traded through a central &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;clearing counterparty resides with the Fund&#x2019;s clearing broker, or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;clearinghouse itself.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Participation in the markets for derivative instruments also involves &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment risks and transaction costs to which the Fund may not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject absent the use of these strategies. The skills needed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;successfully execute derivative strategies may be different from those &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;needed for other types of transactions. If the Fund incorrectly forecasts &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the value and/or credit-worthiness of securities, currencies, interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates, counterparties or other economic factors involved in a derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transaction, the Fund might have been in a better position if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;had not entered into such derivative transaction. In evaluating the risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and contractual obligations associated with particular derivative &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments, it is important to consider that certain derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions may be modified or terminated only by mutual consent of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund and its counterparty.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Therefore, it may not be possible for the Fund to modify, terminate, or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;offset the Fund&#x2019;s obligations or the Fund&#x2019;s exposure to the risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with a derivative transaction prior to its scheduled &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;termination or maturity date, which may create a possibility of increased &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatility and/or decreased liquidity to the Fund. Hedges are sometimes &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to imperfect matching between the derivative and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying instrument, and there can be no assurance that the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hedging transactions will be effective. Derivatives used for hedging or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk management may not operate as intended and may expose the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund to additional risks. In such case, the Fund may lose money.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Because the markets for certain derivative instruments (including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets located in foreign countries) are relatively new and still &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developing, appropriate derivative transactions may not be available in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all circumstances for risk management or other purposes. Upon the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expiration of a particular contract, the Fund may wish to retain the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s position in the derivative instrument by entering into a similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contract, but may be unable to do so if the counterparty to the original &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contract is unwilling to enter into the new contract and no other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;appropriate counterparty can be found. When such markets are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unavailable, the Fund will be subject to increased liquidity and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may enter into opposite sides of interest rate swap and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives for the principal purpose of generating distributable gains on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the one side (characterized as ordinary income for tax purposes) that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are not part of the Fund&#x2019;s duration or yield curve management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies (&#x201c;paired swap transactions&#x201d;), and with a substantial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;possibility that the Fund will experience a corresponding capital loss &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and decline in NAV with respect to the opposite side transaction (to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent it does not have corresponding offsetting capital gains). &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Consequently, Common Shareholders may receive distributions and owe &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tax on amounts that are effectively a taxable return of the shareholder&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment in the Fund, at a time when their investment in the Fund has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;declined in value, which tax may be at ordinary income rates. The tax &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;treatment of certain derivatives in which the Fund invests may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unclear and thus subject to recharacterization. Any recharacterization of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments made or received by the Fund pursuant to derivatives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potentially could affect the amount, timing or character of Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distributions. In addition, the tax treatment of such investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies may be changed by regulation or otherwise.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;When a derivative is used as a hedge against a position that the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;holds, any loss generated by the derivative generally should be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;substantially offset by gains on the hedged investment, and vice versa. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Although hedging can reduce or eliminate losses, it can also reduce or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;eliminate gains. Hedges are sometimes subject to imperfect matching &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;between the derivative and the underlying instrument, and there can be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no assurance that the Fund&#x2019;s hedging transactions will be effective. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Derivatives used for hedging or risk management may not operate as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intended or may expose the Fund to additional risks. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives used for hedging may partially protect the Fund from the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks they were intended to hedge yet not fully mitigate the impact of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such risks. The regulation of the derivatives markets has increased over &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the past several years, and additional future regulation of the derivatives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets may make derivatives more costly, may limit the availability or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reduce the liquidity of derivatives, or may otherwise adversely affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value or performance of derivatives. Any such adverse future &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments could impair the effectiveness or raise the costs of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s derivative transactions, impede the employment of the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives strategies, or adversely affect the Fund&#x2019;s performance and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cause the Fund to lose value.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Credit Default Swaps Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Credit default swap agreements may involve greater risks than if the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund had invested in the reference obligation directly since, in addition &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to general market risks, credit default swaps are subject to leverage risk, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;illiquidity risk, counterparty risk and credit risk. A buyer generally also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will lose its investment and recover nothing should no credit event occur &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and the swap is held to its termination date. If a credit event were to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;occur, the value of any deliverable obligation received by the seller (if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any), coupled with the upfront or periodic payments previously received, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be less than the full notional value it pays to the buyer, resulting in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a loss of value to the seller. When the Fund acts as a seller of a credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default swap, it is exposed to many of the same risks of leverage. As the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;seller, the Fund would receive a stream of payments over the term of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swap agreement provided that no event of default has occurred with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;respect to the referenced debt obligation upon which the swap is based. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund would effectively add leverage to its portfolio because, if a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default occurs, the stream of payments may stop and the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligated to pay the buyer the full notional value of the reference &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligation.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Although the Fund may seek to realize gains by selling credit default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swaps that increase in value, to realize gains on selling credit default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swaps, an active secondary market for such instruments must exist or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund must otherwise be able to close out these transactions at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advantageous times. In addition to the risk of losses described above, if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no such secondary market exists or the Fund is otherwise unable to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;close out these transactions at advantageous times, selling credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default swaps may not be profitable for the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market for credit default swaps has become more volatile as the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;creditworthiness of certain counterparties has been questioned and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;downgraded. The Fund will be subject to credit risk with respect to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparties to the credit default swap contract (whether a clearing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporation or another third party). If a counterparty&#x2019;s credit becomes &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significantly impaired, multiple requests for collateral posting in a short &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;period of time could increase the risk that the Fund may not receive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adequate collateral. The Fund may exit its obligations under a credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default swap only by terminating the contract and paying applicable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;breakage fees, or by entering into an offsetting credit default swap &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;position, which may cause the Fund to incur more losses.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Counterparty Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund will be subject to credit risk with respect to the counterparties &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the derivative contracts and other instruments entered into by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund or held by special purpose or structured vehicles in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests. For example, if a bank at which the Fund or issuer has an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;account fails, any cash or other assets in bank or custody accounts, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may be substantial in size, could be temporarily inaccessible or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;permanently lost by the Fund or issuer. In the event that the Fund enters &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;into a derivative transaction with a counterparty that subsequently &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;becomes insolvent or becomes the subject of a bankruptcy case, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivative transaction may be terminated in accordance with its terms &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and the Fund&#x2019;s ability to realize its rights under the derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instrument and its ability to distribute the proceeds could be adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affected. If a counterparty becomes bankrupt or otherwise fails to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perform its obligations under a derivative contract due to financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficulties, the Fund may experience significant delays in obtaining any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recovery (including recovery of any collateral it has provided to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparty) in a dissolution, assignment for the benefit of creditors, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquidation, winding-up, bankruptcy or other analogous proceeding. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, in the event of the insolvency of a counterparty to a derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transaction, the derivative transaction would typically be terminated at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its fair market value. If the Fund is owed this fair market value in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;termination of the derivative transaction and its claim is unsecured, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund will be treated as a general creditor of such counterparty and will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not have any claim with respect to any underlying security or asset. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund may obtain only a limited recovery or may obtain no recovery in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such circumstances. Counterparty credit risk also includes the related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk of having concentrated exposure to a single counterparty, which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may increase potential losses if the counterparty were to become &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insolvent.&#160;While the Fund may seek to manage its counterparty risk by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transacting with a number of counterparties, concerns about the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;solvency of, or a default by, one large market participant could lead to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant impairment of liquidity and other adverse consequences for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other counterparties.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Equity Securities and Related Market Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market price of common stocks and other equity securities may go &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;up or down, sometimes rapidly or unpredictably. Equity securities may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline in value due to factors affecting equity securities markets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally, particular industries represented in those markets, or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer itself. The values of equity securities may decline due to real or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived adverse economic conditions, changes in the general outlook &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for corporate earnings, changes in interest or currency rates or adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investor sentiment generally. They may also decline due to labor &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shortages or increased production costs and competitive conditions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;within an industry. Equity securities generally have greater price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatility than bonds and other debt securities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Different types of equity securities provide different voting and dividend &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rights and priority in the event of the bankruptcy and/or insolvency of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuer. In addition to common stock, equity securities may include &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;preferred securities, convertible securities and warrants. Equity securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other than common stock are subject to many of the same risks as &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;common stock, although possibly to different degrees. The risks of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;equity securities are generally magnified in the case of equity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments in distressed companies.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Preferred Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition to equity securities risk, credit risk and possibly high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk, investment in preferred securities involves certain other risks. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain preferred securities contain provisions that allow an issuer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;under certain conditions to skip or defer distributions. If the Fund owns &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a preferred security that is deferring its distribution, the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required to include the amount of the deferred distribution in its taxable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income for tax purposes although it does not currently receive such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;amount in cash. In order to receive the special treatment accorded to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;RICs and their shareholders under the Code and to avoid U.S. federal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income and/or excise taxes at the Fund level, the Fund may be required &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to distribute this income to shareholders in the tax year in which the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income is recognized (without a corresponding receipt of cash by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund). Therefore, the Fund may be required to pay out as an income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distribution in any such tax year an amount greater than the total &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;amount of cash income the Fund actually received and to sell portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, including at potentially disadvantageous times or prices, to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obtain cash needed for these income distributions. Preferred securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;often are subject to legal provisions that allow for redemption in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event of certain tax or legal changes or at the issuer&#x2019;s call. In the event &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of redemption, the Fund may not be able to reinvest the proceeds at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;comparable rates of return. Preferred securities are subordinated to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bonds and other debt securities in an issuer&#x2019;s capital structure in terms &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of priority for corporate income and liquidation payments, and therefore &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will be subject to greater credit risk than those debt securities. Preferred &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may trade less frequently and in a more limited volume and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be subject to more abrupt or erratic price movements than many &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other securities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Insurance-Linked and Other Instruments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in insurance-linked instruments and similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments (which may include, for example, exposure to reinsurance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contracts (through sidecars or otherwise), event-linked bonds, such as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;catastrophe and resilience bonds, and securities relating to life &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insurance policies, annuity contracts and premium finance loans). The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund could lose a portion or all of the principal it has invested in these &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;types of investments, and the right to additional interest and/or dividend &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments with respect to the investments, upon the occurrence of one &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or more trigger events, as defined within the terms of an investment. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Trigger events may include natural or other perils of a specific size or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;magnitude that occur in a designated geographic region during a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;specified time period, and/or that involve losses or other metrics that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exceed a specific amount. The Fund may also invest in insurance-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments that are subject to &#x201c;indemnity triggers.&#x201d; An indemnity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trigger is a mechanism where the payout to the investor is based on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;actual losses incurred by the insurer and come into play when losses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from a specified event exceed a designated level. Insurance-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments subject to indemnity triggers are often regarded as being &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to potential moral hazard, since such insurance-linked &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments are triggered by actual losses of the ceding sponsor and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ceding sponsor may have an incentive to take actions and/or risks that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would have an adverse effect on the Fund. There is no way to accurately &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;predict whether a trigger event will occur and, accordingly, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insurance-linked instruments and similar investments carry significant &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk. In addition to the specified trigger events, these types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may expose the Fund to other risks, including but not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited to issuer (credit) default, adverse regulatory or jurisdictional &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interpretations and adverse tax consequences.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may also gain exposure to reinsurance contracts (through &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insurance-linked securities, sidecars or otherwise). This exposure may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;include &#x201c;excess of loss&#x201d; contracts, wherein liability arises only if and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when losses exceed a specified amount, and proportional reinsurance, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;wherein a pro rata portion of the premiums and liabilities of the cedant &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with a specified business or a portfolio if insurance contracts &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are linked to the investment. Investments linked to reinsurance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions may involve significant insurance brokerage fees, fronting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fees and other transaction costs.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;A series of major triggering events could cause the failure of a reinsurer. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Similarly, to the extent the Fund invests in reinsurance-related securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for which a triggering event occurs, losses associated with such event &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will result in losses to the Fund and a series of major triggering events &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affecting a large portion of the reinsurance-related securities held by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund may result in substantial losses to the Fund. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unexpected events such as natural disasters or terrorist attacks could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lead to government intervention. Political, judicial and legal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments affecting the reinsurance industry could also create new &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and expanded theories of liability or regulatory or other requirements; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such changes could have a material adverse effect on the Fund. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, the litigation environment in catastrophe-exposed states or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regions could impact the frequency and severity of insurance claims, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;litigation costs could decrease the value of the Fund&#x2019;s investment in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;products linked to reinsurance contracts. In recent years, capital market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participants have been increasingly active in the reinsurance market and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets for related risks. Increased competition could result in fewer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;submissions, lower premium rates and less favorable policy terms and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain insurance-linked instruments and similar investments may have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited liquidity, or may be illiquid. The Fund has limited transparency &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;into the individual contracts underlying certain insurance-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments and similar investments, which may make the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assessment of them more difficult. These types of investments may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficult to value.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The aforementioned instruments may include longevity and mortality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, including indirect investment in pools of insurance-related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;longevity and mortality investments, including life insurance policies, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;annuity contracts and premium finance loans. Such investments are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to &#x201c;longevity risk&#x201d; and/or &#x201c;mortality risk.&#x201d; Longevity risk is the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that members of a reference population will live longer, on average, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;than anticipated. Mortality risk is the risk that members of a reference &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;population will live shorter, on average, than anticipated. Changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these rates can significantly affect the liabilities and cash needs of life &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insurers, annuity providers and pension funds. The terms of a longevity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bond typically provide that the investor in the bond will receive less than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the bond&#x2019;s par amount at maturity if the actual average longevity (life &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;span) of a specified population of people observed over a specified &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;period of time (typically measured by a longevity index) is higher than a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;specified level. If longevity is higher than expected, the bond will return &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;less than its par amount at maturity. A mortality bond, in contrast to a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;longevity bond, typically provides that the investor in the bond will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;receive less than the bond&#x2019;s par amount at maturity if the mortality rate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of a specified population of people observed over a specified period of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;time (typically measured by a mortality index) is higher than a specified &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;level.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During their term, both longevity bonds and mortality bonds typically &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pay a floating rate of interest to investors. Longevity and mortality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments purchased by the Fund involve the risk of incorrectly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;predicting the actual level of longevity or mortality, as applicable, for the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reference population of people. With respect to mortality investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;held by the Fund, there is also the risk that an epidemic or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;catastrophic event could strike the reference population, resulting in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortality rates exceeding expectations. The Fund may also gain this type &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of exposure through event-linked derivative instruments, such as swaps, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are contingent on or formulaically related to longevity or mortality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Confidential Information Access Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In managing the Fund (and other PIMCO clients), PIMCO may from time &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to time have the opportunity to receive material, non-public information &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(&#x201c;Confidential Information&#x201d;) about the issuers of certain investments, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;including, without limitation, senior floating rate loans, other loans and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;related investments being considered for acquisition by the Fund or held &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the Fund&#x2019;s portfolio. For example, an issuer of privately placed loans &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considered by the Fund may offer to provide PIMCO with financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information and related documentation regarding the issuer that is not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;publicly available. Pursuant to applicable policies and procedures, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO may (but is not required to) seek to avoid receipt of Confidential &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Information from the issuer so as to avoid possible restrictions on its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to purchase and sell investments on behalf of the Fund and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;clients to which such Confidential Information relates. In such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;circumstances, the Fund (and other PIMCO clients) may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disadvantaged in comparison to other investors, including with respect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the price the Fund pays or receives when it buys or sells an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment. Further, PIMCO&#x2019;s and the Fund&#x2019;s abilities to assess the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;desirability of proposed consents, waivers or amendments with respect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to certain investments may be compromised if they are not privy to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available Confidential Information. PIMCO may also determine to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;receive such Confidential Information in certain circumstances under its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;applicable policies and procedures. If PIMCO intentionally or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unintentionally comes into possession of Confidential Information, it &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be unable, potentially for a substantial period of time, to purchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or sell investments to which such Confidential Information relates.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Private Placements and Restricted Securities&#160;Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;A private placement involves the sale of securities that have not been &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registered under the Securities Act or relevant provisions of applicable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-U.S. law to certain institutional and qualified individual purchasers, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as the Fund. In addition to the general risks to which all securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are subject, securities received in a private placement generally are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to strict restrictions on resale, and there may be no liquid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary market or ready purchaser for such securities. See &#x201c;Principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Risks of the Fund &#x2013; Liquidity Risk.&#x201d; Therefore, the Fund may be unable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to dispose of such securities when it desires to do so, or at the most &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;favorable time or price. Private placements may also raise valuation &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks. See &#x201c;Principal Risks of the Fund &#x2013; Valuation Risk.&#x201d; Restricted &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are often purchased at a discount from the market price of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unrestricted securities of the same issuer reflecting the fact that such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may not be readily marketable without some time delay. Such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are often more difficult to value and the sale of such securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;often requires more time and results in higher brokerage charges or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dealer discounts and other selling expenses than does the sale of liquid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities trading on national securities exchanges or in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;over-the-counter markets. Until the Fund can sell such securities into the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;public markets, its holdings may be less liquid and any sales will need to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be made pursuant to an exemption under the Securities Act.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inflation/Deflation Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Inflation risk is the risk that the value of assets or income from the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s investments will be worth less in the future as inflation decreases &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the value of payments at future dates. As inflation increases, the real &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of the Fund&#x2019;s portfolio could decline. Inflation rates may change &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;frequently and significantly as a result of various factors, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unexpected shifts in the domestic or global economy or changes in fiscal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or monetary policies. Deflation risk is the risk that prices throughout the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy decline over time. Deflation may have an adverse effect on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;creditworthiness of issuers and may make issuer default more likely, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may result in a decline in the value of the Fund&#x2019;s portfolio and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulatory Changes Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Financial entities, such as investment companies and investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advisers, are generally subject to extensive government regulation and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intervention. Government regulation and/or intervention may change &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the way the Fund is regulated, affect the expenses incurred directly by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund and the value of its investments, and limit and/or preclude the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s ability to achieve its investment objectives. Government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulation may change frequently and may have significant adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consequences. The Fund and the Investment Manager have historically &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;been eligible for exemptions from certain regulations. However, there is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no assurance that the Fund and the Investment Manager will continue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to be eligible for such exemptions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Moreover, government regulation may have unpredictable and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unintended effects. Legislative or regulatory actions to address &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived liquidity or other issues in fixed income markets generally, or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in particular markets such as the municipal securities market, may alter &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or impair the Fund&#x2019;s ability to pursue its investment objectives or utilize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain investment strategies and techniques. While there continues to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be uncertainty about the full impact of these and other regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes, it is the case that the Fund will be subject to a more complex &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulatory framework, and may incur additional costs to comply with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;new requirements as well as to monitor for compliance in the future.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Current rules related to credit risk retention requirements for ABS may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase the cost to originators, securitizers and, in certain cases, asset &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;managers of SPEs in which the Fund may invest. The impact of the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;retention rules on the securitization markets is uncertain. These &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requirements may increase the costs to originators, securitizers, and, in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain cases, collateral managers of SPEs in which the Fund may invest, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which costs could be passed along to the Fund as an investor in such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;vehicles. In addition, the costs imposed by the risk retention rules on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;originators, securitizers and/or collateral managers may result in a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reduction of the number of new offerings of ABS and thus in fewer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment opportunities for the Fund. A reduction in the number of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;new securitizations could also reduce liquidity in the markets for certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;types of financial assets, which in turn could negatively affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;returns on the Fund&#x2019;s investment.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Actions by governmental entities may also impact certain instruments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which the Fund invests and reduce market liquidity and resiliency.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulatory Risk&#x2014;Commodity Pool Operator&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The CFTC has adopted regulations that subject registered investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies and their investment advisers to regulation by the CFTC if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the registered investment company invests more than a prescribed level &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of its liquidation value in futures, options on futures or commodities, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swaps, or other financial instruments regulated under the CEA and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rules thereunder (&#x201c;commodity interests&#x201d;), or if the Fund markets itself &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as providing investment exposure to such instruments. &#160;The Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager is registered with the CFTC as a CPO. However, with respect to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund, the Investment Manager has claimed an exclusion from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registration as a CPO pursuant to CFTC Rule 4.5. For the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager to remain eligible for this exclusion, the Fund must comply &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with certain limitations, including limits on its ability to use any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;commodity interests and limits on the manner in which the Fund holds &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;out its use of such commodity interests. These limitations may restrict &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s ability to pursue its investment objectives and strategies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase the costs of implementing its strategies, result in higher &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses for the Fund, and/or adversely affect the Fund&#x2019;s total return. To &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the extent the Investment Manager becomes ineligible for this exclusion &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from CFTC regulation, the Investment Manager may consider steps in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;order to continue to qualify for exemption from CFTC regulation, or may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determine to operate the Fund subject to CFTC regulation.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Investments in REITs Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REITs are pooled investment vehicles that own, and usually operate, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income-producing real estate. Some REITs also finance real estate. If a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REIT meets certain requirements, including distributing to shareholders &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;substantially all of its taxable income (other than net capital gains), then &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;it is not typically taxed on the income distributed to shareholders.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REITs are sometimes informally characterized as: equity REITs, mortgage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REITs and hybrid REITs. Equity REITs invest the majority of their assets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;directly in real property. They derive their income primarily from rents &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;received and any profits on the sale of their properties. Equity REITs can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;also realize capital gains by selling properties that have appreciated in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value. Mortgage REITs invest the majority of their assets in real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages and derive most of their income from mortgage interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments. As its name suggests, hybrid REITs combine characteristics of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;both equity REITs and mortgage REITs.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An investment in a REIT, or in a real estate linked derivative instrument &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;linked to the value of a REIT, is subject to the risks that impact the value &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the underlying properties of the REIT. These risks include loss to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;casualty or condemnation, and changes in supply and demand, interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates, zoning laws, regulatory limitations on rents, property taxes and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operating expenses. Real estate income and values may also be affected &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by demographic trends, such as population shifts or changing tastes, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;preferences (such as remote work arrangements) and social values. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Other factors that may adversely affect REITs include poor performance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by management of the REIT, changes to the tax laws, or failure by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REIT to qualify for favorable tax treatment. The securities of REITs &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involve greater risks than those associated with larger, more established &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies and may be subject to more abrupt or erratic price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;movements because of interest rate changes, economic conditions and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;real estate market conditions (such as oversupply of real estate for rent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or sale or vacancies, potentially for extended periods), reduced demand &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for commercial and office space as well as increased maintenance or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tenant improvement costs and costs to convert properties for other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;uses, and default risk and credit quality of tenants and borrowers and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other factors. For example, the value of these securities may decline &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when interest rates rise and will also be affected by the real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market and by the management or development of the underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properties. The underlying properties may be subject to mortgage loans, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may also be subject to the risks of default. REITs are also subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to default by borrowers and self-liquidation, and are heavily dependent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on cash flow. Some REITs lack diversification because they invest in a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited number of properties, a narrow geographic area, or a single type &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of property. Mortgage REITs may be impacted by the quality of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit extended.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Liquidity Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Liquidity risk exists when particular investments are difficult to purchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or sell. Illiquid investments are investments that the Fund reasonably &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expects cannot be sold or disposed of in current market conditions in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;seven calendar days or less without the sale or disposition significantly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changing the market value of the investment. Illiquid investments may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;become harder to value, especially in changing markets. The Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments in illiquid investments may reduce the returns of the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;because it may be unable to sell the illiquid investments at an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advantageous time or price or possibly require the Fund to dispose of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other investments at unfavorable times or prices in order to satisfy its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations, which could prevent the Fund from taking advantage of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other investment opportunities. Additionally, the market for certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may become illiquid under adverse market or economic &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions independent of any specific adverse changes in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions of a particular issuer. Bond markets have consistently grown &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;over the past three decades while the capacity for traditional dealer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparties to engage in fixed income trading has not kept pace and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in some cases has decreased. As a result, dealer inventories of corporate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bonds, which provide a core indication of the ability of financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intermediaries to &#x201c;make markets,&#x201d; are at or near historic lows in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relation to market size. Because market makers seek to provide stability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to a market through their intermediary services, a significant reduction &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in dealer inventories could potentially lead to decreased liquidity and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increased volatility in the fixed income markets. Such issues may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exacerbated during periods of economic uncertainty. To the extent that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s principal investment strategies involve securities of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies with smaller market capitalizations, foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, Rule 144A securities, illiquid sectors of fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, derivatives or securities with substantial market and/or credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk, the Fund will tend to have greater exposure to liquidity risk.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Further fixed income securities with longer durations until maturity face &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;heightened levels of liquidity risk as compared to fixed income securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with shorter durations until maturity. The risks associated with illiquid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments may be particularly acute in situations in which the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operations require cash (such as in connection with repurchase offers) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and could result in the Fund borrowing to meet its short-term needs or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incurring losses on the sale of illiquid instruments. It may also be the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;case that other market participants may be attempting to liquidate fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income holdings at the same time as the Fund, causing increased supply &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the market and contributing to liquidity risk and downward pricing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pressure. See &#x201c;Principal Risks of the Fund - Valuation Risk.&#x201d;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Liquidity risk also refers to the risk that the Fund may be required to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hold additional cash or sell other investments in order to obtain cash to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;close out derivatives or meet the liquidity demands that derivatives can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;create to make payments of margin, collateral, or settlement payments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to counterparties. The Fund may have to sell a security at a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disadvantageous time or price to meet such obligations.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The current direction of governments and regulators may have the effect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of reducing market liquidity, market resiliency and money supply, such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as through higher rates, tighter financial regulations and proposals &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;related to open-end fund liquidity that may prevent mutual funds and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exchange-traded funds from participating in certain markets.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Alt Lending ABS in which the Fund invests are typically not listed on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any securities exchange and not registered under the Securities Act. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, the Fund anticipates that these instruments may only be sold &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to a limited number of investors and may have a limited or non-existent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary market. Accordingly, the Fund currently expects that certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of its investments in Alt Lending ABS will face heightened levels of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquidity risk. Although currently, there is generally no reliable, active &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary market for certain Alt Lending ABS, a secondary market for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these alternative lending-related instruments may develop.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Tax Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund has elected to be treated as a &#x201c;regulated investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;company&#x201d; (a &#x201c;RIC&#x201d;) under Subchapter M of the Code and intends each &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;year to qualify and be eligible to be treated as such, so that it generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will not be subject to U.S. federal income tax on its net investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income or net short-term or long-term capital gains that are distributed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(or deemed distributed, as described below) to shareholders. In order to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;qualify and be eligible for such treatment, the Fund must meet certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;asset diversification tests, derive at least 90% of its gross income for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such year from certain types of qualifying income, and distribute to its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shareholders at least 90% of the sum of its &#x201c;investment company &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxable income&#x201d; as that term is defined in the Code (which includes, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;among other things, dividends, taxable interest and the excess of any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;net short-term capital gains over net long-term capital losses, as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reduced by certain deductible expenses) and net tax-exempt income, for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such year.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investment strategy will potentially be limited by its intention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to continue qualifying for treatment as a RIC, and can limit the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to continue qualifying as such. The tax treatment of certain of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s investments under one or more of the qualification or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distribution tests applicable to RICs is uncertain. An adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determination or future guidance by the IRS or a change in law might &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the Fund&#x2019;s ability to qualify or be eligible for treatment as a RIC. