<SEC-DOCUMENT>0001013594-18-000743.txt : 20181213
<SEC-HEADER>0001013594-18-000743.hdr.sgml : 20181213
<ACCEPTANCE-DATETIME>20181213171922
ACCESSION NUMBER:		0001013594-18-000743
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20181213
DATE AS OF CHANGE:		20181213
EFFECTIVENESS DATE:		20181213

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		181233944

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

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dryden Capital Fund, LP
		CENTRAL INDEX KEY:			0001572780
		IRS NUMBER:				462136535
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		777 BRICKELL AVENUE
		STREET 2:		SUITE 500
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33133
		BUSINESS PHONE:		(305) 788-2413

	MAIL ADDRESS:	
		STREET 1:		777 BRICKELL AVENUE
		STREET 2:		SUITE 500
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33133
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>muniincome-121318.htm
<DESCRIPTION>DECEMBER 13, 2018
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold;">SCHEDULE 14A</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Rule 14a-101)</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INFORMATION REQUIRED IN PROXY STATEMENT</font></div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 14A INFORMATION</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PROXY STATEMENT PURSUANT TO SECTION 14(a) OF</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Amendment No.&#160; )</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Filed by the Registrant [&#160; ]</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Filed by a Party Other than the Registrant [X]</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Check the Appropriate Box:</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 19.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ] Preliminary Proxy Statement</font></div>
    <div style="text-align: left; text-indent: -14.4pt; margin-left: 33.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ] Confidential, for Use of the Commission Only (as permitted by<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;"><br>
        </font>Rule 14a-6(e)(2))</font></div>
    <div style="text-align: left; margin-left: 19.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ] Definitive Proxy Statement</font></div>
    <div style="text-align: left; margin-left: 19.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[X] Definitive Additional Materials</font></div>
    <div style="text-align: left; margin-left: 19.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND</font></div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND</font></div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PIMCO NEW YORK MUNICIPAL INCOME FUND</font></div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND II</font></div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</font></div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PIMCO NEW YORK MUNICIPAL INCOME FUND II</font></div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND III</font></div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif;"><u>PIMCO CALIFORNIA MUNICIPAL INCOME FUND III</u></font></font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Name of registrant as specified in its charter)</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DRYDEN CAPITAL FUND, LP</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DRYDEN CAPITAL, LLC</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DRYDEN CAPITAL GP, LLC</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">T. MATTHEW BUFFINGTON</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>MATTHEW C. LEAVITT</u></font></font></div>
    <div style="text-align: center; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(Name of person(s) filing proxy statement, if other than the registrant)</font></div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Payment of Filing Fee (Check the Appropriate Box):</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[X] No fee required.</font></div>
    <div style="text-align: justify; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1) Title of each class of securities to which transaction applies:</font></div>
    <div style="text-align: justify; margin-left: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2) Aggregate number of securities to which transaction applies:</font></div>
    <div style="text-align: left; text-indent: -15.6pt; margin-left: 35.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3) Per unit price or other underlying value of transaction computed pursuant to<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>Exchange Act Rule 0-11 (set forth the amount on which the filing fee is<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>calculated and state how it is determined):</font></div>
    <div style="text-align: justify; margin-left: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4) Proposed maximum aggregate value of transaction:</font></div>
    <div style="text-align: justify; margin-left: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5) Total fee paid:</font></div>
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    <div style="text-align: justify; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ] Fee paid previously with preliminary materials:</font></div>
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              <td style="width: 9pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">] Check box if any part of the fee is offset as provided by Exchange Act<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</font></div>
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    <div style="text-align: justify; margin-left: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1) Amount Previously Paid:</font></div>
    <div style="text-align: justify; margin-left: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2) Form, Schedule or Registration Statement no.:</font></div>
    <div style="text-align: justify; margin-left: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3) Filing Party:</font></div>
    <div style="text-align: justify; margin-left: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4) Date Filed:</font></div>
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    <div style="text-align: justify; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dryden Capital Fund, LP, together with the other participants named herein (collectively, &#8220;Dryden&#8221;), has filed with the
        Securities and Exchange Commission a definitive proxy statement and an accompanying <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GOLD</font> proxy card to be used to solicit votes for the election