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Income and gains from certain of the Fund&#x2019;s&#160;activities, including fees &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;received in connection with the origination of loans, may not constitute &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;qualifying income to a RIC for purposes of the 90% gross income test. If &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund were to treat income or gain from a particular investment or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;activity as qualifying income and the income or gain were later &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determined not to constitute qualifying income and, together with any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other nonqualifying income, caused the Fund&#x2019;s nonqualifying income to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exceed 10% of its gross income in any taxable year, the Fund would fail &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to qualify as a RIC unless it is eligible to and does pay a tax at the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;level. Income and gains from certain of the Fund&#x2019;s activities may not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;constitute qualifying income to a RIC for purposes of the 90% gross &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income test. If the Fund were to treat income or gain from a particular &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment or activity as qualifying income and the income or gain were &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;later determined not to constitute qualifying income and, together with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any other nonqualifying income, caused the Fund&#x2019;s nonqualifying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income to exceed 10% of its gross income in any taxable year, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would fail to qualify as a RIC unless it is eligible to and does pay a tax at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund level.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;If, in any year, the Fund were to fail to qualify for treatment as a RIC &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;under the Code, and were ineligible to or did not otherwise cure such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;failure, the Fund would be subject to tax on its taxable income at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporate rates and, when such income is distributed, shareholders &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would be subject to further tax, on such distributions to the extent of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s current or accumulated earnings and profits.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The value of the Fund&#x2019;s investments and its net asset value may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely affected by changes in tax rates and policies. Because interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income from municipal securities is normally not subject to regular &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;federal in-come taxation, the attractiveness of municipal securities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relation to other investment alternatives is affected by changes in &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;federal income tax rates or changes in the tax-exempt status of interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income from municipal securities. Any proposed or actual changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such rates or exempt status, therefore, can significantly affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;demand for and supply, liquidity and marketability of municipal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. This could in turn affect the Fund&#x2019;s net asset value and ability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to acquire and dispose of municipal securities at desirable yield and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price levels. Additionally, the Fund is not a suitable investment for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;individual retirement accounts, for other tax-exempt or tax-deferred &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;accounts or for investors who are not sensitive to the federal income tax &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consequences of their investments.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Subsidiary Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent the Fund invests through one or more of its wholly-owned &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subsidiaries, the Fund would be exposed to the risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such Subsidiary&#x2019;s investments. Such Subsidiaries would likely not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registered as investment companies under the 1940 Act and, except as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;noted in this prospectus, would not be subject to all of the investor &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;protections of the 1940 Act. Changes in the laws of the United States &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or the jurisdiction in which a Subsidiary is organized could result in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the inability of the Fund and/or the Subsidiary to operate as intended &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and could adversely affect the Fund.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Portfolio Turnover Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Investment Manager manages the Fund without regard generally to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;restrictions on portfolio turnover. The use of futures contracts and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivative instruments with relatively short maturities may tend to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exaggerate the portfolio turnover rate for the Fund. Trading in fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income securities does not generally involve the payment of brokerage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;commissions, but does involve indirect transaction costs. The use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;futures contracts and other derivative instruments may involve the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payment of commissions to futures commission merchants or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intermediaries. Higher portfolio turnover involves correspondingly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater expenses to the Fund, including brokerage commissions or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dealer mark-ups and other transaction costs on the sale of securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and reinvestments in other securities. The higher the rate of portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;turnover of the Fund, the higher these transaction costs borne by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund generally will be. Such sales may result in realization of taxable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;capital gains (including short-term capital gains, which are generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxed to shareholders at ordinary income tax rates when distributed net &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of short-term capital losses and net long-term capital losses), and may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely impact the Fund&#x2019;s after-tax returns. See &#x201c;Tax Matters.&#x201d;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Operational Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An investment in the Fund, like any fund, can involve operational risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;arising from factors such as processing errors, human errors, inadequate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or failed internal or external processes, failures in systems and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;technology, changes in personnel and errors caused by third-party &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;service providers. The occurrence of any of these failures, errors or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;breaches could result in a loss of information, regulatory scrutiny, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reputational damage or other events, any of which could have a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;material adverse effect on the Fund. While the Fund seeks to minimize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such events through controls and oversight, there may still be failures &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that could cause losses to the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other Investment Companies Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;When investing in an investment company, the Fund will generally bear &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its ratable share of that investment company&#x2019;s expenses and would &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;remain subject to payment of the Fund&#x2019;s investment management fees &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other expenses with respect to assets so invested. Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders would therefore be subject to duplicative expenses to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent the Fund invests in other investment companies. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these other investment companies may utilize leverage, in which case &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an investment would subject a Fund to additional risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leverage. Due to its own financial interest or other business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considerations, the Investment Manager may choose to invest a portion &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of a Fund&#x2019;s assets in investment companies sponsored or managed by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Investment Manager or its related parties in lieu of investments by a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund directly in portfolio securities, or may choose to invest in such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment companies over investment companies sponsored or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;managed by others. Participation in a cash sweep program where the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund's uninvested cash balance is used to purchase shares of affiliated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or unaffiliated money market funds or cash management pooled &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment vehicles at the end of each day subjects the Fund to the risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with the underlying money market funds or cash &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management pooled investment vehicles, including liquidity risk. As a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shareholder of a money market fund or cash management pooled &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment vehicle, the Fund would indirectly bear the fees and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses of the underlying fund or account which are in addition to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fees the Fund pays its service providers. Applicable law may limit a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s ability to invest in other investment companies.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cyber Security Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;As the use of technology, including cloud-based technology, has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;become more prevalent in the course of business, the Fund is potentially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more susceptible to operational and information security risks resulting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from breaches in cyber security. A breach in cyber security refers to both &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intentional and unintentional cyber events from outside threat actors or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;internal resources that may, among other things, cause the Fund to lose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proprietary information, suffer data corruption and/or destruction, lose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operational capacity, result in the unauthorized release or other misuse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of confidential information, or otherwise disrupt normal business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operations. Geopolitical tensions can increase the scale and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sophistication of deliberate cyber security attacks, particularly those &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from nation-states or from entities with nation-state backing, who may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;desire to use cyber security attacks to cause damage or create leverage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against geopolitical rivals. Cyber security breaches may involve &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unauthorized access to the Fund&#x2019;s digital information systems (e.g., &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;through &#x201c;hacking&#x201d; or malicious software coding), and may come from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;multiple sources, including outside attacks such as denial-of-service &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;attacks (i.e., efforts to make network services unavailable to intended &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;users) or cyber extortion, including exfiltration of data held for ransom &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or &#x201c;ransomware&#x201d; attacks that renders systems inoperable until &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ransom is paid, or insider actions (e.g., intentionally or unintentionally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;harmful acts of PIMCO personnel). In addition, cyber security breaches &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involving the Fund&#x2019;s third party service providers (including but not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited to advisers, sub-advisers, administrators, transfer agents, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;custodians, vendors, suppliers, distributors and other third parties), &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading counterparties or issuers in which the Fund invests can also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject the Fund to many of the same risks associated with direct cyber &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security breaches or extortion of company data. PIMCO's use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cloud-based service providers could heighten or change these risks. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, work-from-home arrangements by the Fund, the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager or their service providers could increase all of the above risks, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;create additional data and information accessibility concerns, and make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund, the Investment Manager or their service providers susceptible &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to operational disruptions, any of which could adversely impact their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operations.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Cyber security failures or breaches may result in financial losses to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund and its shareholders. For example, cyber security failures or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;breaches involving trading counterparties or issuers in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests could adversely impact such counterparties or issuers and cause &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s investment to lose value. These failures or breaches may also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result in disruptions to business operations, potentially resulting in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial losses; interference with the Fund&#x2019;s ability to calculate its NAV, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;process shareholder transactions or otherwise transact business with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shareholders; impediments to trading; violations of applicable privacy &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other laws; regulatory fines; penalties; third-party claims in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;litigation; reputational damage; reimbursement or other compensation &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;costs; additional compliance and cyber security risk management costs &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other adverse consequences. In addition, substantial costs may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incurred in order to prevent any cyber incidents in the future.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Like with operational risk in general, the Fund has established business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;continuity plans and risk management systems designed to reduce the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks associated with cyber security. However, there are inherent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limitations in these plans and systems, including that certain risks may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not have been identified, in large part because different or unknown &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;threats may emerge in the future. As such, there is no guarantee that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such efforts will succeed, especially because the Fund does not directly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;control the cyber security systems of issuers in which the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invest, trading counterparties or third-party service providers to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund. Such entities have experienced cyber attacks and other attempts &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to gain unauthorized access to systems from time to time, and there is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no guarantee that efforts to prevent or mitigate the effects of such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;attacks or other attempts to gain unauthorized access will be successful. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is also a risk that cyber security breaches may not be detected. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund and its shareholders may suffer losses as a result of a cyber &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security breach related to the Fund, its service providers, trading &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparties or the issuers in which the Fund invests.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Potential Conflicts of Interest Risk&#x2014;Allocation of Investment &lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Opportunities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Investment Manager and its affiliates are involved worldwide with a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;broad spectrum of financial services and asset management activities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and may engage in the ordinary course of business in activities in which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;their interests or the interests of their clients may conflict with those of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund. The Investment Manager may provide investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management services to other funds and discretionary managed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;accounts that follow an investment program similar to that of the Fund. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subject to the requirements of the 1940 Act, the Investment Manager &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intends to engage in such activities and may receive compensation from &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;third parties for its services. The results of the Fund&#x2019;s investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;activities may differ from those of&#160;the the Fund&#x2019;s affiliates, or another &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;account managed by the Investment Manager or its affiliates, and it is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;possible that the Fund could sustain losses during periods in which one &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or more of the Fund&#x2019;s affiliates and/or other accounts managed by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investment Manager or its affiliates, including proprietary accounts, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;achieve profits on their trading.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Repurchase Agreements Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may enter into repurchase agreements, in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchases a security from a bank or broker-dealer, which agrees to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;repurchase the security at the Fund&#x2019;s cost plus interest within a specified &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;time. If the party agreeing to repurchase should default, the Fund would &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;seek to sell the securities which it holds. This could involve costs or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delays in addition to a loss on the securities if their value should fall &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;below their repurchase price. The security subject to a repurchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreement may be or become illiquid. These events could also trigger &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adverse tax consequences for the Fund.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Special Purpose Acquisition Companies (&#x201c;SPACs&#x201d;) Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in securities of SPACs or similar special purpose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;entities that pool funds to seek potential acquisition opportunities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Unless and until an acquisition is completed, a SPAC generally invests its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets (less a portion retained to cover expenses) in U.S. government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, money market securities or holds cash. If an acquisition that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;meets the requirements for the SPAC is not completed within a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pre-established period of time, the invested funds are returned to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;entity&#x2019;s shareholders unless shareholders approve alternative options. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Because SPACs and similar entities are in essence blank check &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies without operating history or ongoing business other than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;seeking acquisitions, the value of their securities is particularly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dependent on the ability of the entity&#x2019;s management to identify and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;complete a profitable acquisition. A SPAC&#x2019;s structure may result in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant dilution of a shareholder's share value immediately upon the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;completion of a business combination due to, among other reasons, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interests held by the SPAC sponsor, conversion of warrants into &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;additional shares, shares issued in connection with a business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;combination and/or certain embedded costs. There is no guarantee that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the SPACs in which the Fund invests will complete an acquisition or that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any acquisitions that are completed will be profitable. Some SPACs may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pursue acquisitions only within certain industries or regions, which may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase the volatility of their prices. In addition, these securities, which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are typically traded in the over-the-counter market, may be considered &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;illiquid and/or be subject to restrictions on resale.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Structured Investments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Holders of structured products, including structured notes, credit-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;notes and other types of structured products, bear the risks of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying investments, index or reference obligation and are subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparty risk. The Fund may have the right to receive payments only &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from the structured product, and generally does not have direct rights &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against the issuer or the entity that sold the assets to be securitized. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;While certain structured products enable the investor to acquire &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interests in a pool of securities without the brokerage and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses associated with directly holding the same securities, investors &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in structured products generally pay their share of the structured &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;product&#x2019;s administrative and other expenses. Although it is difficult to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;predict whether the prices of indices and securities underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;structured products will rise or fall, these prices (and, therefore, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prices of structured products) are generally influenced by the same types &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of political and economic events that affect issuers of securities and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;capital markets generally. If the issuer of a structured product uses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shorter term financing to purchase longer term securities, the issuer may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be forced to sell its securities at below market prices if it experiences &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficulty in obtaining such financing, which may adversely affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of the structured products owned by the Fund. Structured &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;products generally entail risks associated with derivative instruments.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Collateralized Bond Obligations, Collateralized Loan &lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Obligations and Collateralized Debt Obligations Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CBOs, CLOs and CDOs may charge management fees and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;administrative expenses. For CBOs, CLOs and CDOs, the cash flows from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the trust are split into two or more portions, called tranches, varying in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk and yield. The riskiest portion is the equity tranche which generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bears losses in connection with the first defaults, if any, on the bonds or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans in the trust. A senior tranche from a CLO, CBO and CDO trust &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;typically has higher credit ratings and lower yields than the underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. CLO tranches, CBO, and CDO, even senior ones, can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;experience substantial losses due to actual defaults, increased sensitivity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to defaults due to collateral default and disappearance of protecting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranches, market anticipation of defaults and aversion to CLO, CBO or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other CDO securities. The risks of an investment in a CBO, CLO or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CDO vary depending on the type of collateral securities and the class of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the instrument in which the Fund invests, among other factors. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Normally, CLOs, CBOs and other CDOs are privately offered and sold, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and thus are not registered under the securities laws. Investments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CLOs, CBOs and CDOs may be or become illiquid. In addition to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;normal risks associated with debt instruments (e.g., interest rate risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and credit risk), CLOs, CBOs and CDOs carry additional risks including, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but not limited to: (i) the possibility that distributions from the collateral &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will not be adequate to make interest or other payments; (ii) the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that the quality of the collateral may decline in value or default; (iii) the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that the Fund may invest in CBOs, CLOs or other CDOs that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subordinate to other classes; and (iv) the risk that the complex structure &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the security may not be fully understood at the time of investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and may produce disputes with the issuer or others and may produce &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unexpected investment results.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Market Disruptions Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund is subject to investment and operational risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial, economic and other global market developments and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disruptions, including those arising from war, military conflicts, terrorism, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;social unrest, recessions, supply chain disruptions, market manipulation, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;government interventions, defaults and shutdowns, political changes or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;diplomatic developments, public health emergencies (such as the spread &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of infectious diseases, pandemics and epidemics), bank failures, &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;natural/environmental disasters, climate change and climate related &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;events which can all negatively impact the securities markets, interest &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;rates, auctions, secondary trading, ratings, credit risk, inflation, deflation &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;and other factors relating to the Fund&#x2019;s investments or the Investment &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;Manager&#x2019;s operations and the value of an investment in the Fund, its &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;distributions and its returns. These events can also impair the &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;technology and other operational systems upon which the Fund&#x2019;s &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;service providers, including PIMCO as the Fund&#x2019;s investment adviser, &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;rely, and could otherwise disrupt the Fund&#x2019;s service providers&#x2019; ability to &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;fulfill their obligations to the Fund. Furthermore, events involving limited &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;liquidity, defaults, non-performance or other adverse developments that &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;affect financial institutions or the financial services industry generally, or &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;concerns or rumors about any events of these kinds or other similar &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;risks, have in the past and may in the future lead to market-wide &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;liquidity problems.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Geopolitical Conflicts&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The occurrence of geopolitical conflicts, war or terrorist activities could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have adverse impacts on markets in various and unpredictable ways. For &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;example, following Russia&#x2019;s large-scale invasion of Ukraine in February &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2022, Russia, and other countries, persons and entities that were &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;viewed as having provided material aid to Russia&#x2019;s aggression against &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Ukraine, became the subject of economic sanctions and import and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;export controls imposed by countries throughout the world, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the United States. Such measures have had and may continue to have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an adverse effect on the Russian, Belarusian and other securities and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economies. Additional examples include, but are not limited to, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;heightened concerns of trade disputes, which could result in increased &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tariffs, trade restrictions or other retaliatory countermeasures. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent, duration and impact of geopolitical conflicts and related market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impacts are difficult to ascertain, but could be significant and could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have significant adverse effects on regional and global economies and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the markets for certain securities and commodities, such as oil, natural &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;gas, steel and aluminum, as well as other sectors, and on the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Focused Investment Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent that the Fund focuses its investments in a particular sector, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;it may be susceptible to loss due to adverse developments affecting that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sector, including (but not limited to): governmental regulation; inflation; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rising interest rates; cost increases in raw materials, fuel and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operating expenses; technological innovations that may render existing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;products and equipment obsolete; competition from new entrants; high &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;research and development costs; increased costs associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;compliance with environmental or other governmental regulations; and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other economic, business or political developments specific to that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sector. Furthermore, the Fund may invest a substantial portion of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets in companies in related sectors that may share common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;characteristics, are often subject to similar business risks and regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;burdens, and whose securities may react similarly to the types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments described above, which will subject the Fund to greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk. The Fund also will be subject to focused investment risk to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent that it invests a substantial portion of its assets in a particular &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer, market, asset class, country or geographic region. See &#x201c;Principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Risks of the Fund&#x2014;Foreign (Non-U.S.) Investment Risk,&#x201d; &#x201c;Principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Risks of the Fund&#x2014;Emerging Markets Risk&#x201d; and &#x201c;Principal Risks of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2014;Currency Risk.&#x201d;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market prices of zero-coupon, step-ups and payment-in-kind &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are generally more volatile than the prices of securities that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pay interest periodically and in cash, and are likely to respond to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in interest rates to a greater degree than other types of debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities with similar maturities and credit quality. Because &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;zero-coupon securities bear no interest, their prices are especially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatile. And because zero-coupon bondholders do not receive interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments, the prices of zero-coupon securities generally fall more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dramatically than those of bonds that pay interest on a current basis &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when interest rates rise. The market for zero-coupon and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payment-in-kind securities may suffer decreased liquidity. In addition, as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these securities may not pay cash interest, the Fund&#x2019;s investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exposure to these securities and their risks, including credit risk, will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase during the time these securities are held in the Fund&#x2019;s portfolio. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Further, to maintain its qualification for treatment as a RIC and to avoid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund-level U.S. federal income and/or excise taxes, the Fund is required &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to distribute to its shareholders any income it is deemed to have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;received in respect of such investments, notwithstanding that cash has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not been received currently, and the value of paid-in-kind interest. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Consequently, the Fund may have to dispose of portfolio securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;under disadvantageous circumstances to generate the cash, or may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have to leverage itself by borrowing the cash to satisfy this distribution &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requirement. The required distributions, if any, would result in an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase in the Fund&#x2019;s exposure to these securities. Zero coupon bonds, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;step-ups and payment-in-kind securities allow an issuer to avoid or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delay the need to generate cash to meet current interest payments and, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as a result, may involve greater credit risk than bonds that pay interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currently or in cash. The Fund would be required to distribute the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income on these instruments as it accrues, even though the Fund will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not receive the income on a current basis or in cash. Thus, the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sell other investments, including when it may not be advisable to do so, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to make income distributions to its shareholders.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Debt Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Debt securities are generally subject to the risks described below and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;further herein:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Issuer risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The value of fixed income securities may decline for a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;number of reasons that directly relate to the issuer, such as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management performance, financial leverage, reduced demand for the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer&#x2019;s goods and services, historical and prospective earnings of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer and the value of the assets of the issuer. A change in the financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;condition of a single issuer may affect securities markets as a whole. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;These risks can apply to the Common Shares issued by the Fund and to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuers of securities and other instruments in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Interest rate risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market value of debt securities changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;response to interest rate changes and other factors. Interest rate risk is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the risk that prices of debt securities will increase as interest rates fall &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and decrease as interest rates rise, which would be reflected in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s NAV. The Fund may lose money if short-term or long-term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates rise sharply in a manner not anticipated by the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management. Moreover, because rates on certain floating rate debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities typically reset only periodically, changes in prevailing interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates (and particularly sudden and significant changes) can be expected &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to cause some fluctuations in the NAV of the Fund to the extent that it &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests in floating rate debt securities.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Prepayment risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During periods of declining interest rates, borrowers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may prepay principal. This may force the Fund to reinvest in lower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;yielding securities, resulting in a possible decline in the Fund&#x2019;s income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and distributions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Credit risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Credit risk is the risk that one or more debt securities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s portfolio will decline in price or fail to pay interest or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;principal when due because the issuer of the security experiences a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline in its financial status. Credit risk is increased when a portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security is downgraded or the perceived creditworthiness of the issuer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;deteriorates.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reinvestment risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Reinvestment risk is the risk that income from the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s portfolio will decline if the Fund invests the proceeds from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;matured, traded or called fixed income securities at market interest rates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are below the portfolio&#x2019;s current earnings rate.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Duration and maturity risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may seek to adjust the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;duration or maturity of its investments in debt securities based on its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assessment of current and projected market conditions. The Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incur costs in seeking to adjust the average duration or maturity of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio of debt securities. There can be no assurances that the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assessment of current and projected market conditions will be correct or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that any strategy to adjust duration or maturity will be successful.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, from time to time, uncertainty regarding the status of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negotiations in the U.S. government to increase the statutory debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ceiling could impact the creditworthiness of the United States and could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impact the liquidity and value of U.S. Government and other securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and ultimately the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Sovereign Debt Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition to the other risks applicable to debt investments, sovereign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;debt may decline in value as a result of default or other adverse credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event resulting from an issuer&#x2019;s inability or unwillingness to make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;principal or interest payments in a timely fashion. A sovereign entity&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;failure to make timely payments on its debt can result from many &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;factors, including, without limitation, insufficient foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency reserves or an inability to sufficiently manage fluctuations in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relative currency valuations, an inability or unwillingness to satisfy the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;demands of creditors and/or relevant supranational entities regarding &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;debt service or economic reforms, the size of the debt burden relative to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic output and tax revenues, cash flow difficulties, and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;political and social considerations. The risk of loss to the Fund in the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event of a sovereign debt default or other adverse credit event is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;heightened by the unlikelihood of any formal recourse or means to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;enforce its rights as a holder of the sovereign debt. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sovereign debt restructurings, which may be shaped by entities and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;factors beyond the Fund&#x2019;s control, may result in a loss in value of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s sovereign debt holdings.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Certain Affiliations&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain broker-dealers may be considered to be affiliated persons of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund and/or the Investment Manager due to their possible affiliations &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with Allianz SE, the ultimate parent of the Investment Manager, or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;another Allianz entity. Allianz Asset Management of America LP merged &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with Allianz Asset Management of America LLC (&#x201c;Allianz Asset &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Management&#x201d;), with the latter being the surviving entity, effective &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;January 1, 2023. Following the merger, Allianz Asset Management is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO&#x2019;s managing member and direct parent entity. Absent an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exemption from the SEC or other regulatory relief, the Fund is generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;precluded from effecting certain principal transactions with affiliated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;brokers, and its ability to purchase securities being underwritten by an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affiliated broker or a syndicate including an affiliated broker, or to utilize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affiliated brokers for agency transactions, is subject to restrictions. This &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could limit the Fund&#x2019;s ability to engage in securities transactions and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;take advantage of market opportunities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The 1940 Act imposes significant limits on co-investment with affiliates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the Fund. The Fund has received exemptive relief from the SEC that, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the extent a fund relies on such relief, permits it to (among other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;things) co-invest alongside certain other persons in privately negotiated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, including certain affiliates of the Investment Manager and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain public or private funds managed by the Investment Manager and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its affiliates, subject to certain terms and conditions. The exemptive relief &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from the SEC with respect to co-investments imposes a number of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions on any co-investments made in reliance on such relief that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may limit or restrict a fund&#x2019;s ability to participate in an investment or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;require it to participate in an investment to a lesser extent, which could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negatively impact a fund&#x2019;s ability to execute its desired investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategy and its returns. Subject to applicable law, the Fund may also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invest alongside other PIMCO managed funds and accounts, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;private funds and affiliates of the Investment Manager, without relying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on the exemptive relief. Pursuant to co-investment exemptive relief, to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the extent a fund relies on such relief, the fund will be able to invest in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;opportunities in which PIMCO and/or its affiliates has an investment, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and PIMCO and/or its affiliates will be able to invest in opportunities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which a fund has made an investment.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Anti-Takeover Provisions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Declaration and the Bylaws include provisions that could limit the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability of other entities or persons to acquire control of the Fund or to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convert the Fund to open-end status. &#160;These provisions in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Declaration and the Bylaws could have the effect of depriving the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shareholders of opportunities to sell their Common Shares at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a premium over the then-current market price of the Common Shares or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;at NAV.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Distribution Rate Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Although the Fund may seek to maintain level distributions, the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distribution rates may be affected by numerous factors, including but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not limited to changes in realized and projected market returns, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fluctuations in market interest rates, Fund performance, and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;factors. The Fund&#x2019;s distributions may be comprised of a return of capital. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In general terms, a return of capital would occur where a Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distribution (or portion thereof) represents a return of a portion of your &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment, rather than net income or capital gains generated from your &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment during a particular period. There can be no assurance that a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;change in market conditions or other factors will not result in a change &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the Fund&#x2019;s distribution rate or that the rate will be sustainable in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;future.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;For instance, during periods of low or declining interest rates, the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distributable income and dividend levels may decline for many reasons. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;For example, the Fund may have to deploy uninvested assets (whether &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from sales of Fund shares, proceeds from matured, traded or called debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations or other sources) in new, lower yielding instruments. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Additionally, payments from certain instruments that may be held by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund (such as variable and floating rate securities) may be negatively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impacted by declining interest rates, which may also lead to a decline in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s distributable income and dividend levels.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_MarketDiscountRiskMembercefRiskAxis"
      id="ixv-13509">&lt;div style="line-height:12.0pt;margin-top:10.0pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Market Discount Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The price of the Fund&#x2019;s Common Shares will fluctuate with market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions and other factors. If you sell your Common Shares, the price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;received may be more or less than your original investment. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares are designed for long-term investors and should not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;treated as trading vehicles. Shares of closed-end management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment companies frequently trade at a discount from their NAV. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares may trade at a price that is less than the offering price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for Common Shares issued pursuant to an offering. This risk may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater for investors who sell their Common Shares relatively shortly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;after completion of an offering. The sale of Common Shares by the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(or the perception that such sales may occur), particularly if sold at a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;discount to the then current market price of the Common Shares, may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have an adverse effect on the market price of the Common Shares.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_MarketRiskMembercefRiskAxis"
      id="ixv-13558">&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Market Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market price of securities owned by the Fund may go up or down, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sometimes rapidly or unpredictably. Securities may decline in value due &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to factors affecting securities markets generally or particular industries &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or companies represented in the securities markets. The value of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security may decline due to general market conditions that are not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;specifically related to a particular company, such as real or perceived &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adverse economic conditions, changes in the general outlook for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporate earnings, changes in inflation, interest or currency rates, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial system instability, adverse changes to credit markets or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adverse investor sentiment generally. The value of a security may also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline due to factors that affect a particular industry or industries, such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as labor shortages or increased production costs and competitive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions within an industry. During a general downturn in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities markets, multiple asset classes may decline in value &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;simultaneously even if the performance of those asset classes is not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise historically correlated. Investments may also be negatively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impacted by market disruptions and by attempts by other market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participants to manipulate the prices of particular investments. Equity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities generally have greater price volatility than fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. Credit ratings downgrades may also negatively affect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities held by the Fund. Even when markets perform well, there is no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance that the investments held by the Fund will increase in value &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;along with the broader market.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, market risk includes the risk that geopolitical and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;events will disrupt the economy on a national or global level. For &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instance, war, terrorism, social unrest, recessions, supply chain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disruptions, market manipulation, government defaults, government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shutdowns, political changes, diplomatic developments or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;imposition of sanctions and other similar measures, public health &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emergencies (such as the spread of infectious diseases, pandemics and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;epidemics), natural/environmental disasters, climate-change and climate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;related events can all negatively impact the securities markets, which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could cause the Fund to lose value. These events could reduce consumer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;demand or economic output, result in market closures, changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates, inflation/deflation, travel restrictions or quarantines, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significantly adversely impact the economy.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;As computing technology and data analytics continually advance there &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;has been an increasing trend towards machine driven and artificially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intelligent trading systems, particularly providing such systems with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increasing levels of autonomy in trading decisions. Regulators of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial markets have become increasingly focused on the potential &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impact of artificial intelligence on investment activities and may issue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulations that are intended to affect the use of artificial technology in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading activities. Any such regulations may not have the intended affect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on financial markets. Moreover, advancements in artificial intelligence &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other technologies may suffer from the introduction of errors, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;defects or security vulnerabilities which can go undetected. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potential speed of such trading and technologies may exacerbate the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impact of any such flaws, particularly where such flaws are exploited by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other artificially intelligent systems and may act to impair or prevent the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intervention of a human control.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The current contentious domestic political environment, as well as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;political and diplomatic events within the United States and abroad, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as the U.S. government&#x2019;s inability at times to agree on a long-term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;budget and deficit reduction plan, has in the past resulted, and may in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the future result, in a government shutdown or otherwise adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the U.S. regulatory landscape, the general market environment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or investor sentiment, which could have an adverse impact on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s investments and operations. Additional and/or prolonged &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. federal government shutdowns may affect investor and consumer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;confidence and may adversely impact financial markets and the broader &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy, perhaps suddenly and to a significant degree. Governmental &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and quasi-governmental authorities and regulators throughout the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;world have previously responded to serious economic disruptions with a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;variety of significant fiscal and monetary policy changes, including but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not limited to, direct capital infusions into companies, new monetary &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;programs and dramatically lower interest rates. An unexpected or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sudden reversal of these policies, or the ineffectiveness of these policies, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could increase volatility in securities markets, which could adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the Fund&#x2019;s investments. Any market disruptions could also prevent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund from executing advantageous investment decisions in a timely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manner. Funds that have focused their investments in a region enduring &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;geopolitical market disruption will face higher risks of loss, although the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increasing interconnectivity between global economies and financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets can lead to events or conditions in one country, region or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial market adversely impacting a different country, region or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial market. Thus, investors should closely monitor current market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions to determine whether the Fund meets their individual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial needs and tolerance for risk.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During inflationary price movements, fixed income securities markets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may experience heightened levels of interest rate, volatility and liquidity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk. Interest rate increases in the future could cause the value of a fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that invests in fixed income securities to decrease.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Interest rate increases and other market events have the potential to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely impact real estate values and real estate-related asset prices, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could, by extension, adversely impact the value of other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, such as loans, securitized debt and other fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. Such an impact could materialize in one real estate sector and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not another, or in a different manner in different real estate sectors. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Examples of the current risks faced by real estate-related assets include: &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tenant vacancy rates; increase in tenant turnover and tenant &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;concentration; headwinds, delinquencies and difficulties in collecting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rents and other payments faced by owners of real estate (which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increases the risk of owners being unable to pay or otherwise defaulting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on their own borrowings and obligations); decline in property values; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase in inflation, upkeep costs and other expenses; lowered rent for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;many properties; and concentrated ownership of certain types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properties.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Exchanges and securities markets may close early, close late or issue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading halts on specific securities, which may result in, among other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;things, the Fund being unable to buy or sell certain securities or financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments at an advantageous time or accurately price its portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_AssetAllocationRiskMembercefRiskAxis"
      id="ixv-13708">&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Asset Allocation Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investment performance depends upon how its assets are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;allocated and reallocated. A principal risk of investing in the Fund is that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO may make less than optimal or poor asset allocation decisions. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO employs an active approach to allocation among multiple fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income sectors within the Fund's investment objectives and strategies, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but there is no guarantee that such allocation techniques will produce &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the desired results. It is possible that PIMCO will focus on an investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that performs poorly or underperforms other investments under various &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market conditions, or underperforms as compared to funds with similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment objectives and strategies. You could lose money on your &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment in the Fund as a result of these allocation decisions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_ManagementRiskMembercefRiskAxis"
      id="ixv-13725">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Management Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund is subject to management risk because it is an actively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;managed investment portfolio. PIMCO and each individual portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manager will apply investment techniques and risk analysis in making &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment decisions for the Fund, but there can be no guarantee that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these decisions will produce the desired results. Certain securities or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other instruments in which the Fund seeks to invest may not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available in the quantities desired, including in circumstances where &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other funds for which PIMCO acts as investment adviser, including funds &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with names, investment objectives and policies, and/or portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management teams, similar to the Fund, are seeking to invest in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;same or similar securities or instruments. In addition, regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;restrictions, actual or potential conflicts of interest or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considerations may cause PIMCO to restrict or prohibit participation in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain investments. In such circumstances, PIMCO or the individual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio managers may determine to purchase other securities or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments as substitutes. Such substitute securities or instruments may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not perform as intended, which could result in losses to the Fund. To the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent the Fund employs strategies targeting perceived pricing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inefficiencies, arbitrage strategies or similar strategies, it is subject to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that the pricing or valuation of the securities and instruments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involved in such strategies may change unexpectedly, which may result &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in reduced returns or losses to the Fund. The Fund is also subject to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that deficiencies in the internal systems or controls of PIMCO or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;another service provider will cause losses for the Fund or hinder Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operations. For example, trading delays or errors (both human and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;systemic) could prevent the Fund from purchasing a security expected to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;appreciate in value. Please refer to &#x201c;Portfolio Managers &#x2013; Conflicts of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Interest&#x201d; in the SAI for further information. Additionally, actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived conflicts of interest, legislative, regulatory, or tax restrictions, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;policies or developments may affect the investment techniques available &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to PIMCO and each individual portfolio manager in connection with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;managing the Fund and may also adversely affect the ability of the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to achieve its investment objectives. There also can be no assurance that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all of the personnel of PIMCO will continue to be associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO for any length of time. The loss of services of one or more key &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;employees of PIMCO could have an adverse impact on the Fund&#x2019;s ability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to realize its investment objectives.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the Fund may rely on various third-party sources to calculate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its NAV. As a result, the Fund is subject to certain operational risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with reliance on service providers and service providers&#x2019; data &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sources. In particular, errors or systems failures and other technological &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issues may adversely impact the Fund&#x2019;s calculations of its NAV, and such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;NAV calculation issues may result in inaccurately calculated NAVs, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delays in NAV calculation and/or the inability to calculate NAV over &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extended periods. The Fund may be unable to recover any losses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with such failures.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_IssuerRiskMembercefRiskAxis"
      id="ixv-13782">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Issuer Risk&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The value of a security may decline for a number of reasons that directly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relate to the issuer, such as management performance, major litigation, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investigations or other controversies, changes in the issuer&#x2019;s financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;condition or credit rating, changes in government regulations affecting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuer or its competitive environment and strategic initiatives such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as mergers, acquisitions or dispositions and the market response to any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such initiatives, financial leverage, reputation or reduced demand for the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer&#x2019;s goods or services, as well as the historical and prospective &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;earnings of the issuer and the value of its assets. A change in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial condition of a single issuer may affect one or more other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuers or securities markets as a whole. These risks can apply to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares issued by the Fund and to the issuers of securities and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other instruments in which the Fund invests.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_InterestRateRiskMembercefRiskAxis"
      id="ixv-13804">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Interest Rate Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Interest rate risk is the risk that fixed income securities and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments in the Fund&#x2019;s portfolio will fluctuate in value because of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;change in interest rates. For example, as nominal interest rates rise, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of certain fixed income securities held by the Fund is likely to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decrease. A nominal interest rate can be described as the sum of a real &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rate and an expected inflation rate. Interest rate changes can be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sudden and unpredictable, and the Fund may lose money as a result of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;movements in interest rates. The Fund may not be able to effectively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hedge against changes in interest rates or may choose not to do so for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cost or other reasons.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;A wide variety of factors can cause interest rates or yields of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. Treasury securities (or yields of other types of bonds) to rise, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;including but not limited to central bank monetary policies, changing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation or real growth rates, general economic conditions, increasing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bond issuances or reduced market demand for low yielding investments. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Risks associated with rising interest rates may be heightened under &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recent market conditions, including because the U.S. Federal Reserve &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(the &#x201c;Federal Reserve&#x201d;) has, in the recent past, raised interest rates from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;historically low levels. In addition, changes in monetary policy may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exacerbate the risks associated with changing interest rates. Further, in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market environments where interest rates are higher or rising, issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be less willing or able to make principal and interest payments on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fixed income investments when due. Actions by governments and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;central banking authorities can result in increases or decreases in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates. Periods of higher inflation could cause such authorities to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;raise interest rates, which may adversely affect the Fund and its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Further, fixed income securities with longer durations tend to be more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sensitive to changes in interest rates, usually making them more volatile. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Duration is a measure used to determine the sensitivity of a security&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price to changes in interest rates that incorporates a security&#x2019;s yield, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;coupon, final maturity and call features, among other characteristics. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Duration is useful primarily as a measure of the sensitivity of a fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income security&#x2019;s market price to interest rate (i.e., yield) movements. All &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other things remaining equal, for each one percentage point increase in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates, the value of a portfolio of fixed income investments would &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally be expected to decline by one percent for every year of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio&#x2019;s average duration above zero. For example, the value of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio of fixed income securities with an average duration of eight &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;years would generally be expected to decline by approximately 8% if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates rose by one percentage point.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Dividend-paying equity securities, particularly those whose market price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;is closely related to their yield, may be more sensitive to changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates. During periods of rising interest rates, the values of such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may decline and may result in losses to the Fund. Variable and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;floating rate securities may decline in value if their interest rates do not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rise as much, or as quickly, as interest rates in general. Conversely, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;floating rate securities will not generally increase in value if interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates decline. Inverse floating rate securities may decrease in value if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates increase. Inverse floating rate securities may also exhibit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater price volatility than a fixed rate obligation with similar credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;quality. When the Fund holds variable or floating rate securities, a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decrease (or, in the case of inverse floating rate securities, an increase) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in market interest rates will adversely affect the income received from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such securities and the NAV of the Fund&#x2019;s shares.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During periods of very low or negative interest rates, the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unable to maintain positive returns. Very low or negative interest rates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may magnify interest rate risk. Changing interest rates, including rates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that fall below zero, may have unpredictable effects on markets, may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result in heightened market volatility and may detract from Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;performance to the extent the Fund is exposed to such interest rates.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Measures such as average duration may not accurately reflect the true &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rate sensitivity of the Fund. This is especially the case if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consists of securities with widely varying durations. Therefore, if the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund has an average duration that suggests a certain level of interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate risk, the Fund may in fact be subject to greater interest rate risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;than the average would suggest. This risk is greater to the extent the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund uses leverage or derivatives in connection with the management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Convexity is an additional measure used to understand a security's or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund's interest rate sensitivity. Convexity measures the rate of change of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;duration in response to changes in interest rates. With respect to a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security&#x2019;s price, a larger convexity (positive or negative) may imply more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dramatic price changes in response to changing interest rates. Convexity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be positive or negative. Negative convexity implies that interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate increases result in increased duration and that interest rate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decreases result in declining duration (i.e., increased sensitivity in prices &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in response to rising and/or declining interest rates). Thus, securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with negative convexity, which may include bonds with traditional call &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;features and certain mortgage-backed securities, may experience &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater losses in periods of rising interest rates. Accordingly, if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;holds such securities, the Fund may be subject to a greater risk of losses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in periods of rising interest rates.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Rising interest rates may result in periods of volatility and a decline in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of the Fund&#x2019;s fixed income investments. Also, when interest rates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rise, issuers are less likely to refinance existing debt securities, causing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the average life of such securities to extend. Further, while U.S. bond &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets have steadily grown over the past three decades, dealer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;market making&#x201d; ability has remained relatively stagnant. As a result, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dealer inventories of certain types of bonds and similar instruments, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which provide a core indication of the ability of financial intermediaries &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to &#x201c;make markets,&#x201d; are at or near historic lows in relation to market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;size. Because market makers provide stability to a market through their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intermediary services, a significant reduction in dealer inventories could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potentially lead to decreased liquidity and increased volatility in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fixed income markets. Such issues may be exacerbated during periods of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic uncertainty. All of these factors, collectively and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;individually, could cause the Fund to lose value.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_CreditRisksMembercefRiskAxis"
      id="ixv-13960">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Credit Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund could lose money if the issuer or guarantor of a fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security (including a security purchased with securities lending &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral), the counterparty to a derivatives contract, or the issuer or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;guarantor of collateral, repurchase agreement or a loan of portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities is unable or unwilling, or is perceived (whether by market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participants, rating agencies, pricing services or otherwise) as unable or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unwilling, to make timely principal and/or interest payments, or to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise honor its financial obligations. The risk that such issuer, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;guarantor or counterparty is less willing or able to do so is heightened &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in market environments where interest rates are changing, notably &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when rates are rising. The downgrade of the credit rating of a security or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the issuer of a security held by the Fund may decrease its value. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Measures such as average credit quality may not accurately reflect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;true credit risk of the Fund. This is especially the case if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consists of securities with widely varying credit ratings. This risk is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater to the extent the Fund uses leverage or derivatives. Rising or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;high interest rates may deteriorate the credit quality of an issuer or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparty, particularly if an issuer or counterparty faces challenges &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rolling or refinancing its obligations. The Fund's investments may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely affected if any of the issuers it is invested in are subject to an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;actual or perceived (whether by market participants, rating agencies, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pricing services or otherwise) deterioration to their credit quality.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Credit risk includes credit spread risk, which is the risk that credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;spreads (i.e., the difference in yield between securities that is due to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;differences in their actual or perceived credit quality) may increase when &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the market believes that investments generally have a greater risk of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default. Increasing credit spreads may reduce the market values of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund's investments. Credit spreads often increase more for lower rated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and unrated securities than for investment grade securities. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when credit spreads increase, reductions in market value will generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be greater for longer-maturity securities. Further, credit spread duration &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(a measure of credit spread risk) can vary significantly from interest rate &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;duration (e.g., for floating rate debt securities, credit spread duration &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;typically will be higher than interest rate duration). The Fund may add &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit spread duration to its portfolio, for example through the use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives (e.g., credit default swaps), even while it has lower interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate duration. The credit spread duration of the Fund&#x2019;s portfolio may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;vary, in some cases significantly, from its interest rate duration. All &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;descriptions of duration in this prospectus refer to interest rate duration &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unless otherwise noted.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMembercefRiskAxis"
      id="ixv-14037">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Mortgage-Related and Other Asset-Backed Instruments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The mortgage-related assets in which the Fund may invest include, but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are not limited to, any security, instrument or other asset that is related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to U.S. or non-U.S. mortgages, including those issued by private &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;originators or issuers, or issued or guaranteed as to principal or interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by the U.S. government or its agencies or instrumentalities or by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-U.S. governments or authorities, such as, without limitation, assets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;representing interests in, collateralized or backed by, or whose values &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are determined in whole or in part by reference to any number of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages or pools of mortgages or the payment experience of such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages or pools of mortgages, including REMICs, which could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;include Re-REMICs, mortgage pass-through securities, inverse floaters, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CMOs, CLOs, multi-class pass-through securities, private mortgage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pass-through securities, stripped mortgage securities (generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest-only and principal-only securities), mortgage-related asset &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;backed securities and mortgage-related loans (including through &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participations, assignments, originations and whole loans), including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;commercial and residential mortgage loans. Exposures to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related assets through derivatives or other financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments will be considered investments in mortgage-related assets.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may also invest in other types of ABS, including CDOs, CBOs &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and CLOs and other similarly structured securities. See &#x201c;Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Objectives and Policies&#x2014;Portfolio Contents&#x2014;Mortgage-Related and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Other Asset-Backed Instruments&#x201d; in this prospectus and &#x201c;Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Objectives and Policies&#x2014;Mortgage-Related and Other Asset-Backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Instruments&#x201d; in the Statement of Additional Information for a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;description of the various mortgage-related and other asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments in which the Fund may invest and their related risks.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-related and other asset-backed instruments represent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interests in &#x201c;pools&#x201d; of mortgages or other assets such as consumer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans or receivables held in trust and often involve risks that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;different from or possibly more acute than risks associated with other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;types of debt instruments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Generally, rising interest rates tend to extend the duration of fixed rate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related assets, making them more sensitive to changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates. Compared to other fixed income investments with similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;maturity and credit, mortgage-related securities may increase in value to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a lesser extent when interest rates decline and may decline in value to a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;similar or greater extent when interest rates rise. As a result, in a period &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of rising interest rates, the Fund may exhibit additional volatility since &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;individual mortgage holders are less likely to exercise prepayment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;options, thereby putting additional downward pressure on the value of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these securities and potentially causing the Fund to lose money. This is &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;known as extension risk. Mortgage-backed securities can be highly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sensitive to rising interest rates, such that even small movements can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cause the Fund to lose value. Mortgage-backed securities, and in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;particular those not backed by a government guarantee, are subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit risk. When interest rates decline, borrowers may pay off their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages sooner than expected. This can reduce the returns of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund because the Fund may have to reinvest that money at the lower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prevailing interest rates.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the creditworthiness, servicing practices, and financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;viability of the servicers of the underlying mortgage pools present &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant risks. For instance, a servicer may be required to make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advances in respect of delinquent loans underlying the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related securities; however, servicers experiencing financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficulties may not be able to perform these obligations. Additionally, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;both mortgage-related securities and asset-backed securities are subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to risks associated with fraud or negligence by, or defalcation of, their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;servicers. These securities are also subject to the risks of the underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans. In some circumstances, a servicer&#x2019;s or originator&#x2019;s mishandling of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;documentation related to the underlying collateral (e.g., failure to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properly document a security interest in the underlying collateral) may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the rights of security holders in and to the underlying collateral. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, the underlying loans may have been extended pursuant to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inappropriate underwriting guidelines, to no underwriting guidelines at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all, or to fraudulent origination practices. The owner of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed security&#x2019;s ability to recover against the sponsor, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;servicer or originator is uncertain and is often limited.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investments in other asset-backed instruments are subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks similar to those associated with mortgage-related assets, as well &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as additional risks associated with the nature of the assets and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;servicing of those assets. Payment of principal and interest on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;asset-backed instruments may be largely dependent upon the cash &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;flows generated by the assets backing the instruments, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;asset-backed instruments may not have the benefit of any security &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest in the related assets.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subordinate mortgage-backed or asset-backed instruments are paid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest only to the extent that there are funds available to make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments. To the extent the collateral pool includes a large percentage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of delinquent loans, there is a risk that interest payments on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subordinate mortgage-backed or asset-backed instruments will not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fully paid.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There are multiple tranches of mortgage-backed and asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments, offering investors various maturity and credit risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;characteristics. For example, tranches may be categorized as senior, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mezzanine, and subordinated/equity or &#x201c;first loss.&#x201d; The most senior &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranche of a mortgage-backed or asset-backed instrument generally has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the greatest collateralization and generally pays the lowest interest rate. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;If there are defaults or the collateral otherwise underperforms, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;scheduled payments to senior tranches generally take precedence over &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;those of mezzanine tranches, and scheduled payments to mezzanine &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranches take precedence over those to subordinated/equity tranches. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Lower tranches represent lower degrees of credit quality and pay higher &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates intended to compensate for the attendant risks. The return &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on the lower tranches is especially sensitive to the rate of defaults in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral pool. The lowest tranche (i.e., the &#x201c;equity&#x201d; or &#x201c;residual&#x201d; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranche) generally specifically receives the residual interest payments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(i.e., money that is left over after the higher tranches have been paid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and expenses of the issuing entities have been paid) rather than a fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rate. The Fund may also invest in the residual or equity tranches &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of mortgage-related and other asset-backed instruments, which may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;referred to as subordinate mortgage-backed or asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments and interest-only mortgage-backed or asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments. The Fund expects that investments in subordinate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed and other asset-backed instruments will be subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks arising from delinquencies and foreclosures, thereby exposing its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment portfolio to potential losses. Subordinate securities of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed and other asset-backed instruments are also subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to greater credit risk than those mortgage-backed or other asset-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments that are more highly rated.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The mortgage markets in the United States and in various foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countries have experienced extreme difficulties in the past that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely affected the performance and market value of certain of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s mortgage-related investments. Delinquencies and losses on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;residential and commercial mortgage loans (especially subprime and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;second-lien mortgage loans) may increase, and a decline in or flattening &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of housing and other real property values may exacerbate such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delinquencies and losses. In addition, reduced investor demand for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage loans and mortgage-related securities and increased investor &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;yield requirements have caused limited liquidity in the secondary market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for mortgage-related securities, which can adversely affect the market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of mortgage-related securities. It is possible that such limited &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquidity in such secondary markets could continue or worsen.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;With respect to risk retention tranches (i.e., eligible residual interests &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;initially held by the sponsors of CMBS and other eligible securitizations &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pursuant to the U.S. Risk Retention Rules), a third-party purchaser, such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as the Fund, must hold its retained interest, unhedged, for at least five &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;years following the closing of the CMBS transaction, after which it is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;entitled to transfer its interest in the securitization to another person &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that meets the requirements for a third-party purchaser. Even after the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required holding period has expired, due to the generally illiquid nature &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of such investments, no assurance can be given as to what, if any, exit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies will ultimately be available for any given position.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, there is limited guidance on the application of the final &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. Risk Retention Rules to specific securitization structures. There can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be no assurance that the applicable federal agencies charged with the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;implementation of the final U.S. Risk Retention Rules (e.g., the FDIC, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Comptroller of the Currency, the Federal Reserve Board, the SEC, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Department of Housing and Urban Development, and the Federal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Housing Finance Agency) could not take positions in the future that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;differ from the interpretation of such rules taken or embodied in such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securitizations, or that the final U.S. Risk Retention Rules will not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;change.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Furthermore, in situations where the Fund invests in risk retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranches of securitizations structured by third parties, the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required to execute one or more letters or other agreements, the exact &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;form and nature of which will vary (each, a &#x201c;Risk Retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Agreement&#x201d;) under which it will make certain undertakings designed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ensure such securitization complies with the U.S. Risk Retention Rules. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Such Risk Retention Agreements may include a variety of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;representations, warranties, covenants and other indemnities, each of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may run to various transaction parties. If the Fund breaches any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;undertakings in any Risk Retention Agreement, it will be exposed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;claims by the other parties thereto, including for any losses incurred as a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result of such breach, which could be significant and exceed the value of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s investments.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_MortgageRelatedDerivativeInstrumentsRiskMembercefRiskAxis"
      id="ixv-14265">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Mortgage-Related Derivative Instruments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may engage in derivative transactions related to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed securities, including purchasing and selling &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exchange-listed and OTC put and call options, futures and forwards on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages and mortgage-backed securities. The Fund may also invest in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed securities credit default swaps, which include swaps &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the reference obligation for which is a mortgage-backed security or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;related index, such as the CMBX Index (a tradeable index referencing a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;basket of commercial mortgage-backed securities) or the ABX (a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tradeable index referencing a basket of sub-prime mortgage-backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities). The Fund may invest in newly developed mortgage related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives that may hereafter become available.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Derivative mortgage-backed securities (such as principal-only (&#x201c;POs&#x201d;), &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest-only (&#x201c;IOs&#x201d;) or inverse floating rate securities) are particularly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exposed to call and extension risks. Small changes in mortgage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prepayments can significantly impact the cash flows and the market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of these derivative instruments. In general, the risk of faster than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;anticipated prepayments adversely affects IOs, super floaters and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;premium priced mortgage-backed securities. The risk of slower than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;anticipated prepayments generally affects POs, floating-rate securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to interest rate caps, support tranches and discount priced &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed securities. In addition, particular derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments may be leveraged such that their exposure (i.e., price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sensitivity) to interest rate and/or prepayment risk is magnified. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-related derivative instruments involve risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related and other asset-backed instruments, privately-issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related securities, the mortgage market, the real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;industry, derivatives and credit default swaps. See &#x201c;Mortgage-Related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and Other Asset-Backed Instruments Risk,&#x201d; &#x201c;Privately-Issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-Related Securities Risk,&#x201d; &#x201c;Derivatives Risk,&#x201d; and &#x201c;Credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Default Swaps Risk.&#x201d;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-related derivative instruments involve risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related and other asset-backed instruments, privately-issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related securities, the mortgage market, the real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;industry, derivatives and credit default swaps. See &#x201c;Mortgage-Related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and Other Asset-Backed Instruments Risk,&#x201d; &#x201c;Privately-Issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Mortgage-Related Securities Risk,&#x201d; &#x201c;Derivatives Risk,&#x201d; and &#x201c;Credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Default Swaps Risk.&#x201d;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_PrivatelyIssuedMortgageRelatedSecuritiesRiskMembercefRiskAxis"
      id="ixv-14338">&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Privately-Issued Mortgage-Related Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There are no direct or indirect government or agency guarantees of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments in pools created by non-governmental issuers. Privately-issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related securities are also not subject to the same &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underwriting requirements for the underlying mortgages that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;applicable to those mortgage-related securities that have a government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or government sponsored entity guarantee.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Privately-issued mortgage-related securities are not traded on an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exchange and there may be a limited market for the securities, especially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when there is a perceived weakness in the mortgage and real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market sectors. Without an active trading market, mortgage-related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities held in the Fund&#x2019;s portfolio may be particularly difficult to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value because of the complexities involved in assessing the value of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying mortgage loans.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_HighYieldSecuritiesRiskMembercefRiskAxis"