        of its director nominee at the upcoming 2018 annual meeting of shareholders of PIMCO Municipal Income Fund (&#8220;PMF&#8221;); PIMCO Municipal Income Fund II (&#8220;PML&#8221;); PIMCO Municipal Income Fund III (&#8220;PMX&#8221;); PIMCO New York Municipal Income Fund (&#8220;PNF&#8221;); PIMCO
        New York Municipal Income Fund II (&#8220;PNI&#8221;); PIMCO California Municipal Income Fund (&#8220;PCQ&#8221;); PIMCO California Municipal Income Fund II (&#8220;PCK&#8221;); and PIMCO California Municipal Income Fund III (&#8220;PZC&#8221;) (each a &#8220;Fund&#8221; and, collectively, &#8220;PIMCO&#8221; or the
        &#8220;Funds&#8221;).</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December 13, 2018, </font>Dryden<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> issued the following press release:</font></font></div>
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    <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ISS Recommends that Preferred Shareholders Vote &#8220;FOR&#8221; Dryden&#8217;s Nominee, T. Matthew Buffington as a Preferred Trustee on
        Board of Eight PIMCO Funds</font></div>
    <div><br>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Leading proxy advisory firm recommends preferred shareholders return the GOLD proxy card to vote FOR the election of T.
        Matthew Buffington to the Board, &#8220;as additional shareholder perspective on the board appears warranted&#8221;*</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NEW YORK, December 13, 2018 -- Dryden Capital Fund, LP and its affiliates (collectively, "Dryden" or "we"), a preferred shareholder of PIMCO
        Municipal Income Fund ("PMF"); PIMCO Municipal Income Fund II ("PML"); PIMCO Municipal Income Fund III ("PMX"); PIMCO New York Municipal Income Fund ("PNF"); PIMCO New York Municipal Income Fund II ("PNI"); PIMCO California Municipal Income Fund
        ("PCQ"); PIMCO California Municipal Income Fund II ("PCK"); and PIMCO California Municipal Income Fund III ("PZC") (each a "Fund" and, collectively, "PIMCO" or the "Funds"), announced today that Institutional Shareholder Services (&#8220;ISS&#8221;), one of
        the world&#8217;s leading independent proxy advisor firms, is recommending that PIMCO preferred shareholders vote &#8220;FOR&#8221; the election of the Dryden nominee, T. Matthew Buffington, to serve as one of the preferred trustees on the Funds&#8217; boards.&#160; PIMCO&#8217;s
        joint annual meeting is scheduled to be held on December 19, 2018, in New York, New York.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">T. Matthew Buffington and Matthew C. Leavitt, founding partners
          at Dryden, commented, &#8220;We are pleased that ISS has recommended Dryden&#8217;s nominee for election to the Funds&#8217; boards.&#160; As an unbiased third party, ISS&#8217;s decision validates the need to fill the preferred trustee seat with someone who is aligned with
          all stakeholders and who will consider preferred share issues from a different viewpoint than the current board members.&#160; </font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As seen in the recent tender offer
          results, we believe our fellow preferred shareholders know their shares are worth more than 85% of par; now we hope they&#8217;ll follow ISS&#8217;s recommendation and valued independent opinion to have their voice heard at the board level.&#8221;</font></font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In summarizing its recommendations, ISS commented, &#8220;Given that [PIMCO&#8217;s] board has failed to provide full liquidity to ARPS holders by not
        keeping step with municipal CEF ARPS industry redemptions, and that [PIMCO&#8217;s] recent tender offer price at 85 percent of par was below where its peers have provided liquidity to their own ARPS holders&#8230;additional shareholder perspective on the board
        might be beneficial to ARPS holders by requesting that [PIMCO&#8217;s] board afford ARPS holders a means to obtain liquidity for their shares in line with peers.&#160; As such, support FOR Dryden's nominee, T. Matthew Buffington, is warranted.&#8221;*</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VOTE THE GOLD PROXY CARD TODAY TO DRIVE NEEDED CHANGE</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dryden urges all preferred shareholders to follow ISS&#8217;s recommendation &#8211; it is important that preferred shareholders sign, date, and return
        the GOLD proxy card TODAY to vote FOR the election of Mr. Buffington to the Board.&#160; The preferred shareholders of the Funds should not return the WHITE proxy card or any other proxy cards furnished to them on behalf of the Funds.&#160; If you have
        already submitted a WHITE proxy card, you have every right to change your vote &#8212; please use the GOLD proxy card to vote by Internet or telephone or simply sign, date and return the GOLD proxy card. Only your latest dated proxy will be counted.&#160; IF
        YOU HAVE ANY QUESTIONS ABOUT VOTING, PLEASE CONTACT INVESTORCOM AT (877) 972-0090 FOR SHAREHOLDERS AND (203) 972-9300 FOR BANKS AND BROKERS.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*Dryden has neither sought nor obtained consent from any third party to use previously published information as proxy soliciting material.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ADDITIONAL INFORMATION</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dryden has filed a definitive proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (&#8220;SEC&#8221;) to be used
        to solicit proxies in connection with PIMCO&#8217;s 2018 joint annual meeting of shareholders (the &#8220;Annual Meeting&#8221;).&#160; Shareholders are advised to read the proxy statement and any other documents related to the solicitation of PIMCO shareholders in
        connection with the Annual Meeting because they contain important information. These materials and other materials filed by Dryden with the SEC in connection with the solicitation of proxies are available at no charge on the SEC&#8217;s website at
        http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Dryden with the SEC also are available, without charge, by directing a request to Dryden's proxy solicitor, InvestorCom, at (877) 972-0090 for shareholders and
        (203) 972-9300 for banks and brokers.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABOUT DRYDEN CAPITAL: Dryden Capital is a long-term, value-oriented investment firm that employs a bottom-up, fundamentals-driven investment
        process.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investor Contact</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Matt Leavitt</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investor Relations</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">305-788-2413</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">info@drydenfund.com</font></div>
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