      id="ixv-14359">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;High Yield Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent that the Fund invests in high yield securities and unrated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities of similar credit quality (commonly known as &#x201c;high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities&#x201d; or &#x201c;junk bonds&#x201d;), the Fund may be subject to greater levels &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of credit risk, call risk and liquidity risk than funds that do not invest in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such securities, which could have a negative effect on the NAV and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market price of the Fund&#x2019;s Common Shares or Common Share &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dividends. These securities are considered predominantly speculative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with respect to an issuer&#x2019;s continuing ability to make principal and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest payments, and may be more volatile than other types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. An economic downturn or individual corporate developments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could adversely affect the market for these securities and reduce the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s ability to sell these securities at an advantageous time or price. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An economic downturn could also generally lead to a higher &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-payment rate and, a high yield security may lose significant market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value before a default occurs. The Fund may purchase distressed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities that are in default or the issuers of which are in bankruptcy, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which involve heightened risks.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;High yield securities structured as zero-coupon bonds or pay-in-kind &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities tend to be especially volatile as they are particularly sensitive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to downward pricing pressures from rising interest rates or widening &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;spreads and may require the Fund to make taxable distributions of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;imputed income without receiving the actual cash currency. Issuers of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;high yield securities may have the right to &#x201c;call&#x201d; or redeem the issue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prior to maturity, which may result in the Fund having to reinvest the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds in other high yield securities or similar instruments that may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pay lower interest rates. The Fund may also be subject to greater levels &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of liquidity risk than funds that do not invest in high yield securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Consequently, transactions in high yield securities may involve greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;costs than transactions in more actively traded securities. A lack of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;publicly-available information, irregular trading activity and wide &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bid/ask spreads among other factors, may, in certain circumstances, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;make high yield debt more difficult to sell at an advantageous time or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price than other types of securities or instruments. These factors may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result in the Fund being unable to realize full value for these securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or may result in the Fund not receiving the proceeds from a sale of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a high yield security for an extended period after such sale, each of &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could result in losses to the Fund. Because of such risks involved &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in investing in high yield securities, an investment in the Fund should be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considered speculative.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In general, lower rated debt securities carry a greater degree of risk that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuer will lose its ability to make interest and principal payments, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could have a negative effect on the Fund. Securities of below &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment grade quality are regarded as having predominantly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative characteristics with respect to capacity to pay interest and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;repay principal and are commonly referred to as &#x201c;high yield&#x201d; securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or &#x201c;junk bonds.&#x201d; High yield securities involve a greater risk of default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and their prices are generally more volatile and sensitive to actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived negative developments. Debt securities in the lowest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment grade category also may be considered to possess some &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative characteristics by certain rating agencies. The Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase stressed or distressed securities that are in default or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuers of which are in bankruptcy, which involve heightened risks.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An economic downturn could severely affect the ability of issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(particularly those that are highly leveraged) to service or repay their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;debt obligations. Lower-rated securities are generally less liquid than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher-rated securities, which may have an adverse effect on the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to dispose of them. For example, under adverse market or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic conditions, the secondary market for below investment grade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities could contract further, independent of any specific adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in the condition of a particular issuer, and certain securities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s portfolio may become illiquid or less liquid. As a result, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund could find it more difficult to sell these securities or may be able to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sell these securities only at prices lower than if such securities were &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;widely traded. To the extent the Fund focuses on below investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;grade debt obligations, PIMCO&#x2019;s capabilities in analyzing credit quality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and associated risks will be particularly important, and there can be no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance that PIMCO will be successful in this regard. Due to such risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involved in investing in high yield securities, an investment in the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;should be considered speculative.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s credit quality policies apply only at the time a security is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchased, and the Fund is not required to dispose of a security in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event that a rating agency or PIMCO downgrades its assessment of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit characteristics of a particular issue. In determining whether to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;retain or sell such a security, PIMCO may consider factors including, but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not limited to, PIMCO's assessment of the credit quality of the issuer of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such security, the price at which such security could be sold and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rating, if any, assigned to such security by other rating agencies. Analysis &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of creditworthiness may be more complex for issuers of high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities than that for issuers of higher quality debt securities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;See &#x201c;Investment Objectives and Policies-Portfolio Contents-High Yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Securities&#x201d; for additional information.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent that the Fund invests in high yield securities and unrated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities of similar credit quality (commonly known as &#x201c;high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities&#x201d; or &#x201c;junk bonds&#x201d;), the Fund may be subject to greater levels &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of credit risk, call risk and liquidity risk than funds that do not invest in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such securities, which could have a negative effect on the NAV and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market price of the Fund&#x2019;s Common Shares or Common Share &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dividends. These securities are considered predominantly speculative &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with respect to an issuer&#x2019;s continuing ability to make principal and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest payments, and may be more volatile than other types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. An economic downturn or individual corporate developments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could adversely affect the market for these securities and reduce the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s ability to sell these securities at an advantageous time or price. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An economic downturn could also generally lead to a higher &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-payment rate and, a high yield security may lose significant market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value before a default occurs. The Fund may purchase distressed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities that are in default or the issuers of which are in bankruptcy, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which involve heightened risks.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;High yield securities structured as zero-coupon bonds or pay-in-kind &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities tend to be especially volatile as they are particularly sensitive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to downward pricing pressures from rising interest rates or widening &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;spreads and may require the Fund to make taxable distributions of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;imputed income without receiving the actual cash currency. Issuers of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;high yield securities may have the right to &#x201c;call&#x201d; or redeem the issue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prior to maturity, which may result in the Fund having to reinvest the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds in other high yield securities or similar instruments that may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pay lower interest rates. The Fund may also be subject to greater levels &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of liquidity risk than funds that do not invest in high yield securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Consequently, transactions in high yield securities may involve greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;costs than transactions in more actively traded securities. A lack of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;publicly-available information, irregular trading activity and wide &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bid/ask spreads among other factors, may, in certain circumstances, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;make high yield debt more difficult to sell at an advantageous time or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price than other types of securities or instruments. These factors may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result in the Fund being unable to realize full value for these securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or may result in the Fund not receiving the proceeds from a sale of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a high yield security for an extended period after such sale, each of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could result in losses to the Fund. Because of such risks involved &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in investing in high yield securities, an investment in the Fund should be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considered speculative.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In general, lower rated debt securities carry a greater degree of risk that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuer will lose its ability to make interest and principal payments, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which could have a negative effect on the Fund. Securities of below &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment grade quality are regarded as having predominantly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative characteristics with respect to capacity to pay interest and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;repay principal and are commonly referred to as &#x201c;high yield&#x201d; securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or &#x201c;junk bonds.&#x201d; High yield securities involve a greater risk of default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and their prices are generally more volatile and sensitive to actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived negative developments. Debt securities in the lowest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment grade category also may be considered to possess some &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative characteristics by certain rating agencies. The Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase stressed or distressed securities that are in default or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuers of which are in bankruptcy, which involve heightened risks.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An economic downturn could severely affect the ability of issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(particularly those that are highly leveraged) to service or repay their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;debt obligations. Lower-rated securities are generally less liquid than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher-rated securities, which may have an adverse effect on the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to dispose of them. For example, under adverse market or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic conditions, the secondary market for below investment grade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities could contract further, independent of any specific adverse &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in the condition of a particular issuer, and certain securities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s portfolio may become illiquid or less liquid. As a result, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund could find it more difficult to sell these securities or may be able to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sell these securities only at prices lower than if such securities were &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;widely traded. To the extent the Fund focuses on below investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;grade debt obligations, PIMCO&#x2019;s capabilities in analyzing credit quality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and associated risks will be particularly important, and there can be no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance that PIMCO will be successful in this regard. Due to such risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involved in investing in high yield securities, an investment in the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;should be considered speculative.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s credit quality policies apply only at the time a security is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchased, and the Fund is not required to dispose of a security in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event that a rating agency or PIMCO downgrades its assessment of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit characteristics of a particular issue. In determining whether to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;retain or sell such a security, PIMCO may consider factors including, but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not limited to, PIMCO's assessment of the credit quality of the issuer of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such security, the price at which such security could be sold and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rating, if any, assigned to such security by other rating agencies. Analysis &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of creditworthiness may be more complex for issuers of high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities than that for issuers of higher quality debt securities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;See &#x201c;Investment Objectives and Policies-Portfolio Contents-High Yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Securities&#x201d; for additional information.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_DistressedAndDefaultedSecuritiesRiskMembercefRiskAxis"
      id="ixv-14593">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Distressed and Defaulted Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in the securities of financially distressed issuers involve &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;substantial risks, including the risk of default. Distressed securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally trade significantly below &#x201c;par&#x201d; or full value because &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments in such securities and debt of distressed issuers or issuers in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default are considered speculative and involve substantial risks in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition to the risks of investing in high-yield bonds. Such investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be in default at the time of investment. In addition, these securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may fluctuate more in price, and are typically less liquid. The Fund also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will be subject to significant uncertainty as to when, and in what &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manner, and for what value obligations evidenced by securities of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financially distressed issuers will eventually be satisfied. Defaulted &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations might be repaid only after lengthy workout or bankruptcy &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceedings, during which the issuer might not make any interest or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other payments. In any such proceeding relating to a defaulted &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligation, the Fund may lose its entire investment or may be required &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to accept cash or securities with a value substantially less than its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;original investment. Moreover, any securities received by the Fund upon &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;completion of a workout or bankruptcy proceeding may be less liquid, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;speculative or restricted as to resale. Similarly, if the Fund participates in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negotiations with respect to any exchange offer or plan of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reorganization with respect to the securities of a distressed issuer, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund may be restricted from disposing of such securities. To the extent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that the Fund becomes involved in such proceedings, the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have a more active participation in the affairs of the issuer than that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assumed generally by an investor. The Fund may incur additional &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses to the extent it is required to seek recovery upon a default in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the payment of principal or interest on its portfolio holdings.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Also among the risks inherent in investments in a troubled issuer is that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;it frequently may be difficult to obtain information as to the true &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial condition of such issuer. PIMCO's judgments about the credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;quality of a financially distressed issuer and the relative value of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may prove to be wrong.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_InflationIndexedSecurityRiskMembercefRiskAxis"
      id="ixv-14659">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inflation-Indexed Security Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Inflation-indexed debt securities are subject to the effects of actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;anticipated changes in market interest rates caused by factors other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;than inflation (real interest rates). In general, the value of an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation-indexed security, including Treasury Inflation-Protected &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Securities (&#x201c;TIPS&#x201d;), tends to decrease when real interest rates increase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and can increase when real interest rates decrease. Thus generally, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;during periods of rising inflation, the value of inflation-indexed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities will tend to increase and during periods of deflation, their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value will tend to decrease. Interest payments on inflation-indexed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are unpredictable and will fluctuate as the principal and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest are adjusted for inflation. There can be no assurance that the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation index used (&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;i.e.,&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; the CPI) will accurately measure the real rate of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation in the prices of goods and services. Increases in the principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of TIPS due to inflation are considered taxable ordinary income for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the amount of the increase in the calendar year. Any increase in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;principal amount of an inflation-indexed debt security will be considered &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxable ordinary income, even though the Fund will not receive the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;principal until maturity. Additionally, a CPI swap can potentially lose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value if the realized rate of inflation over the life of the swap is less than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the fixed market implied inflation rate (fixed breakeven rate) that the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investor agrees to pay at the initiation of the swap. With municipal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inflation-indexed securities, the inflation adjustment is integrated into &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the coupon payment, which is federally tax exempt (and may be state &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tax exempt). For municipal inflation-indexed securities, there is no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adjustment to the principal value. Because municipal inflation-indexed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are a small component of the municipal bond market, they &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be less liquid than conventional municipal bonds.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_SeniorDebtRiskMembercefRiskAxis"
      id="ixv-14696">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Senior Debt Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may be subject to greater levels of credit risk than funds that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;do not invest in below investment grade senior debt. The Fund may also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be subject to greater levels of liquidity risk than funds that do not invest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in senior debt. Restrictions on transfers in loan agreements, a lack of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;publicly available information and other factors may, in certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instances, make senior debt more difficult to sell at an advantageous &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;time or price than other types of securities or instruments. Additionally, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;if the issuer of senior debt prepays, the Fund will have to consider &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reinvesting the proceeds in other senior debt or similar instruments that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may pay lower interest rates.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMembercefRiskAxis"
      id="ixv-14713">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Loans and Other Indebtedness; Loan Acquisitions, &lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Participations and Assignments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Loan interests may take the form of (i) direct interests acquired during a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;primary distribution or other purchase of a loan or (ii) assignments of, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;novations of or participations in all or a portion of a loan acquired in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary markets. In addition to credit risk and interest rate risk, the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s exposure to loan interests may be subject to additional risks. For &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;example, purchasers of loans and other forms of direct indebtedness &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depend primarily upon the creditworthiness of the borrower for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payment of principal and interest. Loans are subject to the risk that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;scheduled interest or principal payments will not be made in a timely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manner or at all, either of which may adversely affect the value of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loan. If the Fund does not receive scheduled interest or principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments on such indebtedness, the Fund&#x2019;s share price and yield could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be adversely affected. Loans that are fully secured may offer the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more protection than an unsecured loan in the event of non-payment of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;scheduled interest or principal if the Fund is able to access and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;monetize the collateral. However, the collateral underlying a loan, if any, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be unavailable or insufficient to satisfy a borrower&#x2019;s obligation. If &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund becomes owner, whole or in part, of any collateral after a loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;is foreclosed, the Fund may incur costs associated with owning and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;monetizing its ownership of the collateral.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During periods of deteriorating economic conditions, such as recessions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or periods of rising unemployment, or changing interest rates (notably &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increases), delinquencies and losses generally increase, sometimes &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dramatically, with respect to obligations under such loans. An economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;downturn or individual corporate developments could adversely affect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the market for these instruments and reduce a Fund&#x2019;s ability to sell &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these instruments at an advantageous time or price. An economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;downturn could also generally lead to a higher nonpayment rate and, a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loan may lose significant market value before a default occurs.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in loans through a purchase of a loan or a direct &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assignment of a financial institution&#x2019;s interests with respect to a loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may involve additional risks to the Fund. For example, if a loan is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreclosed, the Fund could become owner, in whole or in part, of any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral, which could include, among other assets, real estate or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;real or personal property, and would bear the costs and liabilities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with owning and holding or disposing of the collateral. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchaser of an assignment typically succeeds to all the rights and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations under the loan agreement with the same rights and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations as the assigning lender. Assignments may, however, be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;arranged through private negotiations between potential assignees and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potential assignors, and the rights and obligations acquired by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchaser of an assignment may differ from, and be more limited than, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;those held by the assigning lender.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In connection with purchasing loan participations, the Fund generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will have no right to enforce compliance by the borrower with the terms &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the loan agreement relating to the loan, nor any rights of set-off &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against the borrower, and the Fund may not directly benefit from any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral supporting the loan in which it has purchased the loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participation. As a result, the Fund will be subject to the credit risk of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;both the borrower and the lender that is selling the participation. In the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event of the insolvency of the lender selling a participation, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be treated as a general creditor of the lender and may not benefit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from any set-off between the lender and the borrower. Certain loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participations may be structured in a manner designed to prevent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchasers of participations from being subject to the credit risk of the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lender, but even under such a structure, in the event of the lender&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insolvency, the lender&#x2019;s servicing of the participation may be delayed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and the assignability of the participation impaired.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may have difficulty disposing of loans and loan participations. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Because there is no liquid market for many such investments, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;anticipates that such investments could be sold only to a limited number &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of institutional investors. The lack of a liquid secondary market may have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an adverse impact on the value of such investments and the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to dispose of particular loans and loan participations when that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would be desirable, including in response to a specific economic event &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as a deterioration in the creditworthiness of the borrower. The lack &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of a liquid secondary market for loans and loan participations also may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;make it more difficult for the Fund to assign a value to these securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for purposes of valuing the Fund&#x2019;s portfolio. Investments in loans may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;include participations in bridge loans, which are loans taken out by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;borrowers for a short period (typically less than one year) pending &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;arrangement of more permanent financing through, for example, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuance of bonds, frequently high yield bonds issued for the purpose of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;acquisitions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in loans may include acquisitions of, or participation in, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delayed draw and delayed funding loans and revolving credit facilities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;These commitments may have the effect of requiring the Fund to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase its investment in a borrower at a time when it might not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise decide to do so (including at a time when the company&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial condition makes it unlikely that such amounts will be repaid). &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Delayed draw and delayed funding loans and revolving credit facilities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be subject to restrictions on transfer, and only limited opportunities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may exist to resell such instruments. As a result, a Fund may be unable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to sell such investments at an opportune time or may have to resell &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;them at less than fair market value. Further, the Fund may need to hold &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquid assets in order to provide funding for these types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;commitments, meaning the Fund may not be able to invest in other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;attractive investments, or the Fund may need to liquidate existing assets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in order to provide such funding.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in loans used to finance the cost of construction, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;acquisition, development, and/ or rehabilitation of a property, including, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but not limited to, development of single-family for-sale homes, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;multi-family rentals and/or commercial facilities. Such construction &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lending may expose the Fund to increased risk of non-payment and loss &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;because the loan is not backed by a finished project. Such risk may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depend on the nature of the construction and the relevant counterparty &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or counterparties, which may include, but not be limited to, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;homebuilders, private developers and/or entities with limited capital. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Repayment of these types of loans may depend on the borrower&#x2019;s ability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to secure permanent &#x201c;take-out&#x201d; financing, which requires the successful &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;completion of the project, or operation of the property with an income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;stream sufficient to meet operating and loan expenses. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these types of loans are subject to the risk of errors in estimations of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;property&#x2019;s value at completion of construction and the estimated cost of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;construction, as well as the risk that the projects may not be completed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and have limited liquidity.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent the Fund invests in loans, including, but not limited to, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bank loans, non-syndicated loans, the residual or equity tranches of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-related and other asset-backed securities, which may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;referred to as subordinate mortgage-backed or asset-backed securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and interest-only mortgage-backed or asset-backed securities, and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, the Fund may be subject to greater levels of credit risk, call &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk, settlement risk and liquidity risk. These instruments are considered &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;predominantly speculative with respect to an issuer&#x2019;s continuing ability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to make principal and interest payments and may be more volatile than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other types of securities.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may also be subject to greater levels of liquidity risk than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;funds that do not invest in loans. In addition, the loans in which the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund invests may not be listed on any exchange and a secondary market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for such loans may be comparatively illiquid relative to markets for other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more liquid fixed income securities. Consequently, transactions in loans &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may involve greater costs than transactions in more actively traded &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. In connection with certain loan transactions, transaction costs &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are borne by the Fund may include the expenses of third parties &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are retained to assist with reviewing and conducting diligence, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negotiating, structuring and servicing a loan transaction, and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;providing other services in connection therewith. Furthermore, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may incur such costs in connection with loan transactions that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pursued by the Fund but not ultimately consummated (so-called &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;broken deal costs&#x201d;).&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Restrictions on transfers in loan agreements, a lack of publicly available &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information, irregular trading activity and wide bid/ask spreads, among &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other factors, may, in certain circumstances, make loans more difficult to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sell at an advantageous time or price than other types of securities or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments. These factors may result in the Fund being unable to realize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;full value for the loans and/or may result in the Fund not receiving the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds from a sale of a loan for an extended period after such sale, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;each of which could result in losses to the Fund. Some loans may have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extended trade settlement periods, including settlement periods of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater than seven days, which may result in cash not being &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;immediately available to the Fund. If an issuer of a loan prepays or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;redeems the loan prior to maturity, the Fund may have to reinvest the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds in other loans or similar instruments that may pay lower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates. Because of such risks involved in investing in loans, an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment in the Fund should be considered speculative.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investments in subordinated and unsecured loans generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are subject to similar risks as those associated with investments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secured loans. Subordinated or unsecured loans are lower in priority of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payment to secured loans and are subject to the additional risk that the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cash flow of the borrower and property securing the loan or debt, if any, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be insufficient to meet scheduled payments after giving effect to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the senior secured obligations of the borrower. This risk is generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher for subordinated unsecured loans or debt, which are not backed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by a security interest in any specific collateral. Subordinated and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unsecured loans generally have greater price volatility than secured &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans and may be less liquid. There is also a possibility that originators &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will not be able to sell participations in subordinated or unsecured &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans, which would create greater credit risk exposure for the holders of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such loans. Subordinate and unsecured loans share the same risks as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other below investment grade securities.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There may be less readily available information about most loans and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the underlying borrowers than is the case for many other types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. Loans may be issued by companies that are not subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;SEC reporting requirements and therefore may not be required to file &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reports with the SEC or may file reports that are not required to comply &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with SEC form requirements. In addition, such companies may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to a less stringent liability disclosure regime than companies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to SEC reporting requirements. Loans may not be considered &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;securities,&#x201d; and purchasers, such as the Fund, therefore may not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;entitled to rely on the anti-fraud protections of the federal securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;laws. Because there is limited public information available regarding &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loan investments, the Fund is particularly dependent on the analytical &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;abilities of the Fund&#x2019;s portfolio managers.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Economic exposure to loan interests through the use of derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions may involve greater risks than if the Fund had invested in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the loan interest directly during a primary distribution, through direct &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;originations or through assignments of, novations of or participations in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a loan acquired in secondary markets since, in addition to the risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;described above, certain derivative transactions may be subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leverage risk and greater illiquidity risk, counterparty risk, valuation risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other risks.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_CovenantLiteObligationsRiskMembercefRiskAxis"
      id="ixv-15000">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#x201c;Covenant-lite&#x201d; Obligations Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Covenant-lite obligations contain fewer maintenance covenants than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other obligations, or no maintenance covenants, and may not include &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;terms that allow the lender to monitor the performance of the borrower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and declare a default if certain criteria are breached. Covenant-lite &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans carry a risk that the borrower could transfer or encumber its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets, which could reduce the amount of assets that can be used to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;satisfy debts and result in losses for debtholders. Covenant-lite loans &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may carry more risk than traditional loans as they allow individuals and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporations to engage in activities that would otherwise be difficult or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impossible under a covenant-heavy loan agreement. In the event of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default, covenant-lite loans may exhibit diminished recovery values as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the lender may not have the opportunity to negotiate with the borrower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prior to default.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_SubprimeRiskMembercefRiskAxis"
      id="ixv-15020">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Subprime Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Loans, and debt instruments collateralized by loans&#160;(including Alt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Lending ABS), acquired by the Fund may be subprime in quality, or may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;become subprime in quality. Although there is no specific legal or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market definition of &#x201c;subprime,&#x201d; subprime loans are generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;understood to refer to loans made to borrowers that display poor credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;histories and other characteristics that correlate with a higher default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk. Accordingly, subprime loans, and debt instruments secured by such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans&#160;including Alt Lending ABS), have speculative characteristics and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are subject to heightened risks, including the risk of nonpayment of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest or repayment of principal, and the risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments in high yield securities. In addition, these instruments could &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be subject to increased regulatory scrutiny. The Fund is not restricted by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any particular borrower credit risk criteria and/or qualifications when &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;acquiring loans or debt instruments collateralized by loans.&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_PrivacyAndDataSecurityRiskMembercefRiskAxis"
      id="ixv-15045">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Privacy and Data Security Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The GLBA and other laws limit the disclosure of certain non-public &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;personal information about a consumer to non- affiliated third parties &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and require financial institutions to disclose certain privacy policies and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;practices with respect to information sharing with both affiliates and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-affiliated third parties. Many states and a number of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-U.S. jurisdictions have enacted privacy and data security laws &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requiring safeguards on the privacy and security of consumers&#x2019; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;personally identifiable information. Other laws deal with obligations to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;safeguard and dispose of private information in a manner designed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Commission and SEC implement GLBA and other requirements and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;govern the disclosure of consumer financial information by certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial institutions, ranging from banks to private investment funds. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. platforms following certain models generally are required to have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;privacy policies that conform to these GLBA and other requirements. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, such platforms typically have policies and procedures intended &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to maintain platform participants&#x2019; personal information securely and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dispose of it properly.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund generally does not intend to obtain or hold borrowers&#x2019; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-public personal information, and the Fund has implemented &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;procedures reasonably designed to prevent the disclosure of borrowers&#x2019; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-public personal information to the Fund. However, service providers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the Fund, including their custodians and the platforms acting as loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;servicers for the Fund, may obtain, hold or process such information. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund cannot guarantee the security of non-public personal information &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the possession of such a service provider and cannot guarantee that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;service providers have been and will continue to comply with the GLBA, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other data security and privacy laws and any other related regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requirements. Violations of GLBA and other laws could subject the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to litigation and/or fines, penalties or other regulatory action, which, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;individually or in the aggregate, could have an adverse effect on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund. The Fund may also face regulations related to privacy and data &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security in the other jurisdictions in which the Fund invests.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_PlatformRiskMembercefRiskAxis"
      id="ixv-15087">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Platform Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Alt Lending ABS in which the Fund may invest are typically not listed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on any securities exchange and not registered under the Securities Act. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the Fund anticipates that these instruments may only be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sold to a limited number of investors and may have a limited or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-existent secondary market. Accordingly, the Fund currently expects &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that certain of the investments it may make in Alt Lending ABS will face &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;heightened levels of liquidity risk. Although currently there is generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no reliable, active secondary market for certain Alt Lending ABS, a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary market for these Alt Lending ABS may develop. If the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchases Alt Lending ABS on an alternative lending platform, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will have the right to receive principal and interest payments due on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans underlying the Alt Lending ABS only if the platform servicing the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans receives the borrower&#x2019;s payments on such loans and passes such &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments through to the Fund. If a borrower is unable or fails to make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments on a loan for any reason, the Fund may be greatly limited in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its ability to recover any outstanding principal or interest due, as (among &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other reasons) the Fund may not have direct recourse against the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;borrower or may otherwise be limited in its ability to directly enforce its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rights under the loan, whether through the borrower or the platform &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;through which such loan was originated, the loan may be unsecured or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;under-collateralized and/or it may be impracticable to commence a legal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeding against the defaulting borrower.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may have limited knowledge about the underlying loans and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;is dependent upon the platform for information regarding underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans. Although PIMCO may conduct diligence on the platforms, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund generally does not have the ability to independently verify the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information provided by the platforms, other than payment information &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regarding loans underlying the Alt Lending ABS owned by the Fund, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which the Fund observes directly as payments are received. With respect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to Alt Lending ABS that the Fund purchases in the secondary market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(i.e., not directly from an alternative lending platform), the Fund may not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perform the same level of diligence on such platform or at all. The Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may not review the particular characteristics of the loans collateralizing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an Alt Lending ABS, but rather negotiate in advance with platforms the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;general criteria of the underlying loans. As a result, the Fund is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dependent on the platforms&#x2019; ability to collect, verify and provide &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information to the Fund about each loan and borrower.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund relies on the borrower&#x2019;s credit information, which is provided &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by the platforms. However, such information may be out of date, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incomplete or inaccurate and may, therefore, not accurately reflect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;borrower&#x2019;s actual creditworthiness. Platforms may not have an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligation to update borrower information, and, therefore, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may not be aware of any impairment in a borrower&#x2019;s creditworthiness &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subsequent to the making of a particular loan. The platforms&#x2019; credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decisions and scoring models may be based on algorithms that could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potentially contain programming or other errors or prove to be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ineffective or otherwise flawed. This could adversely affect loan pricing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;data and approval processes and could cause loans to be mispriced or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;misclassified, which could ultimately have a negative impact on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s performance.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the underlying loans, in some cases, may be affected by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;success of the platforms through which they are facilitated. Therefore, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disruptions in the businesses of such platforms may also negatively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impact the value of the Fund&#x2019;s investments. In addition, disruption in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;business of a platform could limit or eliminate the ability of the Fund to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invest in loans originated by that platform, and therefore the Fund could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lose some or all of the benefit of its diligence effort with respect to that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;platform.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Platforms are for-profit businesses that, as a general matter, generate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;revenue by collecting fees on funded loans from borrowers and by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assessing a loan servicing fee on investors, which may be a fixed annual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;amount or a percentage of the loan or amounts collected. This business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could be disrupted in multiple ways; for example, a platform could file &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for bankruptcy or a platform might suffer reputational harm from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negative publicity about the platform or alternative lending more &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally and the loss of investor confidence in the event that a loan &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;facilitated through the platform is not repaid and the investor loses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;money on its investment. Many platforms and/or their affiliates have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incurred operating losses since their inception and may continue to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incur net losses in the future, particularly as their businesses grow and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;they incur additional operating expenses Platforms may also be forced &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to defend legal action taken by regulators or governmental bodies. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Alternative lending is a newer industry operating in an evolving legal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;environment. Platforms may be subject to risk of litigation alleging &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;violations of law and/or regulations, including, for example, consumer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;protection laws, whether in the United States or in foreign jurisdictions. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Platforms may be unsuccessful in defending against such lawsuits or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other actions and, in addition to the costs incurred in fighting any such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;actions, platforms may be required to pay money in connection with the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;judgments, settlements or fines or may be forced to modify the terms of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its borrower loans, which could cause the platform to realize a loss or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;receive a lower return on a loan than originally anticipated. Platforms &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may also be parties to litigation or other legal action in an attempt to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;protect or enforce their rights or those of affiliates, including intellectual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;property rights, and may incur similar costs in connection with any such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;efforts.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investments in Alt Lending ABS may expose the Fund to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit risk of the issuer. Generally, such instruments are unsecured &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations of the issuer; an issuer that becomes subject to bankruptcy &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceedings may be unable to make full and timely payments on its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations to the Fund, even if the payments on the underlying loan or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans continue to be made timely and in full. In addition, when the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;owns Alt Lending ABS, the Fund and its custodian generally does not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have a contractual relationship with, or personally identifiable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information regarding, individual borrowers, so the Fund will not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;able to enforce underlying loans directly against borrowers and may not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be able to appoint an alternative servicing agent in the event that a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;platform or third-party servicer, as applicable, ceases to service the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying loans. Therefore, the Fund is more dependent on the platform &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for servicing than if the Fund had owned whole loans through the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;platform. Where such interests are secured, the Fund relies on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;platform to perfect the Fund&#x2019;s security interest. In addition, there may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a delay between the time the Fund commits to purchase an instrument &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issued by a platform, its affiliate or a special purpose entity sponsored &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by the platform or its affiliate and the issuance of such instrument and, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;during such delay, the funds committed to such an investment will not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;earn interest on the investment nor will they be available for investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in other alternative lending-related instruments, which will reduce the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;effective rate of return on the investment. The Fund&#x2019;s investments in Alt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Lending ABS may be illiquid.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_RiskRetentionInvestmentRiskMembercefRiskAxis"
      id="ixv-15251">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Risk Retention Investment Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in risk retention tranches of commercial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgage-backed securities (&#x201c;CMBS&#x201d;) or other eligible securitizations, if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any (&#x201c;risk retention tranches&#x201d;), which are eligible residual interests &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;typically held by the sponsors of such securitizations pursuant to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the&#160;final rules implementing the credit risk retention requirements of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Section 941 of the Dodd-Frank Act (the &#x201c;U.S. Risk Retention Rules&#x201d;). In &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the case of CMBS transactions, for example, the U.S. Risk Retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Rules permit all or a portion of the retained credit risk associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain securitizations (i.e., retained risk) to be held by an unaffiliated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x201c;third party purchaser,&#x201d; such as the Fund, if, among other requirements, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the third-party purchaser holds its retained interest, unhedged, for at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;least five years following the closing of the CMBS transaction, after &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which it is entitled to transfer its interest in the securitization to another &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;person that meets the requirements for a third-party purchaser. Even &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;after the required holding period has expired, due to the generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;illiquid nature of such investments, no assurance can be given as to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;what, if any, exit strategies will ultimately be available for any given &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;position.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, there is limited guidance on the application of the final &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. Risk Retention Rules to specific securitization structures. There can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be no assurance that the applicable federal agencies charged with the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;implementation of the final U.S. Risk Retention Rules (the Federal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Deposit Insurance Corporation, the Comptroller of the Currency, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Federal Reserve Board, the SEC, the Department of Housing and Urban &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Development, and the Federal Housing Finance Agency) could not take &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;positions in the future that differ from the interpretation of such rules &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taken or embodied in such securitizations, or that the final U.S. Risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Retention Rules will not change.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Furthermore, in situations where the Fund invests in risk retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranches of securitizations structured by third parties, the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required to execute one or more letters or other agreements, the exact &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;form and nature of which will vary (each, a &#x201c;Risk Retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Agreement&#x201d;) under which it will make certain undertakings designed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ensure such securitization complies with the final U.S. Risk Retention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Rules. Such Risk Retention Agreements may include a variety of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;representations, warranties, covenants and other indemnities, each of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may run to various transaction parties. If the Fund breaches any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;undertakings in any Risk Retention Agreement, it will be exposed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;claims by the other parties thereto, including for any losses incurred as a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result of such breach, which could be significant and exceed the value of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_ReinvestmentRiskMembercefRiskAxis"
      id="ixv-15330">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reinvestment Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Income from the Fund&#x2019;s portfolio will decline if and when the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests the proceeds from matured, traded or called debt obligations at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market interest rates that are below the portfolio&#x2019;s current earnings rate. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#160;For instance, during periods of declining interest rates, an issuer of debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations may exercise an option to redeem securities prior to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;maturity, forcing the Fund to invest in lower-yielding securities. The Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;also may choose to sell higher yielding portfolio securities and to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase lower yielding securities to achieve greater portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;diversification, because the portfolio managers believe the current &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;holdings are overvalued or for other investment-related reasons. A &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline in income received by the Fund from its investments is likely to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have a negative effect on dividend levels and the market price, NAV &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or overall return of the Common Shares.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_SecuritiesLendingRiskMembercefRiskAxis"
      id="ixv-15352">&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Securities Lending Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;For the purpose of achieving income, the Fund may lend its portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities to brokers, dealers, and other financial institutions provided a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;number of conditions are satisfied, including that the loan is fully &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateralized. Please see &#x201c;Investment Objectives and Policies&#x2014;Loans of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Portfolio Securities&#x201d; in the Statement of Additional Information for more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;details. When the Fund lends portfolio securities, its investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;performance will continue to reflect changes in the value of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities loaned, and the Fund will also receive a fee or interest on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral. Securities lending involves the risk of loss of rights in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;collateral or delay in recovery of the collateral if the borrower fails to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;return the security loaned or becomes insolvent. The Fund may pay &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lending fees to a party arranging the loan, which may be an affiliate of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund. Cash collateral received by the Fund in securities lending &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions may be invested in short-term liquid fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments or in money market or short-term mutual funds, or similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment vehicles, including affiliated money market or short-term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mutual funds. The Fund bears the risk of such investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_CallRiskMembercefRiskAxis"
      id="ixv-15375">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Call Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Call risk refers to the possibility that an issuer may exercise its right to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;redeem a fixed income security earlier than expected. Issuers may call &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;outstanding securities prior to their maturity for a number of reasons &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(e.g., declining interest rates, changes in credit spreads and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;improvements in the issuer's credit quality). If an issuer calls a security in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which the Fund has invested, the Fund may not recoup the full amount &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of its initial investment or may not realize the full anticipated earnings &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from the investment and may be forced to reinvest in lower-yielding &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, securities with greater credit risks or securities with other, less &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;favorable features.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_ForeignNonUSInvestmentRiskMembercefRiskAxis"
      id="ixv-15392">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Foreign (Non-U.S.) Investment Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Foreign (non-U.S.) securities may experience more rapid and extreme &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in value than securities of U.S. issuers or securities that trade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exclusively in U.S. markets. The securities markets of many foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countries are relatively small, with a limited number of companies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;representing a small number of industries. Additionally, issuers of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreign (non-U.S.) securities are usually not subject to the same degree &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of regulation as U.S. issuers. Reporting, legal, accounting, auditing and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;custody standards of foreign countries differ, in some cases significantly, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from U.S. standards. Global economies and financial markets are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;becoming increasingly interconnected, and conditions and events in one &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;country, region or financial market may adversely impact issuers in a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;different country, region or financial market. Foreign (non-U.S.) market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading hours, clearance and settlement procedures, and holiday &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;schedules may limit the Fund&#x2019;s ability to buy and sell securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in foreign (non-U.S.) markets may also be adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affected by governmental actions such as the imposition of capital &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;controls, nationalization of companies or industries, expropriation of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets or the imposition of punitive taxes. The governments of certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countries may prohibit or impose substantial restrictions on foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(non-U.S.) investing in their capital markets or in certain sectors or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;industries. In addition, a foreign (non-U.S.) government may limit or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cause delay in the convertibility or repatriation of its currency which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would adversely affect the U.S. dollar value and/or liquidity of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments denominated in that currency. Certain foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may become less liquid in response to market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments or adverse investor perceptions, or become illiquid after &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase by the Fund, particularly during periods of market turmoil. A &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reduction in trading in securities of issuers located in countries whose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economies are heavily dependent upon trading with key partners may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have an adverse impact on a Fund&#x2019;s investments.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Also, nationalization, expropriation or confiscatory taxation, unstable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;governments, decreased market liquidity, currency blockage, market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disruptions, political changes, security suspensions or diplomatic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments or the imposition of sanctions or other similar measures &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could adversely affect the Fund&#x2019;s investments in a foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;country. In the event of nationalization, expropriation or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;confiscation, the Fund could lose its entire investment in foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(non-U.S.) securities. The type and severity of sanctions and other similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;measures, including counter sanctions and other retaliatory actions, that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be imposed could vary broadly in scope, and their impact is difficult &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to ascertain. These types of measures may include, but are not limited &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to, banning a sanctioned country or certain persons or entities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with such country from global payment systems that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;facilitate cross-border payments, restricting the settlement of securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions by certain investors, and freezing the assets of particular &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countries, entities or persons. The imposition of sanctions and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;similar measures could, among other things, result in a decline in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value and/or liquidity of securities issued by the sanctioned country or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies located in or economically tied to the sanctioned country, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;downgrades in the credit ratings of the sanctioned country's securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or those of companies located in or economically tied to the sanctioned &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;country, currency devaluation or volatility, and increased market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatility and disruption in the sanctioned country and throughout the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;world. Sanctions and other similar measures could directly or indirectly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limit or prevent a Fund from buying and selling securities (in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sanctioned country and other markets), significantly delay or prevent the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;settlement of securities transactions, and adversely impact a Fund's &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquidity and performance. Adverse conditions in a certain region can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely affect securities of other countries whose economies appear &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to be unrelated. To the extent that the Fund invests a significant portion &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of its assets in a specific geographic region or in securities denominated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in a particular foreign (non-U.S.) currency, the Fund will generally have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more exposure to regional economic risks, including weather &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emergencies and natural disasters, associated with foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments. Foreign (non-U.S.) securities may also be less liquid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(particularly during market closures due to local holidays or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reasons) and more difficult to value than securities of U.S. issuers.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in securities and instruments that are economically &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tied to Russia. Investments in Russia are subject to various risks such as, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but not limited to political, economic, legal, market and currency risks. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The risks include uncertain political and economic policies, short term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market volatility, poor accounting standards, corruption and crime, an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inadequate regulatory system, regional armed conflict and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unpredictable taxation. Investments in Russia are particularly subject to &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the risk that further economic sanctions, export and import controls, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other similar measures may be imposed by the United States and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other countries. Other similar measures may include, but are not limited &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to, banning or expanding bans on Russia or certain persons or entities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with Russia from global payment systems that facilitate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cross-border payments, restricting the settlement of securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions by certain investors, and freezing Russian assets or those of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;particular countries, entities or persons with ties to Russia (e.g. Belarus). &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Such sanctions and other similar measures &#x2014; which may impact &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies in many sectors, including energy, financial services, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;technology, accounting, quantum computing, shipping, aviation, metals &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and mining, defense, architecture, engineering, construction, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;manufacturing and transportation, among others &#x2014; and Russia&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;countermeasures may negatively impact the Fund&#x2019;s performance and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to achieve its investment objectives. For example, certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may be prohibited and/or existing investments may become &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;illiquid (e.g., in the event that transacting in certain existing investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;is prohibited, securities markets close, or market participants cease &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transacting in certain investments in light of geopolitical events, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sanctions or related considerations), which could render any such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities held by the Fund unmarketable for an indefinite period of time &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or cause the Fund to sell other portfolio holdings at a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disadvantageous time or price or to continue to hold investments that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund no longer seeks to hold. In addition, such sanctions or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;similar measures, and the Russian government's response, could result &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in a downgrade of Russia's credit rating or of securities of issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;located in or economically tied to Russia, devaluation of Russia's &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency and/or increased volatility with respect to Russian securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and the ruble. Moreover, disruptions caused by Russian military action &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or other actions (including cyberattacks, espionage or other asymmetric &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;measures) or resulting actual or threatened responses to such activity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may impact Russia's economy and Russian and other issuers of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities in which the Fund is invested. Such resulting actual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;threatened responses may include, but are not limited to, purchasing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and financing restrictions, withdrawal of financial intermediaries, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;boycotts or changes in consumer or purchaser preferences, sanctions, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;export and import controls, tariffs or cyberattacks on the Russian &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;government, Russian companies or Russian individuals, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;politicians. Any actions by Russia made in response to such sanctions or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;retaliatory measures could further impair the value and liquidity of Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments. Sanctions and other similar measures have resulted in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;defaults on debt obligations by certain corporate issuers and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Russian Federation that could lead to cross-defaults or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cross-accelerations on other obligations of these issuers.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Russian securities market is characterized by limited volume of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading, resulting in difficulty in obtaining accurate prices and trading. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;These issues can be magnified as a result of sanctions and other similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;measures that may be imposed and the Russian government's response. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Russian securities market, as compared to U.S. markets, has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant price volatility, less liquidity, a smaller market capitalization &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and a smaller number of traded securities. There may be little publicly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available information about issuers. Settlement, clearing and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registration of securities transactions are subject to risks. Prior to the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;implementation of the National Settlement Depository (&#x201c;NSD&#x201d;), a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recognized central securities depository, there was no central &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registration system for equity share registration in Russia, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registration was carried out by either the issuers themselves or by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registrars located throughout Russia. Title to Russian equities held &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;through the NSD is now based on the records of the NSD and not the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registrars. Although the implementation of the NSD has enhanced the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;efficiency and transparency of the Russian securities market, issues &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;resulting in loss can still occur. In addition, sanctions by the European &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Union against the NSD, as well as the potential for sanctions by other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;governments, could make it more difficult to conduct or confirm &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions involving Russian securities. Ownership of securities issued &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by Russian companies that are not held through depositories such as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the NSD may be recorded by companies themselves and by registrars. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such cases, the risk is increased that the Fund could lose ownership &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rights through fraud, negligence or oversight. While applicable Russian &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulations impose liability on registrars for losses resulting from their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;errors, it may be difficult for the Fund to enforce any rights it may have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against the registrar or issuer of the securities in the event of loss of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;share registration. In addition, issuers and registrars are still prominent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the validation and approval of documentation requirements for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporate action processing in Russia. Because the documentation &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requirements and approval criteria vary between registrars and issuers, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;there remain unclear and inconsistent market standards in the Russian &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market with respect to the completion and submission of corporate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;action elections. In addition, sanctions or Russian countermeasures may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prohibit or limit a Fund&#x2019;s ability to participate in corporate actions, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;therefore require the Fund to forego voting on or receiving funds that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would otherwise be beneficial to the Fund. To the extent that the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;suffers a loss relating to title or corporate actions relating to its portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, it may be difficult for the Fund to enforce its rights or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise remedy the loss. Russian securities laws may not recognize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreign nominee accounts held with a custodian bank, and therefore the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;custodian may be considered the ultimate owner of securities they hold &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for their clients. Adverse currency exchange rates are a risk and there &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be a lack of available currency hedging instruments. Investments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Russia may be subject to the risk of nationalization or expropriation of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets. Oil, natural gas, metals, minerals and timber account for a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant portion of Russia&#x2019;s exports, leaving the country vulnerable to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swings in world prices and to sanctions or other actions that may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;directed at the Russian economy as a whole or at Russian oil, natural &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;gas, metals, minerals or timber industries.&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_EmergingMarketsRiskMembercefRiskAxis"
      id="ixv-15637">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Emerging Markets Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Foreign (non-U.S.) investment risk may be particularly high to the extent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that the Fund invests in securities of issuers based in or doing business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in emerging market countries or invests in securities denominated in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies of emerging market countries. Investing in securities of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuers based in or doing business in emerging markets entails all of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks of investing in foreign securities noted above, but to a heightened &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;degree.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments in emerging market countries pose a greater degree of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;systemic risk (i.e., the risk of a cascading collapse of multiple institutions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;within a country, and even multiple national economies). The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;inter-relatedness of economic and financial institutions within and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;among emerging market economies has deepened over the years, with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the effect that institutional failures and/or economic difficulties that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of initially limited scope may spread throughout a country, a region or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all or most emerging market countries. This may undermine any attempt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by the Fund to reduce risk through geographic diversification of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is a heightened possibility of imposition of withholding or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxes on interest or dividend income or capital gains generated from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emerging market securities. Governments of emerging market countries &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may engage in confiscatory taxation or expropriation of income and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets to raise revenues or to pursue a domestic political agenda. In the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;past, emerging market countries have nationalized assets, companies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and even entire sectors, including the assets of foreign investors (like &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund), with inadequate or no compensation to the prior owners. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There can be no assurance that the Fund will not suffer a loss of any or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all of its investments, or interest or dividends thereon, due to adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fiscal or other policy changes in emerging market countries.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is also a greater risk that an emerging market government may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;take action that impedes or prevents the Fund from taking income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or capital gains earned in the local currency and converting into &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. dollars (i.e., &#x201c;repatriating&#x201d; local currency investments or profits). &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain emerging market countries have sought to maintain foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exchange reserves and/or address the economic volatility and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dislocations caused by the large international capital flows by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;controlling or restricting the conversion of the local currency into other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies. This risk tends to become more acute when economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions otherwise worsen. There can be no assurance that if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;earns income or capital gains in an emerging market currency or PIMCO &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise seeks to withdraw the Fund&#x2019;s investments from a given &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emerging market country, capital controls imposed by such country will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not prevent, or cause significant expense, or delay in, doing so.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Bankruptcy law and creditor reorganization processes may differ &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;substantially from those in the United States, resulting in greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;uncertainty as to the rights of creditors, the enforceability of such rights, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reorganization timing and the classification, seniority and treatment of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;claims. In certain emerging market countries, although bankruptcy laws &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have been enacted, the process for reorganization remains highly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;uncertain. In addition, it may be impossible to seek legal redress against &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an issuer that is a sovereign state.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Emerging market countries typically have less established regulatory, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disclosure, legal, accounting, recordkeeping and financial reporting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;systems than those in more developed markets, which may increase the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potential for market manipulation or reduce the scope or quality of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial information available to investors. Governments in emerging &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market countries are often less stable and more likely to take extra-legal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;action with respect to companies, industries, assets, or foreign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ownership than those in more developed markets. Moreover, it can be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more difficult for investors to bring litigation or enforce judgments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against issuers in emerging markets or for U.S. regulators to bring &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;enforcement actions, or obtain information needed to pursue or enforce &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such judgments, against such issuers. In addition, foreign companies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with securities listed on U.S. exchanges may be delisted if they do not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;meet U.S. accounting standards and auditor oversight requirements, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may decrease the liquidity and value of the securities. The Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may also be subject to emerging markets risk if it invests in derivatives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or other securities or instruments whose value or return are related to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the value or returns of emerging markets securities.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Other heightened risks associated with emerging markets investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;include, without limitation: (i) risks due to less social, political and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic stability; (ii) the smaller size of the market for such securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and a lower volume of trading, resulting in a lack of liquidity and in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price volatility; (iii) certain national policies which may restrict the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment opportunities, including sanctions and restrictions on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investing in issuers or industries deemed sensitive to relevant national &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interests and requirements that government approval be obtained prior &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to investment by foreign persons; (iv) certain national policies that may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;restrict the Fund&#x2019;s repatriation of investment income, capital or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds of sales of securities, including temporary restrictions on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreign capital remittances; (v) the lack of uniform accounting and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;auditing standards and/or standards that may be significantly different &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from the standards required in the United States; (vi) less publicly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available financial and other information regarding issuers; (vii) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potential difficulties in enforcing contractual obligations; and (viii) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher rates of inflation, higher interest rates and other economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;concerns. The Fund may invest to a substantial extent in emerging &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market securities that are denominated in local currencies, subjecting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund to a greater degree of foreign currency risk. Also, investing in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;emerging market countries may entail purchases of securities of issuers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are insolvent, bankrupt or otherwise of questionable ability to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;satisfy their payment obligations as they become due, subjecting the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund to a greater amount of credit risk and/or high yield risk. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy of some emerging markets may be particularly exposed to or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affected by a certain industry or sector, and therefore issuers and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities of such emerging markets may be more affected by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;performance of such industries or sectors.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_CurrencyRiskMembercefRiskAxis"
      id="ixv-15789">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Currency Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;If the Fund invests directly in foreign (non-U.S.) currencies or in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities that trade in, and receive revenues in, foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies, or in derivatives or other instruments that provide exposure &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to foreign (non-U.S.) currencies, it will be subject to the risk that those &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies will decline in value relative to the U.S. dollar, or, in the case &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of hedging positions, that the U.S. dollar will decline in value relative to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the currency being hedged. Although the Fund may attempt to hedge its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency exposure into the U.S. dollar, it may not be successful in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reducing the effects of currency fluctuations. The Fund may also hedge &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from one foreign currency to another. In addition, the Fund's use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency hedging may not be successful and the use of such strategies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may lower the Fund's potential returns.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investments denominated in foreign (non-U.S.) currencies or that trade &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in and receive revenues in, foreign (non-U.S.) currencies, derivatives or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other instruments that provide exposure to foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currencies, are subject to the risk that those currencies will decline in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value relative to the U.S. dollar, or, in the case of hedging positions, that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the U.S. dollar will decline in value relative to the currency being &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hedged.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Currency rates in foreign (non-U.S.) countries may fluctuate significantly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;over short periods of time for a number of reasons, including changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates, rates of inflation, balance of payments and governmental &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;surpluses or deficits, intervention (or the failure to intervene) by U.S. or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;foreign (non-U.S.) governments, central banks or supranational entities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as the International Monetary Fund, or by the imposition of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency controls or other political developments in the United States or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;abroad. These fluctuations may have a significant adverse impact on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of the Fund&#x2019;s portfolio and/or the level of Fund distributions made &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to Common Shareholders. There is no assurance that a hedging strategy, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;if used, will be successful. Moreover, currency hedging techniques may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be unavailable with respect to emerging market currencies.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The local emerging market currencies in which the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invested from time to time may experience substantially greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatility against the U.S. dollar than the major convertible currencies of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developed countries. Some of the local currencies in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may invest are neither freely convertible into one of the major currencies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;nor internationally traded. The local currencies may be convertible into &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other currencies only inside the relevant emerging market where the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited availability of such other currencies may tend to inflate their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;values relative to the local currency in question. Such internal exchange &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets can therefore be said to be neither liquid nor competitive. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, many of the currencies of emerging market countries in which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund may invest have experienced steady devaluation relative to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;freely convertible currencies.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Continuing uncertainty as to the status of the euro and the European &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Monetary Union (&#x201c;EMU&#x201d;) has created significant volatility in currency &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and financial markets generally. Any partial or complete dissolution of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the EMU could have significant adverse effects on currency and financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets, and on the values of the Fund&#x2019;s portfolio investments. If one or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more EMU countries were to stop using the euro as its primary currency, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s investments in such countries may be redenominated into a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;different or newly adopted currency. As a result, the value of those &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments could decline significantly and unpredictably. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities or other investments that are redenominated may be subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to foreign currency risk, liquidity risk and valuation risk to a greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent than similar investments currently denominated in euros. To the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent a currency used for redenomination purposes is not specified in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;respect of certain EMU-related investments, or should the euro cease to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be used entirely, the currency in which such investments are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;denominated may be unclear, making such investments particularly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficult to value or dispose of. The Fund may incur additional expenses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the extent it is required to seek judicial or other clarification of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;denomination or value of such securities.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There can be no assurance that if the Fund earns income or capital gains &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments from a given country, capital controls imposed by such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;country will not prevent, or cause significant expense in, doing so.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_USGovernmentSecuritiesRiskMembercefRiskAxis"
      id="ixv-15902">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;U.S. Government Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain U.S. government securities, such as U.S. Treasury bills, notes, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bonds and mortgage-related securities guaranteed by the GNMA, are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;supported by the full faith and credit of the United States; others, such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as those of FHLBs or the FHLMC, are supported by the right of the issuer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to borrow from the U.S. Treasury; others, such as those of the FNMA, are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;supported by the discretionary authority of the U.S. government to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchase the agency&#x2019;s obligations; and still others are supported only by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the credit of the agency, instrumentality or corporation. U.S. government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are subject to market risk, interest rate risk and credit risk. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Although legislation has been enacted to support certain government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sponsored entities, including the FHLBs, FHLMC and FNMA, there is no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance that the obligations of such entities will be satisfied in full, or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that such obligations will not decrease in value or default. It is difficult, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;if not impossible, to predict the future political, regulatory or economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes that could impact the government sponsored entities and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;values of their related securities or obligations. In addition, certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;governmental entities, including FNMA and FHLMC, have been subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to regulatory scrutiny regarding their accounting policies and practices &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other concerns that may result in legislation, changes in regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;oversight and/or other consequences that could adversely affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit quality, availability or investment character of securities issued by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these entities. Yields available from U.S. government debt securities are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally lower than the yields available from other debt securities. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;values of U.S. government securities change as interest rates fluctuate.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Periodically, uncertainty regarding the status of negotiations in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. government to increase the statutory debt ceiling could increase the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that the U.S. government may default on payments on certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. government securities, cause the credit rating of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. government to be downgraded, increase volatility in the stock and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bond markets, result in higher interest rates, reduce prices of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. Treasury and other securities, and/or increase the costs of various &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;kinds of debt. If a government-sponsored entity is negatively impacted &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by legislative or regulatory action (or lack thereof), is unable to meet its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations, or its creditworthiness declines, the performance of a fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that holds securities of the entity will be adversely impacted.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_ConvertibleSecuritiesRiskMembercefRiskAxis"
      id="ixv-15946">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Convertible Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Convertible securities are fixed income securities, preferred securities or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other securities that are convertible into or exercisable for common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;stock of the issuer (or cash or securities of equivalent value) at either a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;stated price or a stated rate. Convertible debt securities pay interest and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible preferred stocks pay dividends until they mature or are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;converted, exchanged or redeemed. The market values of convertible &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may decline as interest rates increase and, conversely, may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase as interest rates decline. A convertible security&#x2019;s market value, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;however, tends to reflect the market price of the common stock of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuing company when that stock price approaches or is greater than &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the convertible security&#x2019;s &#x201c;conversion price.&#x201d; The conversion price is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;defined as the predetermined price at which the convertible security &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could be exchanged for the associated stock. Certain types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible securities may decline in value or lose their value entirely in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the event the issuer&#x2019;s financial condition becomes significantly impaired. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;As the market price of the underlying common stock declines, the price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the convertible security tends to be influenced more by the yield of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the convertible security. Thus, it may not decline in price to the same &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent as the underlying common stock. In the event of a liquidation of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuing company, holders of convertible securities may be paid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;before the company&#x2019;s common stockholders but after holders of any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;senior debt obligations of the company. Consequently, the issuer&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible securities generally entail less risk than its common stock &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but more risk than its other debt obligations. Convertible securities are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;often rated below investment grade or not rated.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_SyntheticConvertibleSecuritiesRiskMembercefRiskAxis"
      id="ixv-15982">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Synthetic Convertible Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Synthetic convertible securities involve the combination of separate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities that possess the two principal characteristics of a traditional &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible security (i.e., an income-producing component and a right to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;acquire an equity security). Synthetic convertible securities are often &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;achieved, in part, through investments in warrants or options to buy &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;common stock (or options on a stock index), and therefore are subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the risks associated with derivatives. The value of a synthetic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convertible security will respond differently to market fluctuations than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a traditional convertible security because a synthetic convertible is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;composed of two or more separate securities or instruments, each with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its own market value. Because the convertible component is typically &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;achieved by investing in warrants or options to buy common stock at a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain exercise price, or options on a stock index, synthetic convertible &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are subject to the risks associated with derivatives. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, if the value of the underlying common stock or the level of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;index involved in the convertible component falls below the exercise &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price of the warrant or option, the warrant or option may lose all value.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_ContingentConvertibleSecuritiesRiskMembercefRiskAxis"
      id="ixv-16006">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Contingent Convertible Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CoCos have no stated maturity, have fully discretionary coupons and are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;typically issued in the form of subordinated debt instruments. CoCos &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally either convert into equity or have their principal written down &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(including potentially to zero) upon the occurrence of certain triggering &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;events linked to regulatory capital thresholds or regulatory actions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relating to the issuer&#x2019;s continued viability. As a result, an investment by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund in CoCos is subject to the risk that coupon (i.e., interest) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments or the entire principal may be cancelled by the issuer or a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulatory authority in order to help the issuer absorb losses and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk of total loss. If such an event occurs, an investor may not have any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rights to repayment of the principal amount of the securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Additionally, an investor may not be able to collect interest payments or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dividends on such securities. An investment by the Fund in CoCos is also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to the risk that, in the event of the liquidation, dissolution or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;winding-up of an issuer prior to a trigger event, the Fund&#x2019;s rights and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;claims will generally rank junior to the claims of holders of the issuer&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other debt obligations and CoCos may also be treated as junior to an &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer&#x2019;s other obligations and securities. In addition, if CoCos held by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund are converted into the issuer&#x2019;s underlying equity securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;following a trigger event, the Fund&#x2019;s holding may be further &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subordinated due to the conversion from a debt to equity instrument. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Further, the value of an investment in CoCos is unpredictable and could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be influenced by many factors and risks, including interest rate risk, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit risk, market risk and liquidity risk. An investment by the Fund in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CoCos may result in losses to the Fund.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_ValuationRiskMembercefRiskAxis"
      id="ixv-16069">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Valuation Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain securities in which the Fund invests may be less liquid and more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficult to value than other types of securities. Investments for which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market quotations are not readily available are valued at fair value as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determined in good faith pursuant to Rule 2a-5 under the 1940 Act. Fair &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value pricing may require subjective determinations about the value of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security or other asset. As a result, there can be no assurance that fair &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value pricing will result in adjustments to the prices of securities or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets or that fair value pricing will reflect actual market value, and it is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;possible that the fair value determined for a security or other asset will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be materially different from quoted or published prices, from the prices &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;used by others for the same security or other asset and/or from the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value that actually could be or is realized upon the sale of that security &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or other asset.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_RealEstateRiskMembercefRiskAxis"
      id="ixv-16089">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Real Estate Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent that the Fund invests directly or indirectly in real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, including investments in equity or debt securities issued by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;private and public REITs, real estate operating companies (&#x201c;REOCs&#x201d;), &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;private or public real estate-related loans and real estate-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivative instruments, it will be subject to the risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;owning real estate and with the real estate industry generally. These &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments carry increased risks, which include, but are not limited to: &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the burdens of ownership of real property; general and local economic &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions (such as an oversupply of space or a reduction in demand for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;space); the supply and demand for properties (including competition &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;based on rental rates); energy and supply shortages; fluctuations in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;average occupancy and room rates; the attractiveness, type and location &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the properties and changes in the relative popularity of commercial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properties as an investment; the financial condition and resources of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tenants, buyers and sellers of properties; increased mortgage defaults; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the quality of maintenance, insurance and management services; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in the availability of debt financing which may render the sale &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or refinancing of properties difficult or impracticable; changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;building, environmental and other laws and/or regulations (including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;those governing usage and improvements), fiscal policies and zoning &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;laws; changes in real property tax rates; changes in interest rates and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the availability of mortgage funds which may render the sale or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;refinancing of properties difficult or impracticable; changes in operating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;costs and expenses; energy and supply shortages; uninsured losses or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delays from casualties or condemnation; negative developments in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy that depress travel or leasing activity; environmental liabilities; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contingent liabilities on disposition of assets; uninsured or uninsurable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;casualties; acts of God, including earthquakes, hurricanes and other &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;natural disasters; social unrest and civil disturbances, epidemics, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pandemics or other public crises; terrorist attacks and war; risks and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operating problems arising out of the presence of certain construction &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;materials, structural or property level latent defects, work stoppages, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shortages of labor, strikes, union relations and contracts, fluctuating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prices and supply of labor and/or other labor-related factors; and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;factors which are beyond the control of PIMCO and its affiliates. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, the Fund&#x2019;s investments will be subject to various risks which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could cause fluctuations in occupancy, rental rates, operating income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and expenses or which could render the sale or financing of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properties difficult or unattractive. For example, following the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;termination or expiration of a tenant&#x2019;s lease, there may be a period of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;time before receiving rental payments under a replacement lease. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During that period, the Fund would continue to bear fixed expenses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as interest, real estate taxes, maintenance and other operating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses. In addition, declining economic conditions may impair the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to attract replacement tenants and achieve rental rates equal to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or greater than the rents paid under previous leases. Increased &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;competition for tenants may require capital improvements to properties &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which would not have otherwise been planned.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Ultimately, to the extent it is not possible to renew leases or re-let space &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as leases expire, decreased cash flow from tenants will result, which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could adversely impact the Fund&#x2019;s operating results.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Real estate values have historically been cyclical. As the general &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy grows, demand for real estate increases and occupancies and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rents may increase. As occupancies and rents increase, property values &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase, and new development occurs. As development may occur, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;occupancies, rents and property values may decline. Because leases are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;usually entered into for long periods and development activities often &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;require extended times to complete, the real estate value cycle often &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lags the general business cycle. Because of this cycle, real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies may incur large swings in their profits and the prices of their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. Developments following the onset of COVID-19 have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely impacted certain commercial real estate markets, causing the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;deferral of mortgage payments, renegotiated commercial mortgage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans, commercial real estate vacancies or outright mortgage defaults, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and potential acceleration of macro trends such as work-from-home &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and online shopping which may negatively impact certain industries, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as brick-and-mortar retail.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The total returns available from investments in real estate generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depend on the amount of income and capital appreciation generated by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the related properties. The performance of real estate, and thereby the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund, will be reduced by any related expenses, such as expenses paid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;directly at the property level and other expenses that are capitalized or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;otherwise embedded into the cost basis of the real estate.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Separately, certain service providers to the Fund and/or its Subsidiaries, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as applicable, with respect to its real estate or real estate-related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may be owned by, employed by, or otherwise related to, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO, Allianz SE, their affiliates and/or their respective employees, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consultants and other personnel. PIMCO may, in its sole discretion, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determine to provide, or engage or recommend an affiliate of PIMCO to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;provide, certain services to the Fund, instead of engaging or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recommending one or more third parties to provide such services. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subject to the governance requirements of a particular fund and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;applicable law, PIMCO or its affiliates, as applicable, will receive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;compensation in connection with the provision of such services. As a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result, PIMCO faces a conflict of interest when selecting or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recommending service providers for the Fund. Fees paid to an affiliated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;service provider will be determined in PIMCO's commercially reasonable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;discretion. Although PIMCO has adopted various policies and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;procedures intended to mitigate or otherwise manage conflicts of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest with respect to affiliated service providers, there can be no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;guarantee that such policies and procedures (which may be modified or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;terminated at any time in PIMCO's sole discretion) will be successful.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_LeverageRiskMembercefRiskAxis"
      id="ixv-16227">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Leverage Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s use of leverage (as described under &#x201c;Use of Leverage&#x201d; in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;body of this prospectus) creates the opportunity for increased Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Share net income, but also creates special risks for Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders (including an increased risk of loss). To the extent used, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;there is no assurance that the Fund&#x2019;s leveraging strategies will be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;successful. Leverage is a speculative technique that may expose the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund to greater risk and increased costs. The Fund&#x2019;s assets attributable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to leverage, if any, will be invested in accordance with the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment objectives and policies. Interest expense payable by the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with respect to derivatives and other forms of leverage, and dividends &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payable with respect to any preferred shares outstanding, if any, will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally be based on shorter-term interest rates that would be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;periodically reset. So long as the Fund&#x2019;s portfolio investments provide a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher rate of return (net of applicable Fund expenses) than the interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses and other costs to the Fund of such leverage, the investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the proceeds thereof will generate more income than will be needed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to pay the costs of the leverage. If so, and all other things being equal, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the excess may be used to pay higher dividends to Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders than if the Fund were not so leveraged. There can be no &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assurance these circumstances will occur. If, however, shorter-term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates rise relative to the rate of return on the Fund&#x2019;s portfolio, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the interest and other costs to the Fund of leverage could exceed the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate of return on the debt obligations and other investments held by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund, thereby reducing return to Common Shareholders. Leveraging &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions pursued by the Fund may increase its duration and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sensitivity to interest rate movements. In addition, fees and expenses of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any form of leverage used by the Fund will be borne entirely by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shareholders (and not by preferred shareholders, if any) and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will reduce the investment return of the Common Shares. Therefore, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;there can be no assurance that the Fund&#x2019;s use of leverage will result in a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;higher yield on the Common Shares, and it may result in losses. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, any preferred shares issued by the Fund are expected to pay &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cumulative dividends, which may tend to increase leverage risk. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Leverage creates several major types of risks for Common Shareholders, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;including:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="clear:both;margin-top:6pt;position:relative;width:100%"&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt"&gt;&lt;div style="color: rgb(30, 130, 151); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x25a0;&lt;/div&gt;&lt;/div&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the likelihood of greater volatility of NAV and market price of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares, and of the investment return to Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders, than a comparable portfolio without leverage;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="clear:both;position:relative;width:100%"&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt"&gt;&lt;div style="color: rgb(30, 130, 151); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x25a0;&lt;/div&gt;&lt;/div&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the possibility either that Common Share dividends will fall if the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-left:22pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest and other costs of leverage rise, or that dividends paid on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares will fluctuate because such costs vary over time; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="clear:both;position:relative;width:100%"&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt"&gt;&lt;div style="color: rgb(30, 130, 151); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x25a0;&lt;/div&gt;&lt;/div&gt;&lt;div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the effects of leverage in a declining market or a rising interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate environment, as leverage is likely to cause a greater decline in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the NAV of the Common Shares than if the Fund were not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leveraged.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, the counterparties to the Fund&#x2019;s leveraging transactions and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any preferred shareholders of the Fund will have priority of payment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;over the Fund&#x2019;s Common Shareholders.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Reverse repurchase agreements involve the risks that the interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income earned on the investment of the proceeds will be less than the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest expense and Fund expenses associated with the repurchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreement, that the market value of the securities sold by the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline below the price at which the Fund is obligated to repurchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such securities and that the securities may not be returned to the Fund. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is no assurance that reverse repurchase agreements can be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;successfully employed. Dollar roll/buyback transactions involve the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that the market value of the securities the Fund is required to purchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may decline below the agreed upon purchase price of those securities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Successful use of dollar rolls/buybacks may depend upon the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager&#x2019;s ability to correctly predict interest rates and prepayments. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is no assurance that dollar rolls/buybacks can be successfully &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;employed. In connection with reverse repurchase agreements and dollar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rolls/buybacks, the Fund will also be subject to counterparty risk with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;respect to the purchaser of the securities. If the broker/dealer to whom &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund sells securities becomes insolvent, the Fund&#x2019;s right to purchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or repurchase securities may be restricted.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may engage in total return swaps, reverse repurchases, loans &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of portfolio securities, short sales and when-issued, delayed delivery and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;forward commitment transactions, credit default swaps, basis swaps &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other swap agreements, purchases or sales of futures and forward &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contracts (including foreign currency exchange contracts), call and put &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;options or other derivatives. The Fund&#x2019;s use of such transactions gives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rise to associated leverage risks described above, and may adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the Fund&#x2019;s income, distributions and total returns to Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders. To the extent that any offsetting positions do not behave &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in relation to one another as expected, the Fund may perform as if it is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leveraged through use of these derivative strategies.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Any total return swaps, reverse repurchases, loans of portfolio securities, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;short sales and when-issued, delayed delivery and forward commitment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions, credit default swaps, basis swaps and other swap &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreements, purchases or sales of futures and forward contracts &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(including foreign currency exchange contracts), call and put options or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other derivatives by the Fund or counterparties to the Fund&#x2019;s other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leveraging transactions, if any, would have seniority over the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Because the fees received by the Investment Manager may increase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depending on the types of leverage utilized by the Fund, the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager has a financial incentive for the Fund to use certain forms of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leverage, which may create a conflict of interest between the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager, on the one hand, and the Common Shareholders, on the other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hand.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_ShortExposureRiskMembercefRiskAxis"
      id="ixv-16392">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Short Exposure Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s short sales and short positions, if any, are subject to special &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks. A short sale involves the sale by the Fund of a security that it does &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not own with the hope of purchasing the same security at a later date at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a lower price. The Fund may also enter into a short position through a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;forward commitment or a short derivative position through a futures &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contract or swap agreement. If the price of the security or derivative has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increased during this time, then the Fund will incur a loss equal to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase in price from the time that the short sale was entered into plus &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any transaction costs (i.e., premiums and interest) paid to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;broker-dealer to borrow securities. Therefore, short sales involve the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that losses may be exaggerated, potentially losing more money than the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;actual cost of the investment. By contrast, a loss on a long position &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;arises from decreases in the value of the security and is limited by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fact that a security&#x2019;s value cannot decrease below zero. By investing the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proceeds received from selling securities short, the Fund could be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;deemed to be employing a form of leverage, which creates special risks. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The use of leverage may increase the Fund&#x2019;s exposure to long security &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;positions and make any change in the Fund&#x2019;s NAV greater than it would &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be without the use of leverage. This could result in increased volatility of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;returns. There is no guarantee that any leveraging strategy the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;employs will be successful during any period in which it is employed.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In times of unusual or adverse market, economic, regulatory, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;environmental or political conditions, the Fund may not be able, fully or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;partially, to implement its short selling strategy. Periods of unusual or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adverse market, economic, environmental, regulatory or political &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions generally may exist for long periods of time. In response to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market events, the SEC and regulatory authorities in other jurisdictions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may adopt (and in certain cases, have adopted) bans on, and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reporting requirements for, short sales of certain securities, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;short positions on such securities acquired through swaps. Also, there is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the risk that the third party to the short sale or short position will not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fulfill its contractual obligations, causing a loss to the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_SmallerCompanyRiskMembercefRiskAxis"
      id="ixv-16433">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Smaller Company Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The general risks associated with debt instruments or equity securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are particularly pronounced for securities issued by companies with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;small market capitalizations. Small capitalization companies involve &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain special risks. They are more likely than larger companies to have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited product lines, markets or financial resources, or to depend on a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;small, inexperienced management group. Securities of smaller &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies may trade less frequently and in lesser volume than more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;widely held securities and their values may fluctuate more sharply than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other securities. They may also have limited liquidity. These securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may therefore be more vulnerable to adverse developments than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities of larger companies, and the Fund may have difficulty &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchasing or selling securities positions in smaller companies at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prevailing market prices. Also, there may be less publicly available &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information about smaller companies or less market interest in their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities as compared to larger companies. Companies with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;medium-sized market capitalizations may have risks similar to those of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;smaller companies.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_DerivativesRiskMembercefRiskAxis"
      id="ixv-16461">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Derivatives Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may, but is not required to, utilize a variety of derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments (both long and short positions) for investment or risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management purposes. Derivatives or other similar instruments (referred &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to collectively as &#x201c;derivatives&#x201d;) are financial contracts whose value &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;depends on, or is derived from, the value of an underlying asset, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reference rate or index. For example, the Fund may use derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments for purposes of increasing liquidity, providing efficient &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio management, broadening investment opportunities (including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taking short or negative positions), implementing a tax or cash &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management strategy, gaining exposure to a particular security or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;segment of the market, modifying the effective duration of the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio investments and/or enhancing total return. Investments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives may take the form of buying and/or writing (selling) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives, and/or the Fund may otherwise become an obligor under a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives transaction. These transactions may produce current income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the form of premiums or other returns for the Fund (which may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;support, constitute and/or increase the distributions paid by, or the yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of, the Fund) but create the risk of losses that can significantly exceed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such current income or other returns. For example, the premium received &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for writing a put option may be dwarfed by the losses the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incur if the put option is exercised, and derivative transactions where &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund is an obligor can produce an up-front benefit, but the potential &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for leveraged losses. The distributions, or distribution rate, paid by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund should not be viewed as the total returns or overall performance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the Fund. These strategies may also produce adverse tax &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consequences (for example, the Fund&#x2019;s income and gain-generating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies may generate current income and gains taxable as ordinary &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income) and limit the Fund&#x2019;s opportunity to profit or otherwise benefit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from certain gains. The Fund may enter into opposing derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions, or otherwise take opposing positions. Such transactions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;can generate distributable gains (which, as noted elsewhere, may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxed as ordinary income) and create the risk of losses and NAV &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;declines.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may engage in investment strategies, including the use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives, to, among other things, generate current, distributable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income, even if such strategies could potentially result in declines in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s net asset value. The Fund&#x2019;s income and gain-generating &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies, including certain derivatives strategies, may generate current &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income and gains taxable as ordinary income sufficient to support &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distributions, even in situations when the Fund has experienced a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline in net assets due to, for example, adverse changes in the broad &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;U.S. or non-U.S. securities markets or the Fund&#x2019;s portfolio of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, or arising from its use of derivatives. Consequently, Fund &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shareholders may receive distributions subject to tax at ordinary income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates at a time when their investment in the Fund has declined in value, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may be economically similar to a taxable return of capital.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The use of derivatives involves risks different from, or possibly greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;than, the risks associated with investing directly in securities and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;traditional investments. Derivatives may increase market exposure and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are subject to a number of risks, including leverage risk, liquidity risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(which may be heightened for highly-customized derivatives), interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rate risk, market risk, counterparty (including credit) risk, operational &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk (such as documentation issues, settlement issues and systems &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;failures), legal risk (such as insufficient documentation, insufficient &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;capacity or authority of a counterparty, and issues with the legality or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;enforceability of a contract), counterparty risk, tax risk and management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk, as well as risks arising from changes in applicable requirements, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks arising from margin requirements and risks arising from mispricing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or valuation complexity. They also involve the risk that changes in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of a derivative instrument may not correlate perfectly with the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying asset, rate or index. By investing in a derivative instrument, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund could lose more than the initial amount invested, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives may increase the volatility of the Fund, especially in unusual &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or extreme market conditions. Certain derivatives have the potential for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unlimited loss, regardless of the size of the initial investment. The 1940 &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Act and related rules no longer require asset segregation for derivatives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions, however asset segregation and posting of collateral may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;still be utilized for risk management or other purposes. The Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required to hold additional cash or sell other investments in order to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obtain cash to close out a position and changes in the value of a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivative may also create margin delivery or settlement payment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations for the Fund. Also, suitable derivative transactions may not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be available in all circumstances and there can be no assurance that the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund will engage in these transactions to reduce exposure to other risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when that would be beneficial or that, if used, such strategies will be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;successful. The Fund&#x2019;s use of derivatives may increase or accelerate the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;amount of taxes payable by Common Shareholders.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Non-centrally-cleared over-the counter (&#x201c;OTC&#x201d;) derivatives are also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to the risk that a counterparty to the transaction will not fulfill &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its contractual obligations to the other party, as many of the protections &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;afforded to centrally-cleared derivative transactions might not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available for non-centrally-cleared OTC derivatives. The primary credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk on derivatives that are exchange-traded or traded through a central &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;clearing counterparty resides with the Fund&#x2019;s clearing broker, or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;clearinghouse itself.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Participation in the markets for derivative instruments also involves &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment risks and transaction costs to which the Fund may not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject absent the use of these strategies. The skills needed to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;successfully execute derivative strategies may be different from those &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;needed for other types of transactions. If the Fund incorrectly forecasts &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the value and/or credit-worthiness of securities, currencies, interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates, counterparties or other economic factors involved in a derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transaction, the Fund might have been in a better position if the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;had not entered into such derivative transaction. In evaluating the risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and contractual obligations associated with particular derivative &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments, it is important to consider that certain derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions may be modified or terminated only by mutual consent of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund and its counterparty.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Therefore, it may not be possible for the Fund to modify, terminate, or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;offset the Fund&#x2019;s obligations or the Fund&#x2019;s exposure to the risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with a derivative transaction prior to its scheduled &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;termination or maturity date, which may create a possibility of increased &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatility and/or decreased liquidity to the Fund. Hedges are sometimes &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to imperfect matching between the derivative and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying instrument, and there can be no assurance that the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hedging transactions will be effective. Derivatives used for hedging or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk management may not operate as intended and may expose the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund to additional risks. In such case, the Fund may lose money.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Because the markets for certain derivative instruments (including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets located in foreign countries) are relatively new and still &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developing, appropriate derivative transactions may not be available in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;all circumstances for risk management or other purposes. Upon the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expiration of a particular contract, the Fund may wish to retain the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s position in the derivative instrument by entering into a similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contract, but may be unable to do so if the counterparty to the original &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contract is unwilling to enter into the new contract and no other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;appropriate counterparty can be found. When such markets are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unavailable, the Fund will be subject to increased liquidity and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may enter into opposite sides of interest rate swap and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives for the principal purpose of generating distributable gains on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the one side (characterized as ordinary income for tax purposes) that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are not part of the Fund&#x2019;s duration or yield curve management &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies (&#x201c;paired swap transactions&#x201d;), and with a substantial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;possibility that the Fund will experience a corresponding capital loss &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and decline in NAV with respect to the opposite side transaction (to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent it does not have corresponding offsetting capital gains). &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Consequently, Common Shareholders may receive distributions and owe &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tax on amounts that are effectively a taxable return of the shareholder&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment in the Fund, at a time when their investment in the Fund has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;declined in value, which tax may be at ordinary income rates. The tax &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;treatment of certain derivatives in which the Fund invests may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unclear and thus subject to recharacterization. Any recharacterization of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments made or received by the Fund pursuant to derivatives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;potentially could affect the amount, timing or character of Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distributions. In addition, the tax treatment of such investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategies may be changed by regulation or otherwise.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;When a derivative is used as a hedge against a position that the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;holds, any loss generated by the derivative generally should be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;substantially offset by gains on the hedged investment, and vice versa. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Although hedging can reduce or eliminate losses, it can also reduce or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;eliminate gains. Hedges are sometimes subject to imperfect matching &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;between the derivative and the underlying instrument, and there can be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no assurance that the Fund&#x2019;s hedging transactions will be effective. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Derivatives used for hedging or risk management may not operate as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intended or may expose the Fund to additional risks. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives used for hedging may partially protect the Fund from the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks they were intended to hedge yet not fully mitigate the impact of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such risks. The regulation of the derivatives markets has increased over &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the past several years, and additional future regulation of the derivatives &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets may make derivatives more costly, may limit the availability or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reduce the liquidity of derivatives, or may otherwise adversely affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value or performance of derivatives. Any such adverse future &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments could impair the effectiveness or raise the costs of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s derivative transactions, impede the employment of the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivatives strategies, or adversely affect the Fund&#x2019;s performance and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cause the Fund to lose value.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_CreditDefaultSwapsRiskMembercefRiskAxis"
      id="ixv-16710">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Credit Default Swaps Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Credit default swap agreements may involve greater risks than if the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund had invested in the reference obligation directly since, in addition &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to general market risks, credit default swaps are subject to leverage risk, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;illiquidity risk, counterparty risk and credit risk. A buyer generally also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will lose its investment and recover nothing should no credit event occur &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and the swap is held to its termination date. If a credit event were to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;occur, the value of any deliverable obligation received by the seller (if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any), coupled with the upfront or periodic payments previously received, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be less than the full notional value it pays to the buyer, resulting in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a loss of value to the seller. When the Fund acts as a seller of a credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default swap, it is exposed to many of the same risks of leverage. As the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;seller, the Fund would receive a stream of payments over the term of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swap agreement provided that no event of default has occurred with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;respect to the referenced debt obligation upon which the swap is based. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund would effectively add leverage to its portfolio because, if a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default occurs, the stream of payments may stop and the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligated to pay the buyer the full notional value of the reference &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligation.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Although the Fund may seek to realize gains by selling credit default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swaps that increase in value, to realize gains on selling credit default &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swaps, an active secondary market for such instruments must exist or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund must otherwise be able to close out these transactions at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advantageous times. In addition to the risk of losses described above, if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no such secondary market exists or the Fund is otherwise unable to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;close out these transactions at advantageous times, selling credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default swaps may not be profitable for the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market for credit default swaps has become more volatile as the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;creditworthiness of certain counterparties has been questioned and/or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;downgraded. The Fund will be subject to credit risk with respect to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparties to the credit default swap contract (whether a clearing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporation or another third party). If a counterparty&#x2019;s credit becomes &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significantly impaired, multiple requests for collateral posting in a short &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;period of time could increase the risk that the Fund may not receive &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adequate collateral. The Fund may exit its obligations under a credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;default swap only by terminating the contract and paying applicable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;breakage fees, or by entering into an offsetting credit default swap &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;position, which may cause the Fund to incur more losses.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_CounterpartyRiskMembercefRiskAxis"
      id="ixv-16760">&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Counterparty Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund will be subject to credit risk with respect to the counterparties &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the derivative contracts and other instruments entered into by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund or held by special purpose or structured vehicles in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests. For example, if a bank at which the Fund or issuer has an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;account fails, any cash or other assets in bank or custody accounts, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may be substantial in size, could be temporarily inaccessible or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;permanently lost by the Fund or issuer. In the event that the Fund enters &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;into a derivative transaction with a counterparty that subsequently &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;becomes insolvent or becomes the subject of a bankruptcy case, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivative transaction may be terminated in accordance with its terms &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and the Fund&#x2019;s ability to realize its rights under the derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instrument and its ability to distribute the proceeds could be adversely &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affected. If a counterparty becomes bankrupt or otherwise fails to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perform its obligations under a derivative contract due to financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficulties, the Fund may experience significant delays in obtaining any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;recovery (including recovery of any collateral it has provided to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparty) in a dissolution, assignment for the benefit of creditors, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquidation, winding-up, bankruptcy or other analogous proceeding. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, in the event of the insolvency of a counterparty to a derivative &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transaction, the derivative transaction would typically be terminated at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its fair market value. If the Fund is owed this fair market value in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;termination of the derivative transaction and its claim is unsecured, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund will be treated as a general creditor of such counterparty and will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not have any claim with respect to any underlying security or asset. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund may obtain only a limited recovery or may obtain no recovery in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such circumstances. Counterparty credit risk also includes the related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk of having concentrated exposure to a single counterparty, which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may increase potential losses if the counterparty were to become &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insolvent.&#160;While the Fund may seek to manage its counterparty risk by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transacting with a number of counterparties, concerns about the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;solvency of, or a default by, one large market participant could lead to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant impairment of liquidity and other adverse consequences for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other counterparties.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_EquitySecuritiesAndRelatedMarketRiskMembercefRiskAxis"
      id="ixv-16799">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Equity Securities and Related Market Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market price of common stocks and other equity securities may go &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;up or down, sometimes rapidly or unpredictably. Equity securities may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline in value due to factors affecting equity securities markets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;generally, particular industries represented in those markets, or the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer itself. The values of equity securities may decline due to real or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived adverse economic conditions, changes in the general outlook &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for corporate earnings, changes in interest or currency rates or adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investor sentiment generally. They may also decline due to labor &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shortages or increased production costs and competitive conditions &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;within an industry. Equity securities generally have greater price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatility than bonds and other debt securities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Different types of equity securities provide different voting and dividend &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rights and priority in the event of the bankruptcy and/or insolvency of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuer. In addition to common stock, equity securities may include &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;preferred securities, convertible securities and warrants. Equity securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other than common stock are subject to many of the same risks as &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;common stock, although possibly to different degrees. The risks of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;equity securities are generally magnified in the case of equity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments in distressed companies.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_PreferredSecuritiesRiskMembercefRiskAxis"
      id="ixv-16856">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Preferred Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition to equity securities risk, credit risk and possibly high yield &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk, investment in preferred securities involves certain other risks. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain preferred securities contain provisions that allow an issuer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;under certain conditions to skip or defer distributions. If the Fund owns &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a preferred security that is deferring its distribution, the Fund may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;required to include the amount of the deferred distribution in its taxable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income for tax purposes although it does not currently receive such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;amount in cash. In order to receive the special treatment accorded to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;RICs and their shareholders under the Code and to avoid U.S. federal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income and/or excise taxes at the Fund level, the Fund may be required &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to distribute this income to shareholders in the tax year in which the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income is recognized (without a corresponding receipt of cash by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund). Therefore, the Fund may be required to pay out as an income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distribution in any such tax year an amount greater than the total &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;amount of cash income the Fund actually received and to sell portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, including at potentially disadvantageous times or prices, to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obtain cash needed for these income distributions. Preferred securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;often are subject to legal provisions that allow for redemption in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event of certain tax or legal changes or at the issuer&#x2019;s call. In the event &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of redemption, the Fund may not be able to reinvest the proceeds at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;comparable rates of return. Preferred securities are subordinated to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bonds and other debt securities in an issuer&#x2019;s capital structure in terms &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of priority for corporate income and liquidation payments, and therefore &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will be subject to greater credit risk than those debt securities. Preferred &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may trade less frequently and in a more limited volume and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be subject to more abrupt or erratic price movements than many &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other securities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_InsuranceLinkedandOtherInstrumentsRiskMembercefRiskAxis"
      id="ixv-16890">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Insurance-Linked and Other Instruments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in insurance-linked instruments and similar &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments (which may include, for example, exposure to reinsurance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;contracts (through sidecars or otherwise), event-linked bonds, such as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;catastrophe and resilience bonds, and securities relating to life &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insurance policies, annuity contracts and premium finance loans). The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund could lose a portion or all of the principal it has invested in these &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;types of investments, and the right to additional interest and/or dividend &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments with respect to the investments, upon the occurrence of one &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or more trigger events, as defined within the terms of an investment. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Trigger events may include natural or other perils of a specific size or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;magnitude that occur in a designated geographic region during a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;specified time period, and/or that involve losses or other metrics that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exceed a specific amount. The Fund may also invest in insurance-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments that are subject to &#x201c;indemnity triggers.&#x201d; An indemnity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trigger is a mechanism where the payout to the investor is based on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;actual losses incurred by the insurer and come into play when losses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from a specified event exceed a designated level. Insurance-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments subject to indemnity triggers are often regarded as being &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to potential moral hazard, since such insurance-linked &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments are triggered by actual losses of the ceding sponsor and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ceding sponsor may have an incentive to take actions and/or risks that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would have an adverse effect on the Fund. There is no way to accurately &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;predict whether a trigger event will occur and, accordingly, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insurance-linked instruments and similar investments carry significant &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk. In addition to the specified trigger events, these types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may expose the Fund to other risks, including but not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited to issuer (credit) default, adverse regulatory or jurisdictional &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interpretations and adverse tax consequences.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may also gain exposure to reinsurance contracts (through &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insurance-linked securities, sidecars or otherwise). This exposure may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;include &#x201c;excess of loss&#x201d; contracts, wherein liability arises only if and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when losses exceed a specified amount, and proportional reinsurance, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;wherein a pro rata portion of the premiums and liabilities of the cedant &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with a specified business or a portfolio if insurance contracts &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are linked to the investment. Investments linked to reinsurance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;transactions may involve significant insurance brokerage fees, fronting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fees and other transaction costs.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;A series of major triggering events could cause the failure of a reinsurer. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Similarly, to the extent the Fund invests in reinsurance-related securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for which a triggering event occurs, losses associated with such event &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will result in losses to the Fund and a series of major triggering events &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affecting a large portion of the reinsurance-related securities held by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund may result in substantial losses to the Fund. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unexpected events such as natural disasters or terrorist attacks could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;lead to government intervention. Political, judicial and legal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments affecting the reinsurance industry could also create new &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and expanded theories of liability or regulatory or other requirements; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such changes could have a material adverse effect on the Fund. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, the litigation environment in catastrophe-exposed states or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regions could impact the frequency and severity of insurance claims, and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;litigation costs could decrease the value of the Fund&#x2019;s investment in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;products linked to reinsurance contracts. In recent years, capital market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;participants have been increasingly active in the reinsurance market and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;markets for related risks. Increased competition could result in fewer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;submissions, lower premium rates and less favorable policy terms and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain insurance-linked instruments and similar investments may have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited liquidity, or may be illiquid. The Fund has limited transparency &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;into the individual contracts underlying certain insurance-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments and similar investments, which may make the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assessment of them more difficult. These types of investments may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficult to value.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The aforementioned instruments may include longevity and mortality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, including indirect investment in pools of insurance-related &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;longevity and mortality investments, including life insurance policies, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;annuity contracts and premium finance loans. Such investments are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to &#x201c;longevity risk&#x201d; and/or &#x201c;mortality risk.&#x201d; Longevity risk is the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that members of a reference population will live longer, on average, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;than anticipated. Mortality risk is the risk that members of a reference &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;population will live shorter, on average, than anticipated. Changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these rates can significantly affect the liabilities and cash needs of life &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;insurers, annuity providers and pension funds. The terms of a longevity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bond typically provide that the investor in the bond will receive less than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the bond&#x2019;s par amount at maturity if the actual average longevity (life &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;span) of a specified population of people observed over a specified &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;period of time (typically measured by a longevity index) is higher than a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;specified level. If longevity is higher than expected, the bond will return &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;less than its par amount at maturity. A mortality bond, in contrast to a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;longevity bond, typically provides that the investor in the bond will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;receive less than the bond&#x2019;s par amount at maturity if the mortality rate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of a specified population of people observed over a specified period of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;time (typically measured by a mortality index) is higher than a specified &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;level.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During their term, both longevity bonds and mortality bonds typically &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pay a floating rate of interest to investors. Longevity and mortality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments purchased by the Fund involve the risk of incorrectly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;predicting the actual level of longevity or mortality, as applicable, for the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reference population of people. With respect to mortality investments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;held by the Fund, there is also the risk that an epidemic or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;catastrophic event could strike the reference population, resulting in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortality rates exceeding expectations. The Fund may also gain this type &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of exposure through event-linked derivative instruments, such as swaps, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are contingent on or formulaically related to longevity or mortality &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_ConfidentialInformationAccessRiskMembercefRiskAxis"
      id="ixv-17037">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Confidential Information Access Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In managing the Fund (and other PIMCO clients), PIMCO may from time &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to time have the opportunity to receive material, non-public information &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(&#x201c;Confidential Information&#x201d;) about the issuers of certain investments, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;including, without limitation, senior floating rate loans, other loans and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;related investments being considered for acquisition by the Fund or held &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the Fund&#x2019;s portfolio. For example, an issuer of privately placed loans &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considered by the Fund may offer to provide PIMCO with financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;information and related documentation regarding the issuer that is not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;publicly available. Pursuant to applicable policies and procedures, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO may (but is not required to) seek to avoid receipt of Confidential &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Information from the issuer so as to avoid possible restrictions on its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to purchase and sell investments on behalf of the Fund and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;clients to which such Confidential Information relates. In such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;circumstances, the Fund (and other PIMCO clients) may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disadvantaged in comparison to other investors, including with respect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the price the Fund pays or receives when it buys or sells an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment. Further, PIMCO&#x2019;s and the Fund&#x2019;s abilities to assess the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;desirability of proposed consents, waivers or amendments with respect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to certain investments may be compromised if they are not privy to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available Confidential Information. PIMCO may also determine to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;receive such Confidential Information in certain circumstances under its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;applicable policies and procedures. If PIMCO intentionally or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unintentionally comes into possession of Confidential Information, it &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may be unable, potentially for a substantial period of time, to purchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or sell investments to which such Confidential Information relates.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_PrivatePlacementsAndRestrictedSecuritiesRiskMembercefRiskAxis"
      id="ixv-17071">&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Private Placements and Restricted Securities&#160;Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;A private placement involves the sale of securities that have not been &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registered under the Securities Act or relevant provisions of applicable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;non-U.S. law to certain institutional and qualified individual purchasers, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such as the Fund. In addition to the general risks to which all securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are subject, securities received in a private placement generally are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject to strict restrictions on resale, and there may be no liquid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary market or ready purchaser for such securities. See &#x201c;Principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Risks of the Fund &#x2013; Liquidity Risk.&#x201d; Therefore, the Fund may be unable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to dispose of such securities when it desires to do so, or at the most &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;favorable time or price. Private placements may also raise valuation &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks. See &#x201c;Principal Risks of the Fund &#x2013; Valuation Risk.&#x201d; Restricted &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are often purchased at a discount from the market price of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unrestricted securities of the same issuer reflecting the fact that such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities may not be readily marketable without some time delay. Such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are often more difficult to value and the sale of such securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;often requires more time and results in higher brokerage charges or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dealer discounts and other selling expenses than does the sale of liquid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities trading on national securities exchanges or in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;over-the-counter markets. Until the Fund can sell such securities into the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;public markets, its holdings may be less liquid and any sales will need to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be made pursuant to an exemption under the Securities Act.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_InflationDeflationRiskMembercefRiskAxis"
      id="ixv-17098">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Inflation/Deflation Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Inflation risk is the risk that the value of assets or income from the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s investments will be worth less in the future as inflation decreases &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the value of payments at future dates. As inflation increases, the real &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of the Fund&#x2019;s portfolio could decline. Inflation rates may change &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;frequently and significantly as a result of various factors, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unexpected shifts in the domestic or global economy or changes in fiscal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or monetary policies. Deflation risk is the risk that prices throughout the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economy decline over time. Deflation may have an adverse effect on the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;creditworthiness of issuers and may make issuer default more likely, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may result in a decline in the value of the Fund&#x2019;s portfolio and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_RegulatoryChangesRiskMembercefRiskAxis"
      id="ixv-17116">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulatory Changes Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Financial entities, such as investment companies and investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advisers, are generally subject to extensive government regulation and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intervention. Government regulation and/or intervention may change &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the way the Fund is regulated, affect the expenses incurred directly by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund and the value of its investments, and limit and/or preclude the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s ability to achieve its investment objectives. Government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulation may change frequently and may have significant adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consequences. The Fund and the Investment Manager have historically &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;been eligible for exemptions from certain regulations. However, there is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no assurance that the Fund and the Investment Manager will continue &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to be eligible for such exemptions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Moreover, government regulation may have unpredictable and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unintended effects. Legislative or regulatory actions to address &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;perceived liquidity or other issues in fixed income markets generally, or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in particular markets such as the municipal securities market, may alter &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or impair the Fund&#x2019;s ability to pursue its investment objectives or utilize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain investment strategies and techniques. While there continues to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be uncertainty about the full impact of these and other regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes, it is the case that the Fund will be subject to a more complex &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;regulatory framework, and may incur additional costs to comply with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;new requirements as well as to monitor for compliance in the future.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Current rules related to credit risk retention requirements for ABS may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase the cost to originators, securitizers and, in certain cases, asset &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;managers of SPEs in which the Fund may invest. The impact of the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;retention rules on the securitization markets is uncertain. These &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requirements may increase the costs to originators, securitizers, and, in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain cases, collateral managers of SPEs in which the Fund may invest, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which costs could be passed along to the Fund as an investor in such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;vehicles. In addition, the costs imposed by the risk retention rules on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;originators, securitizers and/or collateral managers may result in a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reduction of the number of new offerings of ABS and thus in fewer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment opportunities for the Fund. A reduction in the number of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;new securitizations could also reduce liquidity in the markets for certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;types of financial assets, which in turn could negatively affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;returns on the Fund&#x2019;s investment.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Actions by governmental entities may also impact certain instruments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which the Fund invests and reduce market liquidity and resiliency.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_RegulatoryRiskCommodityPoolOperatorMembercefRiskAxis"
      id="ixv-17193">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulatory Risk&#x2014;Commodity Pool Operator&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The CFTC has adopted regulations that subject registered investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies and their investment advisers to regulation by the CFTC if &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the registered investment company invests more than a prescribed level &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of its liquidation value in futures, options on futures or commodities, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;swaps, or other financial instruments regulated under the CEA and the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rules thereunder (&#x201c;commodity interests&#x201d;), or if the Fund markets itself &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as providing investment exposure to such instruments. &#160;The Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager is registered with the CFTC as a CPO. However, with respect to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund, the Investment Manager has claimed an exclusion from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registration as a CPO pursuant to CFTC Rule 4.5. For the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager to remain eligible for this exclusion, the Fund must comply &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with certain limitations, including limits on its ability to use any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;commodity interests and limits on the manner in which the Fund holds &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;out its use of such commodity interests. These limitations may restrict &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s ability to pursue its investment objectives and strategies &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase the costs of implementing its strategies, result in higher &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses for the Fund, and/or adversely affect the Fund&#x2019;s total return. To &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the extent the Investment Manager becomes ineligible for this exclusion &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from CFTC regulation, the Investment Manager may consider steps in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;order to continue to qualify for exemption from CFTC regulation, or may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determine to operate the Fund subject to CFTC regulation.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_InvestmentsInReitsRiskMembercefRiskAxis"
      id="ixv-17221">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Investments in REITs Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REITs are pooled investment vehicles that own, and usually operate, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income-producing real estate. Some REITs also finance real estate. If a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REIT meets certain requirements, including distributing to shareholders &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;substantially all of its taxable income (other than net capital gains), then &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;it is not typically taxed on the income distributed to shareholders.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REITs are sometimes informally characterized as: equity REITs, mortgage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REITs and hybrid REITs. Equity REITs invest the majority of their assets &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;directly in real property. They derive their income primarily from rents &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;received and any profits on the sale of their properties. Equity REITs can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;also realize capital gains by selling properties that have appreciated in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value. Mortgage REITs invest the majority of their assets in real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;mortgages and derive most of their income from mortgage interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments. As its name suggests, hybrid REITs combine characteristics of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;both equity REITs and mortgage REITs.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An investment in a REIT, or in a real estate linked derivative instrument &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;linked to the value of a REIT, is subject to the risks that impact the value &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the underlying properties of the REIT. These risks include loss to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;casualty or condemnation, and changes in supply and demand, interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates, zoning laws, regulatory limitations on rents, property taxes and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operating expenses. Real estate income and values may also be affected &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by demographic trends, such as population shifts or changing tastes, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;preferences (such as remote work arrangements) and social values. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Other factors that may adversely affect REITs include poor performance &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;by management of the REIT, changes to the tax laws, or failure by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;REIT to qualify for favorable tax treatment. The securities of REITs &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involve greater risks than those associated with larger, more established &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies and may be subject to more abrupt or erratic price &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;movements because of interest rate changes, economic conditions and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;real estate market conditions (such as oversupply of real estate for rent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or sale or vacancies, potentially for extended periods), reduced demand &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;for commercial and office space as well as increased maintenance or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tenant improvement costs and costs to convert properties for other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;uses, and default risk and credit quality of tenants and borrowers and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other factors. For example, the value of these securities may decline &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when interest rates rise and will also be affected by the real estate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;market and by the management or development of the underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;properties. The underlying properties may be subject to mortgage loans, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which may also be subject to the risks of default. REITs are also subject &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to default by borrowers and self-liquidation, and are heavily dependent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on cash flow. Some REITs lack diversification because they invest in a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited number of properties, a narrow geographic area, or a single type &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of property. Mortgage REITs may be impacted by the quality of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;credit extended.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_LiquidityRiskMembercefRiskAxis"
      id="ixv-17278">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Liquidity Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Liquidity risk exists when particular investments are difficult to purchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or sell. Illiquid investments are investments that the Fund reasonably &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expects cannot be sold or disposed of in current market conditions in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;seven calendar days or less without the sale or disposition significantly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changing the market value of the investment. Illiquid investments may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;become harder to value, especially in changing markets. The Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments in illiquid investments may reduce the returns of the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;because it may be unable to sell the illiquid investments at an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;advantageous time or price or possibly require the Fund to dispose of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other investments at unfavorable times or prices in order to satisfy its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations, which could prevent the Fund from taking advantage of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other investment opportunities. Additionally, the market for certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments may become illiquid under adverse market or economic &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions independent of any specific adverse changes in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions of a particular issuer. Bond markets have consistently grown &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;over the past three decades while the capacity for traditional dealer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparties to engage in fixed income trading has not kept pace and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in some cases has decreased. As a result, dealer inventories of corporate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bonds, which provide a core indication of the ability of financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intermediaries to &#x201c;make markets,&#x201d; are at or near historic lows in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relation to market size. Because market makers seek to provide stability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to a market through their intermediary services, a significant reduction &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in dealer inventories could potentially lead to decreased liquidity and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increased volatility in the fixed income markets. Such issues may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exacerbated during periods of economic uncertainty. To the extent that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s principal investment strategies involve securities of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies with smaller market capitalizations, foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, Rule 144A securities, illiquid sectors of fixed income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, derivatives or securities with substantial market and/or credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk, the Fund will tend to have greater exposure to liquidity risk.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Further fixed income securities with longer durations until maturity face &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;heightened levels of liquidity risk as compared to fixed income securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with shorter durations until maturity. The risks associated with illiquid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;instruments may be particularly acute in situations in which the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operations require cash (such as in connection with repurchase offers) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and could result in the Fund borrowing to meet its short-term needs or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incurring losses on the sale of illiquid instruments. It may also be the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;case that other market participants may be attempting to liquidate fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income holdings at the same time as the Fund, causing increased supply &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the market and contributing to liquidity risk and downward pricing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pressure. See &#x201c;Principal Risks of the Fund - Valuation Risk.&#x201d;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Liquidity risk also refers to the risk that the Fund may be required to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;hold additional cash or sell other investments in order to obtain cash to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;close out derivatives or meet the liquidity demands that derivatives can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;create to make payments of margin, collateral, or settlement payments &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to counterparties. The Fund may have to sell a security at a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disadvantageous time or price to meet such obligations.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The current direction of governments and regulators may have the effect &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of reducing market liquidity, market resiliency and money supply, such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as through higher rates, tighter financial regulations and proposals &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;related to open-end fund liquidity that may prevent mutual funds and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exchange-traded funds from participating in certain markets.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Alt Lending ABS in which the Fund invests are typically not listed on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any securities exchange and not registered under the Securities Act. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, the Fund anticipates that these instruments may only be sold &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to a limited number of investors and may have a limited or non-existent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary market. Accordingly, the Fund currently expects that certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of its investments in Alt Lending ABS will face heightened levels of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;liquidity risk. Although currently, there is generally no reliable, active &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;secondary market for certain Alt Lending ABS, a secondary market for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these alternative lending-related instruments may develop.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_TaxRiskMembercefRiskAxis"
      id="ixv-17388">&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Tax Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund has elected to be treated as a &#x201c;regulated investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;company&#x201d; (a &#x201c;RIC&#x201d;) under Subchapter M of the Code and intends each &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;year to qualify and be eligible to be treated as such, so that it generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will not be subject to U.S. federal income tax on its net investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income or net short-term or long-term capital gains that are distributed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(or deemed distributed, as described below) to shareholders. In order to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;qualify and be eligible for such treatment, the Fund must meet certain &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;asset diversification tests, derive at least 90% of its gross income for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such year from certain types of qualifying income, and distribute to its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shareholders at least 90% of the sum of its &#x201c;investment company &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxable income&#x201d; as that term is defined in the Code (which includes, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;among other things, dividends, taxable interest and the excess of any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;net short-term capital gains over net long-term capital losses, as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reduced by certain deductible expenses) and net tax-exempt income, for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such year.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s investment strategy will potentially be limited by its intention &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to continue qualifying for treatment as a RIC, and can limit the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability to continue qualifying as such. The tax treatment of certain of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s investments under one or more of the qualification or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distribution tests applicable to RICs is uncertain. An adverse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determination or future guidance by the IRS or a change in law might &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affect the Fund&#x2019;s ability to qualify or be eligible for treatment as a RIC. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Income and gains from certain of the Fund&#x2019;s&#160;activities, including fees &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;received in connection with the origination of loans, may not constitute &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;qualifying income to a RIC for purposes of the 90% gross income test. If &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund were to treat income or gain from a particular investment or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;activity as qualifying income and the income or gain were later &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;determined not to constitute qualifying income and, together with any &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other nonqualifying income, caused the Fund&#x2019;s nonqualifying income to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exceed 10% of its gross income in any taxable year, the Fund would fail &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to qualify as a RIC unless it is eligible to and does pay a tax at the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;level. Income and gains from certain of the Fund&#x2019;s activities may not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;constitute qualifying income to a RIC for purposes of the 90% gross &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income test. If the Fund were to treat income or gain from a particular &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment or activity as qualifying income and the income or gain were &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;later determined not to constitute qualifying income and, together with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any other nonqualifying income, caused the Fund&#x2019;s nonqualifying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income to exceed 10% of its gross income in any taxable year, the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would fail to qualify as a RIC unless it is eligible to and does pay a tax at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund level.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;If, in any year, the Fund were to fail to qualify for treatment as a RIC &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;under the Code, and were ineligible to or did not otherwise cure such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;failure, the Fund would be subject to tax on its taxable income at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;corporate rates and, when such income is distributed, shareholders &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;would be subject to further tax, on such distributions to the extent of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s current or accumulated earnings and profits.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The value of the Fund&#x2019;s investments and its net asset value may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely affected by changes in tax rates and policies. Because interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income from municipal securities is normally not subject to regular &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;federal in-come taxation, the attractiveness of municipal securities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relation to other investment alternatives is affected by changes in &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;federal income tax rates or changes in the tax-exempt status of interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income from municipal securities. Any proposed or actual changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such rates or exempt status, therefore, can significantly affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;demand for and supply, liquidity and marketability of municipal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. This could in turn affect the Fund&#x2019;s net asset value and ability &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to acquire and dispose of municipal securities at desirable yield and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;price levels. Additionally, the Fund is not a suitable investment for &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;individual retirement accounts, for other tax-exempt or tax-deferred &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;accounts or for investors who are not sensitive to the federal income tax &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;consequences of their investments.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_SubsidiaryRiskMembercefRiskAxis"
      id="ixv-17489">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Subsidiary Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent the Fund invests through one or more of its wholly-owned &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subsidiaries, the Fund would be exposed to the risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such Subsidiary&#x2019;s investments. Such Subsidiaries would likely not be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;registered as investment companies under the 1940 Act and, except as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;noted in this prospectus, would not be subject to all of the investor &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;protections of the 1940 Act. Changes in the laws of the United States &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or the jurisdiction in which a Subsidiary is organized could result in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the inability of the Fund and/or the Subsidiary to operate as intended &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and could adversely affect the Fund.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_PortfolioTurnoverRiskMembercefRiskAxis"
      id="ixv-17506">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Portfolio Turnover Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Investment Manager manages the Fund without regard generally to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;restrictions on portfolio turnover. The use of futures contracts and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;derivative instruments with relatively short maturities may tend to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exaggerate the portfolio turnover rate for the Fund. Trading in fixed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income securities does not generally involve the payment of brokerage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;commissions, but does involve indirect transaction costs. The use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;futures contracts and other derivative instruments may involve the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payment of commissions to futures commission merchants or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intermediaries. Higher portfolio turnover involves correspondingly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;greater expenses to the Fund, including brokerage commissions or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dealer mark-ups and other transaction costs on the sale of securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and reinvestments in other securities. The higher the rate of portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;turnover of the Fund, the higher these transaction costs borne by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund generally will be. Such sales may result in realization of taxable &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;capital gains (including short-term capital gains, which are generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;taxed to shareholders at ordinary income tax rates when distributed net &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of short-term capital losses and net long-term capital losses), and may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adversely impact the Fund&#x2019;s after-tax returns. See &#x201c;Tax Matters.&#x201d;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_OperationalRiskMembercefRiskAxis"
      id="ixv-17531">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Operational Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;An investment in the Fund, like any fund, can involve operational risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;arising from factors such as processing errors, human errors, inadequate &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or failed internal or external processes, failures in systems and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;technology, changes in personnel and errors caused by third-party &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;service providers. The occurrence of any of these failures, errors or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;breaches could result in a loss of information, regulatory scrutiny, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;reputational damage or other events, any of which could have a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;material adverse effect on the Fund. While the Fund seeks to minimize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such events through controls and oversight, there may still be failures &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that could cause losses to the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_OtherInvestmentCompaniesRiskMembercefRiskAxis"
      id="ixv-17550">&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other Investment Companies Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;When investing in an investment company, the Fund will generally bear &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its ratable share of that investment company&#x2019;s expenses and would &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;remain subject to payment of the Fund&#x2019;s investment management fees &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other expenses with respect to assets so invested. Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders would therefore be subject to duplicative expenses to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent the Fund invests in other investment companies. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these other investment companies may utilize leverage, in which case &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an investment would subject a Fund to additional risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;leverage. Due to its own financial interest or other business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;considerations, the Investment Manager may choose to invest a portion &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of a Fund&#x2019;s assets in investment companies sponsored or managed by &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Investment Manager or its related parties in lieu of investments by a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund directly in portfolio securities, or may choose to invest in such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment companies over investment companies sponsored or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;managed by others. Participation in a cash sweep program where the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund's uninvested cash balance is used to purchase shares of affiliated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or unaffiliated money market funds or cash management pooled &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment vehicles at the end of each day subjects the Fund to the risks &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;associated with the underlying money market funds or cash &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management pooled investment vehicles, including liquidity risk. As a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shareholder of a money market fund or cash management pooled &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment vehicle, the Fund would indirectly bear the fees and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses of the underlying fund or account which are in addition to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fees the Fund pays its service providers. Applicable law may limit a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s ability to invest in other investment companies.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_CyberSecurityRiskMembercefRiskAxis"
      id="ixv-17581">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cyber Security Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;As the use of technology, including cloud-based technology, has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;become more prevalent in the course of business, the Fund is potentially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;more susceptible to operational and information security risks resulting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from breaches in cyber security. A breach in cyber security refers to both &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intentional and unintentional cyber events from outside threat actors or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;internal resources that may, among other things, cause the Fund to lose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;proprietary information, suffer data corruption and/or destruction, lose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operational capacity, result in the unauthorized release or other misuse &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of confidential information, or otherwise disrupt normal business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operations. Geopolitical tensions can increase the scale and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sophistication of deliberate cyber security attacks, particularly those &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from nation-states or from entities with nation-state backing, who may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;desire to use cyber security attacks to cause damage or create leverage &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against geopolitical rivals. Cyber security breaches may involve &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unauthorized access to the Fund&#x2019;s digital information systems (e.g., &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;through &#x201c;hacking&#x201d; or malicious software coding), and may come from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;multiple sources, including outside attacks such as denial-of-service &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;attacks (i.e., efforts to make network services unavailable to intended &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;users) or cyber extortion, including exfiltration of data held for ransom &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and/or &#x201c;ransomware&#x201d; attacks that renders systems inoperable until &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ransom is paid, or insider actions (e.g., intentionally or unintentionally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;harmful acts of PIMCO personnel). In addition, cyber security breaches &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;involving the Fund&#x2019;s third party service providers (including but not &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limited to advisers, sub-advisers, administrators, transfer agents, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;custodians, vendors, suppliers, distributors and other third parties), &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading counterparties or issuers in which the Fund invests can also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subject the Fund to many of the same risks associated with direct cyber &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security breaches or extortion of company data. PIMCO's use of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;cloud-based service providers could heighten or change these risks. In &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;addition, work-from-home arrangements by the Fund, the Investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Manager or their service providers could increase all of the above risks, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;create additional data and information accessibility concerns, and make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund, the Investment Manager or their service providers susceptible &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to operational disruptions, any of which could adversely impact their &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operations.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Cyber security failures or breaches may result in financial losses to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund and its shareholders. For example, cyber security failures or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;breaches involving trading counterparties or issuers in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests could adversely impact such counterparties or issuers and cause &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s investment to lose value. These failures or breaches may also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;result in disruptions to business operations, potentially resulting in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial losses; interference with the Fund&#x2019;s ability to calculate its NAV, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;process shareholder transactions or otherwise transact business with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shareholders; impediments to trading; violations of applicable privacy &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other laws; regulatory fines; penalties; third-party claims in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;litigation; reputational damage; reimbursement or other compensation &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;costs; additional compliance and cyber security risk management costs &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and other adverse consequences. In addition, substantial costs may be &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incurred in order to prevent any cyber incidents in the future.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Like with operational risk in general, the Fund has established business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;continuity plans and risk management systems designed to reduce the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risks associated with cyber security. However, there are inherent &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;limitations in these plans and systems, including that certain risks may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not have been identified, in large part because different or unknown &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;threats may emerge in the future. As such, there is no guarantee that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;such efforts will succeed, especially because the Fund does not directly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;control the cyber security systems of issuers in which the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invest, trading counterparties or third-party service providers to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund. Such entities have experienced cyber attacks and other attempts &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to gain unauthorized access to systems from time to time, and there is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;no guarantee that efforts to prevent or mitigate the effects of such &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;attacks or other attempts to gain unauthorized access will be successful. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;There is also a risk that cyber security breaches may not be detected. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund and its shareholders may suffer losses as a result of a cyber &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security breach related to the Fund, its service providers, trading &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparties or the issuers in which the Fund invests.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_PotentialConflictsofInterestRiskAllocationofInvestmentOpportunitiesMembercefRiskAxis"
      id="ixv-17693">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Potential Conflicts of Interest Risk&#x2014;Allocation of Investment &lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Opportunities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Investment Manager and its affiliates are involved worldwide with a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;broad spectrum of financial services and asset management activities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and may engage in the ordinary course of business in activities in which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;their interests or the interests of their clients may conflict with those of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund. The Investment Manager may provide investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management services to other funds and discretionary managed &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;accounts that follow an investment program similar to that of the Fund. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Subject to the requirements of the 1940 Act, the Investment Manager &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;intends to engage in such activities and may receive compensation from &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;third parties for its services. The results of the Fund&#x2019;s investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;activities may differ from those of&#160;the the Fund&#x2019;s affiliates, or another &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;account managed by the Investment Manager or its affiliates, and it is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;possible that the Fund could sustain losses during periods in which one &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;or more of the Fund&#x2019;s affiliates and/or other accounts managed by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Investment Manager or its affiliates, including proprietary accounts, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;achieve profits on their trading.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_RepurchaseAgreementsRiskMembercefRiskAxis"
      id="ixv-17722">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Repurchase Agreements Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may enter into repurchase agreements, in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;purchases a security from a bank or broker-dealer, which agrees to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;repurchase the security at the Fund&#x2019;s cost plus interest within a specified &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;time. If the party agreeing to repurchase should default, the Fund would &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;seek to sell the securities which it holds. This could involve costs or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delays in addition to a loss on the securities if their value should fall &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;below their repurchase price. The security subject to a repurchase &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreement may be or become illiquid. These events could also trigger &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;adverse tax consequences for the Fund.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_SpecialPurposeAcquisitionCompaniesSPACsRiskMembercefRiskAxis"
      id="ixv-17739">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Special Purpose Acquisition Companies (&#x201c;SPACs&#x201d;) Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may invest in securities of SPACs or similar special purpose &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;entities that pool funds to seek potential acquisition opportunities. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Unless and until an acquisition is completed, a SPAC generally invests its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets (less a portion retained to cover expenses) in U.S. government &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities, money market securities or holds cash. If an acquisition that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;meets the requirements for the SPAC is not completed within a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pre-established period of time, the invested funds are returned to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;entity&#x2019;s shareholders unless shareholders approve alternative options. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Because SPACs and similar entities are in essence blank check &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;companies without operating history or ongoing business other than &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;seeking acquisitions, the value of their securities is particularly &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dependent on the ability of the entity&#x2019;s management to identify and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;complete a profitable acquisition. A SPAC&#x2019;s structure may result in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;significant dilution of a shareholder's share value immediately upon the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;completion of a business combination due to, among other reasons, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interests held by the SPAC sponsor, conversion of warrants into &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;additional shares, shares issued in connection with a business &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;combination and/or certain embedded costs. There is no guarantee that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the SPACs in which the Fund invests will complete an acquisition or that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;any acquisitions that are completed will be profitable. Some SPACs may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pursue acquisitions only within certain industries or regions, which may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase the volatility of their prices. In addition, these securities, which &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;are typically traded in the over-the-counter market, may be considered &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;illiquid and/or be subject to restrictions on resale.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_StructuredInvestmentsRiskMembercefRiskAxis"
      id="ixv-17770">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Structured Investments Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Holders of structured products, including structured notes, credit-linked &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;notes and other types of structured products, bear the risks of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;underlying investments, index or reference obligation and are subject to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;counterparty risk. The Fund may have the right to receive payments only &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from the structured product, and generally does not have direct rights &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;against the issuer or the entity that sold the assets to be securitized. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;While certain structured products enable the investor to acquire &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interests in a pool of securities without the brokerage and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;expenses associated with directly holding the same securities, investors &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in structured products generally pay their share of the structured &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;product&#x2019;s administrative and other expenses. Although it is difficult to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;predict whether the prices of indices and securities underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;structured products will rise or fall, these prices (and, therefore, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;prices of structured products) are generally influenced by the same types &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of political and economic events that affect issuers of securities and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;capital markets generally. If the issuer of a structured product uses &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shorter term financing to purchase longer term securities, the issuer may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;be forced to sell its securities at below market prices if it experiences &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;difficulty in obtaining such financing, which may adversely affect the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;value of the structured products owned by the Fund. Structured &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;products generally entail risks associated with derivative instruments.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_CollateralizedBondObligationsCollateralizedLoanObligationsAndCollateralizedDebtObligationsRiskMembercefRiskAxis"
      id="ixv-17825">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Collateralized Bond Obligations, Collateralized Loan &lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Obligations and Collateralized Debt Obligations Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CBOs, CLOs and CDOs may charge management fees and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;administrative expenses. For CBOs, CLOs and CDOs, the cash flows from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the trust are split into two or more portions, called tranches, varying in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk and yield. The riskiest portion is the equity tranche which generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;bears losses in connection with the first defaults, if any, on the bonds or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;loans in the trust. A senior tranche from a CLO, CBO and CDO trust &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;typically has higher credit ratings and lower yields than the underlying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities. CLO tranches, CBO, and CDO, even senior ones, can &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;experience substantial losses due to actual defaults, increased sensitivity &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to defaults due to collateral default and disappearance of protecting &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tranches, market anticipation of defaults and aversion to CLO, CBO or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other CDO securities. The risks of an investment in a CBO, CLO or other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CDO vary depending on the type of collateral securities and the class of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the instrument in which the Fund invests, among other factors. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Normally, CLOs, CBOs and other CDOs are privately offered and sold, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and thus are not registered under the securities laws. Investments in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;CLOs, CBOs and CDOs may be or become illiquid. In addition to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;normal risks associated with debt instruments (e.g., interest rate risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and credit risk), CLOs, CBOs and CDOs carry additional risks including, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;but not limited to: (i) the possibility that distributions from the collateral &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;will not be adequate to make interest or other payments; (ii) the risk &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that the quality of the collateral may decline in value or default; (iii) the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk that the Fund may invest in CBOs, CLOs or other CDOs that are &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;subordinate to other classes; and (iv) the risk that the complex structure &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the security may not be fully understood at the time of investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and may produce disputes with the issuer or others and may produce &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;unexpected investment results.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_MarketDisruptionsRiskMembercefRiskAxis"
      id="ixv-17861">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Market Disruptions Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund is subject to investment and operational risks associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;financial, economic and other global market developments and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;disruptions, including those arising from war, military conflicts, terrorism, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;social unrest, recessions, supply chain disruptions, market manipulation, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;government interventions, defaults and shutdowns, political changes or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;diplomatic developments, public health emergencies (such as the spread &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of infectious diseases, pandemics and epidemics), bank failures, &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;natural/environmental disasters, climate change and climate related &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;events which can all negatively impact the securities markets, interest &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;rates, auctions, secondary trading, ratings, credit risk, inflation, deflation &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;and other factors relating to the Fund&#x2019;s investments or the Investment &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;Manager&#x2019;s operations and the value of an investment in the Fund, its &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;distributions and its returns. These events can also impair the &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;technology and other operational systems upon which the Fund&#x2019;s &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;service providers, including PIMCO as the Fund&#x2019;s investment adviser, &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;rely, and could otherwise disrupt the Fund&#x2019;s service providers&#x2019; ability to &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;fulfill their obligations to the Fund. Furthermore, events involving limited &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;liquidity, defaults, non-performance or other adverse developments that &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;affect financial institutions or the financial services industry generally, or &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;concerns or rumors about any events of these kinds or other similar &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;risks, have in the past and may in the future lead to market-wide &lt;/div&gt;&lt;div style="color:#333333;font-family:Arial Narrow;font-size:10pt;display:inline;"&gt;liquidity problems.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_GeopoliticalConflictsMembercefRiskAxis"
      id="ixv-17894">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Geopolitical Conflicts&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The occurrence of geopolitical conflicts, war or terrorist activities could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have adverse impacts on markets in various and unpredictable ways. For &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;example, following Russia&#x2019;s large-scale invasion of Ukraine in February &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2022, Russia, and other countries, persons and entities that were &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;viewed as having provided material aid to Russia&#x2019;s aggression against &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Ukraine, became the subject of economic sanctions and import and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;export controls imposed by countries throughout the world, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the United States. Such measures have had and may continue to have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;an adverse effect on the Russian, Belarusian and other securities and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economies. Additional examples include, but are not limited to, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;heightened concerns of trade disputes, which could result in increased &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;tariffs, trade restrictions or other retaliatory countermeasures. The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent, duration and impact of geopolitical conflicts and related market &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impacts are difficult to ascertain, but could be significant and could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have significant adverse effects on regional and global economies and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the markets for certain securities and commodities, such as oil, natural &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;gas, steel and aluminum, as well as other sectors, and on the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_FocusedInvestmentRiskMembercefRiskAxis"
      id="ixv-17919">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Focused Investment Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;To the extent that the Fund focuses its investments in a particular sector, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;it may be susceptible to loss due to adverse developments affecting that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sector, including (but not limited to): governmental regulation; inflation; &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rising interest rates; cost increases in raw materials, fuel and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;operating expenses; technological innovations that may render existing &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;products and equipment obsolete; competition from new entrants; high &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;research and development costs; increased costs associated with &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;compliance with environmental or other governmental regulations; and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other economic, business or political developments specific to that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sector. Furthermore, the Fund may invest a substantial portion of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assets in companies in related sectors that may share common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;characteristics, are often subject to similar business risks and regulatory &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;burdens, and whose securities may react similarly to the types of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;developments described above, which will subject the Fund to greater &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;risk. The Fund also will be subject to focused investment risk to the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;extent that it invests a substantial portion of its assets in a particular &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer, market, asset class, country or geographic region. See &#x201c;Principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Risks of the Fund&#x2014;Foreign (Non-U.S.) Investment Risk,&#x201d; &#x201c;Principal &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Risks of the Fund&#x2014;Emerging Markets Risk&#x201d; and &#x201c;Principal Risks of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2014;Currency Risk.&#x201d;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_ZeroCouponBondsStepUpsAndPaymentInKindSecuritiesRiskMembercefRiskAxis"
      id="ixv-17977">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities &lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market prices of zero-coupon, step-ups and payment-in-kind &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities are generally more volatile than the prices of securities that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;pay interest periodically and in cash, and are likely to respond to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;changes in interest rates to a greater degree than other types of debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities with similar maturities and credit quality. Because &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;zero-coupon securities bear no interest, their prices are especially &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;volatile. And because zero-coupon bondholders do not receive interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payments, the prices of zero-coupon securities generally fall more &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;dramatically than those of bonds that pay interest on a current basis &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;when interest rates rise. The market for zero-coupon and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;payment-in-kind securities may suffer decreased liquidity. In addition, as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;these securities may not pay cash interest, the Fund&#x2019;s investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exposure to these securities and their risks, including credit risk, will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase during the time these securities are held in the Fund&#x2019;s portfolio. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Further, to maintain its qualification for treatment as a RIC and to avoid &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund-level U.S. federal income and/or excise taxes, the Fund is required &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to distribute to its shareholders any income it is deemed to have &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;received in respect of such investments, notwithstanding that cash has &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not been received currently, and the value of paid-in-kind interest. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Consequently, the Fund may have to dispose of portfolio securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;under disadvantageous circumstances to generate the cash, or may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;have to leverage itself by borrowing the cash to satisfy this distribution &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;requirement. The required distributions, if any, would result in an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;increase in the Fund&#x2019;s exposure to these securities. Zero coupon bonds, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;step-ups and payment-in-kind securities allow an issuer to avoid or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;delay the need to generate cash to meet current interest payments and, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as a result, may involve greater credit risk than bonds that pay interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currently or in cash. The Fund would be required to distribute the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;income on these instruments as it accrues, even though the Fund will &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not receive the income on a current basis or in cash. Thus, the Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sell other investments, including when it may not be advisable to do so, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to make income distributions to its shareholders.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_DebtSecuritiesRiskMembercefRiskAxis"
      id="ixv-18018">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Debt Securities Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Debt securities are generally subject to the risks described below and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;further herein:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Issuer risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The value of fixed income securities may decline for a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;number of reasons that directly relate to the issuer, such as &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management performance, financial leverage, reduced demand for the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer&#x2019;s goods and services, historical and prospective earnings of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;issuer and the value of the assets of the issuer. A change in the financial &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;condition of a single issuer may affect securities markets as a whole. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;These risks can apply to the Common Shares issued by the Fund and to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the issuers of securities and other instruments in which the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Interest rate risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The market value of debt securities changes in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;response to interest rate changes and other factors. Interest rate risk is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the risk that prices of debt securities will increase as interest rates fall &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and decrease as interest rates rise, which would be reflected in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s NAV. The Fund may lose money if short-term or long-term &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;interest rates rise sharply in a manner not anticipated by the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;management. Moreover, because rates on certain floating rate debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;securities typically reset only periodically, changes in prevailing interest &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;rates (and particularly sudden and significant changes) can be expected &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to cause some fluctuations in the NAV of the Fund to the extent that it &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invests in floating rate debt securities.&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Prepayment risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;During periods of declining interest rates, borrowers &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may prepay principal. This may force the Fund to reinvest in lower &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;yielding securities, resulting in a possible decline in the Fund&#x2019;s income &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and distributions.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Credit risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Credit risk is the risk that one or more debt securities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s portfolio will decline in price or fail to pay interest or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;principal when due because the issuer of the security experiences a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;decline in its financial status. Credit risk is increased when a portfolio &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;security is downgraded or the perceived creditworthiness of the issuer &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;deteriorates.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reinvestment risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Reinvestment risk is the risk that income from the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s portfolio will decline if the Fund invests the proceeds from &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;matured, traded or called fixed income securities at market interest rates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that are below the portfolio&#x2019;s current earnings rate.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Duration and maturity risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2009;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund may seek to adjust the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;duration or maturity of its investments in debt securities based on its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assessment of current and projected market conditions. The Fund may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;incur costs in seeking to adjust the average duration or maturity of its &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;portfolio of debt securities. There can be no assurances that the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;assessment of current and projected market conditions will be correct or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;that any strategy to adjust duration or maturity will be successful.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition, from time to time, uncertainty regarding the status of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negotiations in the U.S. government to increase the statutory debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ceiling could impact the creditworthiness of the United States and could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impact the liquidity and value of U.S. Government and other securities &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and ultimately the Fund.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_SovereignDebtRiskMembercefRiskAxis"
      id="ixv-18113">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Sovereign Debt Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In addition to the other risks applicable to debt investments, sovereign &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;debt may decline in value as a result of default or other adverse credit &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event resulting from an issuer&#x2019;s inability or unwillingness to make &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;principal or interest payments in a timely fashion. A sovereign entity&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;failure to make timely payments on its debt can result from many &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;factors, including, without limitation, insufficient foreign (non-U.S.) &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;currency reserves or an inability to sufficiently manage fluctuations in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;relative currency valuations, an inability or unwillingness to satisfy the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;demands of creditors and/or relevant supranational entities regarding &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;debt service or economic reforms, the size of the debt burden relative to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;economic output and tax revenues, cash flow difficulties, and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;political and social considerations. The risk of loss to the Fund in the &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;event of a sovereign debt default or other adverse credit event is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;heightened by the unlikelihood of any formal recourse or means to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;enforce its rights as a holder of the sovereign debt. In addition, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;sovereign debt restructurings, which may be shaped by entities and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;factors beyond the Fund&#x2019;s control, may result in a loss in value of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund&#x2019;s sovereign debt holdings.&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_CertainAffiliationsMembercefRiskAxis"
      id="ixv-18165">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Certain Affiliations&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Certain broker-dealers may be considered to be affiliated persons of the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund and/or the Investment Manager due to their possible affiliations &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with Allianz SE, the ultimate parent of the Investment Manager, or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;another Allianz entity. Allianz Asset Management of America LP merged &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;with Allianz Asset Management of America LLC (&#x201c;Allianz Asset &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Management&#x201d;), with the latter being the surviving entity, effective &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;January 1, 2023. Following the merger, Allianz Asset Management is &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;PIMCO&#x2019;s managing member and direct parent entity. Absent an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;exemption from the SEC or other regulatory relief, the Fund is generally &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;precluded from effecting certain principal transactions with affiliated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;brokers, and its ability to purchase securities being underwritten by an &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affiliated broker or a syndicate including an affiliated broker, or to utilize &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;affiliated brokers for agency transactions, is subject to restrictions. This &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;could limit the Fund&#x2019;s ability to engage in securities transactions and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;take advantage of market opportunities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The 1940 Act imposes significant limits on co-investment with affiliates &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of the Fund. The Fund has received exemptive relief from the SEC that, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;to the extent a fund relies on such relief, permits it to (among other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;things) co-invest alongside certain other persons in privately negotiated &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investments, including certain affiliates of the Investment Manager and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;certain public or private funds managed by the Investment Manager and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;its affiliates, subject to certain terms and conditions. The exemptive relief &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from the SEC with respect to co-investments imposes a number of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;conditions on any co-investments made in reliance on such relief that &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;may limit or restrict a fund&#x2019;s ability to participate in an investment or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;require it to participate in an investment to a lesser extent, which could &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;negatively impact a fund&#x2019;s ability to execute its desired investment &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;strategy and its returns. Subject to applicable law, the Fund may also &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;invest alongside other PIMCO managed funds and accounts, including &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;private funds and affiliates of the Investment Manager, without relying &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;on the exemptive relief. Pursuant to co-investment exemptive relief, to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the extent a fund relies on such relief, the fund will be able to invest in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;opportunities in which PIMCO and/or its affiliates has an investment, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;and PIMCO and/or its affiliates will be able to invest in opportunities in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;which a fund has made an investment.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_AntiTakeoverProvisionsMembercefRiskAxis"
      id="ixv-18209">&lt;div style="line-height:12.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Anti-Takeover Provisions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Declaration and the Bylaws include provisions that could limit the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;ability of other entities or persons to acquire control of the Fund or to &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;convert the Fund to open-end status. &#160;These provisions in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Declaration and the Bylaws could have the effect of depriving the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shareholders of opportunities to sell their Common Shares at &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;a premium over the then-current market price of the Common Shares or &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;at NAV.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="P04_14_2025To04_14_2025_DistributionRateRiskMembercefRiskAxis"
      id="ixv-18225">&lt;div style="line-height:12.0pt;text-align:left"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Distribution Rate Risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Although the Fund may seek to maintain level distributions, the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distribution rates may be affected by numerous factors, including but &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;not limited to changes in realized and projected market returns, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;fluctuations in market interest rates, Fund performance, and other &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;factors. The Fund&#x2019;s distributions may be comprised of a return of capital. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;In general terms, a return of capital would occur where a Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distribution (or portion thereof) represents a return of a portion of your &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment, rather than net income or capital gains generated from your &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;investment during a particular period. There can be no assurance that a &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;change in market conditions or other factors will not result in a change &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in the Fund&#x2019;s distribution rate or that the rate will be sustainable in the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;future.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;For instance, during periods of low or declining interest rates, the Fund&#x2019;s &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;distributable income and dividend levels may decline for many reasons. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;For example, the Fund may have to deploy uninvested assets (whether &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;from sales of Fund shares, proceeds from matured, traded or called debt &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;obligations or other sources) in new, lower yielding instruments. &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Additionally, payments from certain instruments that may be held by the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Fund (such as variable and floating rate securities) may be negatively &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;impacted by declining interest rates, which may also lead to a decline in &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the Fund&#x2019;s distributable income and dividend levels.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:CapitalStockTableTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-19185">&lt;div style="line-height:14.0pt;margin-top:10pt;text-align:left"&gt;&lt;div style="margin-top:10pt"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Description of Capital Structure&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:2pt;text-align:left"&gt;&lt;div style="margin-top:2pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The following is a brief description of the capital structure of the Fund. This description does not purport to be complete and is subject to and qualified &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;in its entirety by reference to the Declaration and the Fund&#x2019;s Bylaws, as amended and restated through the date hereof (the &#x201c;Bylaws&#x201d;). The &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Declaration and Bylaws are each exhibits to the registration statement of which this prospectus is a part.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund is an unincorporated voluntary association with transferable shares of beneficial interest (commonly referred to as a &#x201c;Massachusetts &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;business trust&#x201d;) established under the laws of the Commonwealth of Massachusetts by the Declaration. The Declaration provides that the Board may &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;authorize separate classes of shares of beneficial interest. However, as of the date of this prospectus, the Fund does not have any shares outstanding &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;other than the Common Shares.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The following table shows the amount of Common Shares authorized and outstanding as of March 31, 2025.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2003;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:0.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0.0pt"&gt;
&lt;table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt"&gt;
&lt;tr style="height:14.25pt"&gt;
&lt;td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:399.52pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Title of Class&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;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"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount Authorized&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;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"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:6pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount Outstanding&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:8.75pt"&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Top;width:399.52pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Top;width:68.6pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Unlimited&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Top;width:69.88pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:6pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;171,030,439&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Common Shares of the Fund commenced trading on the NYSE in April 2003, under the trading or &#x201c;ticker&#x201d; symbol &#x201c;PHK.&#x201d; As of the close of &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;trading on the NYSE on March 31, 2025, the NAV per Common Share was $4.65, and the closing price per Common Share on the NYSE was $4.89.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shareholders are entitled to share equally in dividends declared by the Board to Common Shareholders and in the net assets of the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available for distribution to Common Shareholders after payment of the preferential amounts payable to holders of any outstanding preferred shares &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of beneficial interest.&lt;/div&gt; All Common Shares of the Fund have equal rights to the payment of dividends and the distribution of assets upon liquidation.&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt; &lt;/div&gt;Common Shares of the Fund are fully paid and, subject to matters discussed in &#x201c;Anti-Takeover and Other Provisions in the Declaration of Trust and &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Bylaws,&#x201d; non-assessable, and have no pre-emptive or conversion rights or rights to cumulative voting, and have no right to cause the Fund to redeem &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;their shares. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;preference with respect to any outstanding preferred shares of beneficial interest, and upon receipt of such releases, indemnities and refunding &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#x2019;s Common &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders of each class are entitled to one vote for each share held. Common Shareholders will vote with the holders of any outstanding preferred &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shares as a single class on each matter submitted to a vote of holders of Common Shares, except as otherwise provided by the Declaration, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Bylaws or applicable law.&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund will send unaudited reports at least semiannually and audited financial statements annually to all of its shareholders.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:CapitalStockTableTextBlock>
    <cef:OutstandingSecuritiesTableTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-19201">&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The following table shows the amount of Common Shares authorized and outstanding as of March 31, 2025.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2003;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:0.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt; &lt;/div&gt;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt"&gt;
&lt;tr style="height:14.25pt"&gt;
&lt;td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:399.52pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Title of Class&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;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"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount Authorized&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;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"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:6pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount Outstanding&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:8.75pt"&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Top;width:399.52pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shares&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Top;width:68.6pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Unlimited&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Top;width:69.88pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:6pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;171,030,439&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cef:OutstandingSecuritiesTableTextBlock>
    <cef:OutstandingSecurityTitleTextBlock
      contextRef="P03_31_2025To03_31_2025_CommonSharesMemberusgaapStatementClassOfStockAxis"
      id="ixv-37569">Common Shares</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityHeldShares
      contextRef="P03_31_2025To03_31_2025_CommonSharesMemberusgaapStatementClassOfStockAxis"
      decimals="0"
      id="ixv-37570"
      unitRef="Unit_shares">171030439</cef:OutstandingSecurityHeldShares>
    <cef:SecurityDividendsTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-19248">&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Common Shareholders are entitled to share equally in dividends declared by the Board to Common Shareholders and in the net assets of the Fund &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;available for distribution to Common Shareholders after payment of the preferential amounts payable to holders of any outstanding preferred shares &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;of beneficial interest.&lt;/div&gt;</cef:SecurityDividendsTextBlock>
    <cef:SecurityLiquidationRightsTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-37571">All Common Shares of the Fund have equal rights to the payment of dividends and the distribution of assets upon liquidation.</cef:SecurityLiquidationRightsTextBlock>
    <cef:SecurityVotingRightsTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-19261">&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Shareholders of each class are entitled to one vote for each share held. Common Shareholders will vote with the holders of any outstanding preferred &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;shares as a single class on each matter submitted to a vote of holders of Common Shares, except as otherwise provided by the Declaration, the &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Bylaws or applicable law.&lt;/div&gt;</cef:SecurityVotingRightsTextBlock>
    <cef:SharePriceTableTextBlock contextRef="P04_14_2025To04_14_2025" id="ixv-19421">&lt;div style="line-height:12.0pt;margin-top:4pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund&#x2019;s Common Shares on the NYSE, &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share. See &#x201c;Net Asset Value&#x201d; for information &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;as to how the Fund&#x2019;s NAV is determined.&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&#x2003;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:0.0pt;margin-top:6pt;text-align:left"&gt;&lt;div style="margin-top:6pt"&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0.0pt"&gt;
&lt;table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt"&gt;
&lt;tr style="height:21.25pt"&gt;
&lt;td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:368.21pt"&gt;&lt;div style="line-height:0.5pt;text-align:left"&gt;&lt;div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap; font-size: 7pt;"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:49.44pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Common share&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;market price&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;(1)&lt;/div&gt;&lt;/div&gt; &lt;div style="clear:right"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:49.84pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Common share&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;net asset value&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.52pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Premium (discount) as&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;a % of net asset value&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11.5pt"&gt;
&lt;td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:368.21pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Quarter&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:24.72pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;High&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:24.72pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Low&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:24.92pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;High&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:24.92pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Low&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:35.12pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;High&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:35.4pt"&gt;&lt;div style="line-height:8.0pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(0, 104, 125); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Low&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11.25pt"&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended March 31, 2025&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.98&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.85&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.73&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.65&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;5.52%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2.97%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11pt"&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended December 31, 2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$5.16&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.85&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.76&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.69&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;8.63%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;2.97%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11pt"&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended September 30, 2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$5.00&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.76&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.75&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.55&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;6.81%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;3.46%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11pt"&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended June 30, 2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$5.00&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.63&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.66&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.55&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;7.53%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;1.54%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11pt"&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended March 31, 2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$5.01&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.79&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.68&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.58&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;8.24%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;4.59%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11pt"&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended December 31, 2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.99&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.16&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.65&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.26&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;7.54%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;(2.35)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11pt"&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended September 30, 2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$5.13&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.42&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.52&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.38&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;14.51%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;0.91%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11pt"&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended June 30, 2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$5.00&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.64&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.59&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.49&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;10.38%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;3.11%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11pt"&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended March 31, 2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$5.35&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.71&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.81&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.54&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;12.53%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;1.94%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:11pt"&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended December 31, 2022&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$5.05&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.58&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.71&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.55&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;7.91%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;0.44%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="height:8.5pt"&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:368.21pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Quarter ended September 30, 2022&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$5.37&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.72pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.64&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.96&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:24.92pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;$4.63&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:35.12pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;9.40%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:35.4pt"&gt;&lt;div style="line-height:7.5pt;text-align:left"&gt;&lt;div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap"&gt;&lt;div style="color: rgb(63, 63, 63); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;&lt;div style="display:inline;"&gt;&lt;/div&gt;(0.22)%&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 5pt; position: relative; top: 0px; letter-spacing: 0px;display:inline;"&gt;1&lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.&lt;/div&gt;&lt;div style="clear: both; position: relative; max-height: 0px;"&gt; &lt;/div&gt;&lt;div style="line-height:12.0pt;margin-top:4.0pt;text-align:left"&gt;&lt;div style="margin-top:4pt"&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;The Fund&#x2019;s NAV per Common Share at the close of business on March 31, 2025 was $4.65 and the last reported sale price of a Common Share on &lt;/div&gt;&lt;div style="color: rgb(51, 51, 51); font-family: &amp;quot;Arial Narrow&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"&gt;the NYSE on that day was $4.89, representing a 5.16% premium to such NAV.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cef:SharePriceTableTextBlock>
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    <cef:HighestPriceOrBid
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    <cef:LowestPriceOrBid
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
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    <cef:HighestPriceOrBid
      contextRef="P01_01_2024To03_31_2024"
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    <cef:LowestPriceOrBid
      contextRef="P01_01_2024To03_31_2024"
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    <cef:HighestPriceOrBidNav
      contextRef="P01_01_2024To03_31_2024"
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    <cef:LowestPriceOrBidNav
      contextRef="P01_01_2024To03_31_2024"
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    <cef:HighestPriceOrBid
      contextRef="P10_01_2023To12_31_2023"
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    <cef:LowestPriceOrBid
      contextRef="P10_01_2023To12_31_2023"
      decimals="2"
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    <cef:HighestPriceOrBidNav
      contextRef="P10_01_2023To12_31_2023"
      decimals="2"
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    <cef:LowestPriceOrBidNav
      contextRef="P10_01_2023To12_31_2023"
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    <cef:HighestPriceOrBid
      contextRef="P07_01_2023To09_30_2023"
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      contextRef="P07_01_2023To09_30_2023"
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      contextRef="P07_01_2023To09_30_2023"
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    <cef:LowestPriceOrBidNav
      contextRef="P07_01_2023To09_30_2023"
      decimals="2"
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
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      unitRef="Unit_pure">0.0091</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P04_01_2023To06_30_2023"
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    <cef:LowestPriceOrBid
      contextRef="P04_01_2023To06_30_2023"
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      contextRef="P04_01_2023To06_30_2023"
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    <cef:HighestPriceOrBid
      contextRef="P01_01_2023To03_31_2023"
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      contextRef="P01_01_2023To03_31_2023"
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      contextRef="P01_01_2023To03_31_2023"
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      unitRef="Unit_USD_per_Share">4.81</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P01_01_2023To03_31_2023"
      decimals="2"
      id="ixv-37623"
      unitRef="Unit_USD_per_Share">4.54</cef:LowestPriceOrBidNav>
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    <us-gaap:NetAssetValuePerShare
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    <link:footnoteLink
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        <link:footnote id="FN_539538" xlink:label="FN_539538" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">In the event that the Common Shares to which this prospectus relates are sold to or through underwriters or dealer managers, a corresponding prospectus supplement will disclose the applicable sales load and/or commission.</link:footnote>
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